EX-99.1 2 gd12312014exhibit991.htm EXHIBIT 99.1 GD 12.31.2014 Exhibit 99.1


Exhibit 99.1 
 
2941 Fairview Park Drive
 
 
Suite 100
 
 
Falls Church, VA 22042-4513
www.generaldynamics.com
 
News
January 28, 2015
Contact: Lucy Ryan
Tel: 703 876 3631
lryan@generaldynamics.com
General Dynamics Reports Fourth-Quarter, Full-Year 2014 Financial Results
 

•
Fourth-quarter revenues up 3.9 percent
•
Fourth-quarter operating earnings up 15.5 percent
•
Fourth-quarter earnings from continuing operations up 18.1 percent
•
Backlog up 58 percent from year-end 2013 to $72.4 billion
 
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today reported 2014 fourth-quarter and full-year results. On revenues of $8.4 billion, 2014 fourth-quarter earnings from continuing operations were $737 million, an 18.1 percent increase over fourth-quarter 2013. Diluted earnings per share for the quarter was $2.19 compared to diluted earnings per share of $1.76 in fourth-quarter 2013.

Full-year earnings from continuing operations rose to $2.7 billion from $2.5 billion in 2013. Diluted earnings per share for the year was $7.83, compared to diluted earnings per share of $7.03 in 2013. Revenues for 2014 were $30.9 billion.

Margins
Company-wide operating margins were 12.8 percent for the fourth quarter, 130 basis points higher than fourth-quarter 2013 margins. For the full year of 2014, operating margins were 12.6 percent, 70 basis points higher than full-year 2013 margins.

Cash
Net cash provided by operating activities was $3.7 billion for the full year. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $3.2 billion for the year.

Backlog
The company’s total backlog was $72.4 billion at the end of 2014, up 58 percent from the end of 2013. The estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $26.7 billion. Total potential contract value, the sum of all backlog components, was $99.1 billion at the end of the year.



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The Aerospace group experienced increased demand, booking more aircraft orders than any quarter in more than three years. Significant awards received in the quarter from the company's defense groups include $435 million for the U.S. Navy’s Mobile Landing Platform (MLP) Afloat Forward Staging Base (AFSB), $325 million from the Centers for Medicare & Medicaid Services for contact-center services, $90 million from the Navy for design work on the next-generation ballistic missile submarine and $80 million from the U.S. Army under a foreign military sales contract to upgrade Abrams tanks.

“General Dynamics’ performance in 2014 was very strong,” said Phebe N. Novakovic, General Dynamics chairman and chief executive officer. “We did what we said we would: increase operating earnings, margins and EPS through a relentless focus on operations and prudent capital deployment.

“In 2014, our earnings from continuing operations rose 7.5 percent, margins increased 70 basis points and EPS increased 11.4 percent compared to last year. We also had excellent free cash from operations of $3.2 billion and grew our backlog to more than $72.4 billion by year-end, a 58 percent increase over the end of 2013.”
 
General Dynamics, headquartered in Falls Church, Virginia, is a market leader in business aviation; combat vehicles, weapons systems and munitions; shipbuilding; and communications and information technology systems. More information about the company is available at www.generaldynamics.com.  
  

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter securities analyst conference call at 9 a.m. EST on Wednesday, January 28, 2015. The webcast will be a listen-only audio event, available at www.generaldynamics.com. An on-demand replay of the webcast will be available by 12 p.m. on January 28 and will continue for 12 months. To hear a recording of the conference call by telephone, please call 888-286-8010 (international: 617-801-6888); passcode 31283960. The phone replay will be available from 1 p.m. January 28 through February 4, 2015.




 
 

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EXHIBIT A
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
 
 
 
Fourth Quarter
 
Variance
 
 
2014
 
2013
 
$
 
%
Revenues
 
$
8,362

 
$
8,047

 
$
315

 
3.9
%
Operating costs and expenses
 
7,295

 
7,123

 
(172
)
 
 
Operating earnings
 
1,067

 
924

 
143

 
15.5
%
Interest, net
 
(19
)
 
(23
)
 
4

 
 
Other, net
 
(3
)
 
4

 
(7
)
 
 
Earnings before income tax
 
1,045

 
905

 
140

 
15.5
%
Provision for income tax, net
 
308

 
281

 
(27
)
 
 
Earnings from continuing operations
 
$
737

 
$
624

 
$
113

 
18.1
%
Discontinued operations, net of tax
 
(36
)
 
(129
)
 
93

 
 
Net earnings
 
$
701

 
$
495

 
$
206

 
41.6
%
Earnings per share—basic
 
 
 
 
 
 
 
 
Continuing operations
 
$
2.23

 
$
1.78

 
$
0.45

 
25.3
%
Discontinued operations
 
$
(0.11
)
 
$
(0.37
)
 
$
0.26

 
 
Net earnings
 
$
2.12

 
$
1.41

 
$
0.71

 
50.4
%
Basic weighted average shares outstanding
 
330.0

 
350.5

 
 
 
 
Earnings per share—diluted
 
 
 
 
 
 
 
 
Continuing operations
 
$
2.19

 
$
1.76

 
$
0.43

 
24.4
%
Discontinued operations
 
$
(0.10
)
 
$
(0.36
)
 
$
0.26

 
 
Net earnings
 
$
2.09

 
$
1.40

 
$
0.69

 
49.3
%
Diluted weighted average shares outstanding
 
335.8

 
354.6

 
 
 
 
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 


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EXHIBIT B
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
 
 
 
Twelve Months
 
Variance
 
 
2014
 
2013
 
$
 
%
Revenues
 
$
30,852

 
$
30,930

 
$
(78
)
 
(0.3
)%
Operating costs and expenses
 
26,963

 
27,241

 
278

 
 
Operating earnings
 
3,889

 
3,689

 
200

 
5.4
 %
Interest, net
 
(86
)
 
(86
)
 
—

 
 
Other, net
 
(1
)
 
8

 
(9
)
 
 
Earnings before income tax
 
3,802

 
3,611

 
191

 
5.3
 %
Provision for income tax, net
 
1,129

 
1,125

 
(4
)
 
 
Earnings from continuing operations
 
$
2,673

 
$
2,486

 
$
187

 
7.5
 %
Discontinued operations, net of tax
 
(140
)
 
(129
)
 
(11
)
 
 
Net earnings
 
$
2,533

 
$
2,357

 
$
176

 
7.5
 %
Earnings per share—basic
 
 
 
 
 
 
 
 
Continuing operations
 
$
7.97

 
$
7.09

 
$
0.88

 
12.4
 %
Discontinued operations
 
$
(0.41
)
 
$
(0.37
)
 
$
(0.04
)
 
 
Net earnings
 
$
7.56

 
$
6.72

 
$
0.84

 
12.5
 %
Basic weighted average shares outstanding
 
335.2

 
350.7

 
 
 
 
Earnings per share—diluted
 
 
 
 
 
 
 
 
Continuing operations
 
$
7.83

 
$
7.03

 
$
0.80

 
11.4
 %
Discontinued operations
 
$
(0.41
)
 
$
(0.36
)
 
$
(0.05
)
 
 
Net earnings
 
$
7.42

 
$
6.67

 
$
0.75

 
11.2
 %
Diluted weighted average shares outstanding
 
341.3

 
353.5

 
 
 
 
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 


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EXHIBIT C
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
 
Fourth Quarter
 
Variance
 
 
2014
 
2013
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
Aerospace
 
$
2,240

 
$
2,135

 
$
105

 
4.9
 %
Combat Systems
 
1,614

 
1,591

 
23

 
1.4
 %
Information Systems and Technology
 
2,468

 
2,691

 
(223
)
 
(8.3
)%
Marine Systems
 
2,040

 
1,630

 
410

 
25.2
 %
Total
 
$
8,362

 
$
8,047

 
$
315

 
3.9
 %
Operating earnings:
 
 
 
 
 
 
 
 
Aerospace
 
$
412

 
$
348

 
$
64

 
18.4
 %
Combat Systems
 
271

 
250

 
21

 
8.4
 %
Information Systems and Technology
 
212

 
196

 
16

 
8.2
 %
Marine Systems
 
193

 
159

 
34

 
21.4
 %
Corporate
 
(21
)
 
(29
)
 
8

 
27.6
 %
Total
 
$
1,067

 
$
924

 
$
143

 
15.5
 %
Operating margins:
 
 
 
 
 
 
 
 
Aerospace
 
18.4
%
 
16.3
%
 
 
 
 
Combat Systems
 
16.8
%
 
15.7
%
 
 
 
 
Information Systems and Technology
 
8.6
%
 
7.3
%
 
 
 
 
Marine Systems
 
9.5
%
 
9.8
%
 
 
 
 
Total
 
12.8
%
 
11.5
%
 
 
 
 
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT D
REVENUES AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
 
Twelve Months
 
Variance
 
 
2014
 
2013
 
$
 
%
Revenues:
 
 
 
 
 
 
 
 
Aerospace
 
$
8,649

 
$
8,118

 
$
531

 
6.5
 %
Combat Systems
 
5,732

 
5,832

 
(100
)
 
(1.7
)%
Information Systems and Technology
 
9,159

 
10,268

 
(1,109
)
 
(10.8
)%
Marine Systems
 
7,312

 
6,712

 
600

 
8.9
 %
Total
 
$
30,852

 
$
30,930

 
$
(78
)
 
(0.3
)%
Operating earnings:
 
 
 
 
 
 
 
 
Aerospace
 
$
1,611

 
$
1,416

 
$
195

 
13.8
 %
Combat Systems
 
862

 
908

 
(46
)
 
(5.1
)%
Information Systems and Technology
 
785

 
795

 
(10
)
 
(1.3
)%
Marine Systems
 
703

 
666

 
37

 
5.6
 %
Corporate
 
(72
)
 
(96
)
 
24

 
25.0
 %
Total
 
$
3,889

 
$
3,689

 
$
200

 
5.4
 %
Operating margins:
 
 
 
 
 
 
 
 
Aerospace
 
18.6
%
 
17.4
%
 
 
 
 
Combat Systems
 
15.0
%
 
15.6
%
 
 
 
 
Information Systems and Technology
 
8.6
%
 
7.7
%
 
 
 
 
Marine Systems
 
9.6
%
 
9.9
%
 
 
 
 
Total
 
12.6
%
 
11.9
%
 
 
 
 
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT E
CONSOLIDATED BALANCE SHEETS - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
 
December 31, 2014
 
December 31, 2013
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and equivalents
 
$
4,388

 
$
5,301

Accounts receivable
 
4,050

 
4,370

Contracts in process
 
4,591

 
4,780

Inventories
 
3,221

 
2,890

Other current assets
 
1,157

 
821

Total current assets
 
17,407

 
18,162

Noncurrent assets:
 
 
 
 
Property, plant and equipment, net
 
3,329

 
3,359

Intangible assets, net
 
912

 
1,044

Goodwill
 
11,731

 
11,932

Other assets
 
1,976

 
997

Total noncurrent assets
 
17,948

 
17,332

Total assets
 
$
35,355

 
$
35,494

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Short-term debt and current portion of long-term debt
 
$
501

 
$
1

Accounts payable
 
2,057

 
2,216

Customer advances and deposits
 
7,335

 
6,584

Other current liabilities
 
3,858

 
3,458

Total current liabilities
 
13,751

 
12,259

Noncurrent liabilities:
 
 
 
 
Long-term debt
 
3,410

 
3,908

Other liabilities
 
6,365

 
4,826

Total noncurrent liabilities
 
9,775

 
8,734

Shareholders' equity:
 
 
 
 
Common stock
 
482

 
482

Surplus
 
2,548

 
2,226

Retained earnings
 
21,127

 
19,428

Treasury stock
 
(9,396
)
 
(6,450
)
Accumulated other comprehensive loss
 
(2,932
)
 
(1,185
)
Total shareholders' equity
 
11,829

 
14,501

Total liabilities and shareholders' equity
 
$
35,355

 
$
35,494

Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT F
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 
  
 
Twelve Months Ended
 
 
December 31, 2014
 
December 31, 2013
Cash flows from operating activities—continuing operations:
 
 
 
 
Net earnings
 
$
2,533

 
$
2,357

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
Depreciation of property, plant and equipment
 
375

 
382

Amortization of intangible assets
 
121

 
143

Stock-based compensation expense
 
128

 
120

Excess tax benefit from stock-based compensation
 
(83
)
 
(23
)
Deferred income tax provision
 
136

 
117

Discontinued operations, net of tax
 
140

 
129

(Increase) decrease in assets, net of effects of business acquisitions:
 
 
 
 
Accounts receivable
 
330

 
(223
)
Contracts in process
 
281

 
177

Inventories
 
(303
)
 
(200
)
Increase (decrease) in liabilities, net of effects of business acquisitions:
 
 
 
 
Accounts payable
 
(161
)
 
(204
)
Customer advances and deposits
 
691

 
330

Other current liabilities
 
(246
)
 
(118
)
Other, net
 
(214
)
 
124

Net cash provided by operating activities
 
3,728

 
3,111

Cash flows from investing activities—continuing operations:
 
 
 
 
Capital expenditures
 
(521
)
 
(436
)
Purchases of held-to-maturity securities
 
(500
)
 
—

Purchases of available-for-sale securities
 
(136
)
 
(135
)
Sales of available-for-sale securities
 
135

 
99

Maturities of available-for-sale securities
 
4

 
14

Other, net
 
(84
)
 
95

Net cash used by investing activities
 
(1,102
)
 
(363
)
Cash flows from financing activities—continuing operations:
 
 
 
 
Purchases of common stock
 
(3,382
)
 
(740
)
Dividends paid
 
(822
)
 
(591
)
Proceeds from option exercises
 
547

 
583

Other
 
82

 
23

Net cash used by financing activities
 
(3,575
)
 
(725
)
Net cash provided (used) by discontinued operations
 
36

 
(18
)
Net (decrease) increase in cash and equivalents
 
(913
)
 
2,005

Cash and equivalents at beginning of period
 
5,301

 
3,296

Cash and equivalents at end of period
 
$
4,388

 
$
5,301

Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT G
PRELIMINARY FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS
 
 
 
Fourth Quarter 2014
 
 
 
Fourth Quarter 2013
 
 
Other Financial Information (a):
 
 
 
 
 
 
 
 
Return on equity (b)
 
20.2
%
 
 
 
20.1
%
 
 
Debt-to-equity (c)
 
33.1
%
 
 
 
27.0
%
 
 
Debt-to-capital (d)
 
24.8
%
 
 
 
21.2
%
 
 
Book value per share (e)
 
$
35.61

 
 
 
$
41.03

 
 
Total taxes paid
 
$
446

 
 
 
$
175

 
 
Company-sponsored research and development (f)
 
$
101

 
 
 
$
68

 
 
Shares outstanding
 
332,164,097

 
 
 
353,402,794

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures (a):
 
 
 
 
 
 
 
 
 
 
2014
 
2013
 
 
Quarter
 
Year-to-date
 
Quarter
 
Year-to-date
Free cash flow from operations:
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
(70
)
 
$
3,728

 
$
1,558

 
$
3,111

Capital expenditures
 
(184
)
 
(521
)
 
(169
)
 
(436
)
Free cash flow from operations (g)
 
$
(254
)
 
$
3,207

 
$
1,389

 
$
2,675

 
 
 
 
 
 
 
 
 
Return on invested capital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations
 
 
 
$
2,673

 
 
 
$
2,486

After-tax interest expense
 
 
 
67

 
 
 
67

After-tax amortization expense
 
 
 
79

 
 
 
93

Net operating profit after taxes
 
 
 
2,819

 
 
 
2,646

Average invested capital
 
 
 
18,692

 
 
 
18,764

Return on invested capital (h)
 
 
 
15.1
%
 
 
 
14.1
%
 
 
 
 
 
 
 
 
 
 
Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page.

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EXHIBIT G (cont.)
PRELIMINARY FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS EXCEPT PER SHARE AND EMPLOYEE AMOUNTS

(a)
Prior period information has been restated to reflect our axle business in discontinued operations.

(b)
Return on equity is calculated by dividing earnings from continuing operations for the latest 12-month period by our average equity during that period.

(c)
Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.

(d)
Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of the end of the period.

(e)
Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.

(f)
Includes independent research and development and Gulfstream product-development costs.

(g)
We believe free cash flow from operations is a measurement that is useful to investors because it portrays our ability to generate cash from our core businesses for such purposes as repaying maturing debt, funding business acquisitions and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.

(h)
We believe return on invested capital (ROIC) is a measurement that is useful to investors because it reflects our ability to generate returns from the capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance measure in evaluating management. We define ROIC as net operating profit after taxes for the latest 12-month period divided by the sum of the average debt and shareholders' equity excluding AOCL for the same period. Net operating profit after taxes is defined as earnings from continuing operations plus after-tax interest and amortization expense. The most directly comparable GAAP measure to net operating profit after taxes is earnings from continuing operations. After-tax interest and amortization expense is calculated using the statutory tax rate of 35 percent.

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EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
 
 
Funded
 
Unfunded
 
Total
Backlog
 
Estimated
Potential
Contract Value*
 
Total Potential
Contract
Value
Fourth Quarter 2014
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
13,115

 
$
117

 
$
13,232

 
$
2,734

 
$
15,966

Combat Systems
 
19,292

 
506

 
19,798

 
5,522

 
25,320

Information Systems and Technology

 
7,070

 
1,539

 
8,609

 
16,115

 
24,724

Marine Systems

 
13,452

 
17,319

 
30,771

 
2,311

 
33,082

Total
 
$
52,929

 
$
19,481

 
$
72,410

 
$
26,682

 
$
99,092

Third Quarter 2014
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
11,924

 
$
143

 
$
12,067

 
$
1,857

 
$
13,924

Combat Systems
 
20,879

 
732

 
21,611

 
5,760

 
27,371

Information Systems and Technology
 
7,421

 
1,452

 
8,873

 
16,520

 
25,393

Marine Systems
 
14,308

 
17,574

 
31,882

 
2,524

 
34,406

Total
 
$
54,532

 
$
19,901

 
$
74,433

 
$
26,661

 
$
101,094

Fourth Quarter 2013
 
 
 
 
 
 
 
 
 
 
Aerospace
 
$
13,785

 
$
158

 
$
13,943

 
$
1,679

 
$
15,622

Combat Systems
 
5,451

 
1,113

 
6,564

 
3,664

 
10,228

Information Systems and Technology
 
7,253

 
1,267

 
8,520

 
19,127

 
27,647

Marine Systems
 
11,795

 
5,063

 
16,858

 
3,098

 
19,956

Total
 
$
38,284

 
$
7,601

 
$
45,885

 
$
27,568

 
$
73,453

*
The estimated potential contract value represents management's estimate of our future contract value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options to purchase new aircraft and long-term agreements with fleet customers, as applicable. Because the value in the unfunded IDIQ arrangements is subject to the customer's future exercise of an indeterminate quantity of orders, we recognize these contracts in backlog only when they are funded. Unexercised options are recognized in backlog when the customer exercises the option and establishes a firm order.
Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT H-1
BACKLOG AND ESTIMATED CONTRACT VALUE - (UNAUDITED)
DOLLARS IN MILLIONS
 

Note: Prior period information has been restated to reflect our axle business in discontinued operations.
 

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EXHIBIT I
FOURTH QUARTER 2014 SIGNIFICANT ORDERS (UNAUDITED)
DOLLARS IN MILLIONS
We received the following significant orders during the fourth quarter of 2014:
Combat Systems
•
$80 from the U.S. Army under a foreign military sales contract to convert Abrams tanks to the Saudi M1A2S configuration for the Kingdom of Saudi Arabia.
•
$75 from the Army under the Stryker wheeled armored vehicle program for upgrade kits.
•
$70 from the Army for production of Hydra-70 rockets.
•
$55 from the Army for technical support on the Abrams main battle tank program.
Information Systems and Technology
•
$325 from the Centers for Medicare & Medicaid Services for contact-center services.
•
$135 for four related awards to design and develop next-generation space payloads.
•
$85 from the U.S. Department of State to provide supply chain management services.
•
$70 from the U.S. Navy for production and support of the U.S. and U.K. Trident II submarine weapons systems.
•
$55 from the Commonwealth of Massachusetts to develop, implement and operate the Massachusetts Next Generation (NG9-1-1) emergency communication system.
•
$55 from the Government of Canada to design and build a network of antennas and provide in-service support.
•
$50 from the Army for ruggedized computing equipment under the Common Hardware Systems-4 (CHS-4) program.

Marine Systems
•
$435 from the Navy for detailed design and construction of the Mobile Landing Platform (MLP) Afloat Forward Staging Base (AFSB).
•
$90 from the Navy for design work on the next-generation ballistic missile submarine.
•
$80 from the Navy for planning yard services for the DDG-51 destroyer and the FFG-7 Oliver Hazard Perry-class frigate programs.


- more -


EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
 
 
 
Fourth Quarter
 
Twelve Months
 
 
2014
 
2013
 
2014
 
2013
Gulfstream Green Deliveries (units):
 
 
 
 
 
 
 
 
Large-cabin aircraft
 
28

 
27

 
115

 
110

Mid-cabin aircraft
 
10

 
13

 
29

 
29

Total
 
38

 
40

 
144

 
139

Gulfstream Outfitted Deliveries (units):
 
 
 
 
 
 
 
 
Large-cabin aircraft
 
33

 
34

 
117

 
121

Mid-cabin aircraft
 
9

 
7

 
33

 
23

Total
 
42

 
41

 
150

 
144

Pre-owned Deliveries (units):
 
—

 
2

 
3

 
11



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