Revisions

During the fourth quarter of fiscal 2014, the Company identified errors that resulted in the Company revising each reporting period during fiscal 2014, as disclosed in the fiscal 2014 Form 10-K, which impacted net sales, cost of sales, and depreciation expense and the related balance sheet accounts. The errors relate to the following matters: (i) contract accounting; (ii) property, plant and equipment in-service dates; and (iii) accounting for a collaboration agreement. Management concluded that the errors are not material to the financial statements for those periods. Below is the impact of the errors to the fiscal 2014 unaudited condensed consolidated statement of operations and unaudited condensed consolidated statement of cash flows.



	Fiscal 2014
	Previously Reported			Revised			Previously Reported			Revised			Previously Reported			Revised
	First Quarter			First Quarter			Second Quarter			Second Quarter			Third Quarter			Third Quarter
	(In millions, except per share amounts)
Statement of Operations (1):
Net sales	$	329.7		$	332.1		$	403.1		$	404.5		$	419.5		$	421.2
Cost of sales (exclusive of items shown separately on Statement of Operations)	286.0			288.5			367.0			369.4			374.2			376.5
Selling, general and administrative	9.2			9.2			9.2			9.2			9.7			9.7
Depreciation and amortization	14.8			14.9			15.4			15.7			15.7			15.8
Other expense, net	7.4			7.6			48.5			48.3			16.3			16.3
Operating income (loss)	12.3			11.9			(37.0		)	(38.1		)	3.6			2.9
Total non-operating expenses, net	12.4			12.4			12.6			12.6			14.0			14.0
Loss from continuing operations before income taxes	(0.1		)	(0.5		)	(49.6		)	(50.7		)	(10.4		)	(11.1		)
Loss from continuing operations	(2.1		)	(2.3		)	(49.4		)	(50.1		)	(9.7		)	(10.1		)
(Loss) income from discontinued operations, net of income taxes	—			—			(0.8		)	(0.8		)	0.2			0.2
Net loss	(2.1		)	(2.3		)	(50.2		)	(50.9		)	(9.5		)	(9.9		)
Basic and diluted loss per share:
Loss per share from continuing operations	(0.03		)	(0.04		)	(0.86		)	(0.87		)	(0.17		)	(0.18		)
Loss per share from discontinued operations, net of income taxes	—			—			(0.01		)	(0.01		)	—			—
Net loss per share	$	(0.03	)	$	(0.04	)	$	(0.87	)	$	(0.88	)	$	(0.17	)	$	(0.18	)

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(1) The revised year-to-date amounts can be derived from the reporting periods presented above.



	Previously Reported			Revised			Previously Reported			Revised
	Six months ended May 31, 2014			Six months ended May 31, 2014			Nine months ended August 31, 2014			Nine months ended August 31, 2014
	(In millions)
Statement of Cash Flows (1)
Net loss	$	(52.3	)	$	(53.2	)	$	(61.8	)	$	(63.1	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss from discontinued operations, net of income taxes	0.8			0.8			0.6			0.6
Depreciation and amortization	30.2			30.6			45.9			46.4
Amortization of debt discount and financing costs	1.8			1.8			2.7			2.7
Stock-based compensation	3.0			3.0			4.5			4.5
Retirement benefit expense	17.8			17.8			26.7			26.7
Loss on debt repurchased	50.8			50.8			60.6			60.6
Loss on bank amendment	0.2			0.2			0.2			0.2
Loss on disposal of long-lived assets	—			—			2.5			2.5
Tax benefit on stock-based awards	(1.3		)	(1.3		)	(1.5		)	(1.5		)
Changes in assets and liabilities:
Accounts receivable	22.1			21.5			(0.8		)	(0.8		)
Inventories	(26.8		)	(25.1		)	(27.2		)	(25.5		)
Other current assets, net	3.7			3.7			(3.5		)	(3.5		)
Income tax receivable	3.8			3.2			1.4			0.5
Real estate held for entitlement and leasing	(3.6		)	(3.6		)	(7.7		)	(7.7		)
Receivable from Northrop	(1.2		)	(1.2		)	(2.0		)	(2.0		)
Recoverable from the U.S. government and other third parties for environmental remediation costs	6.6			6.6			5.4			5.4
Other noncurrent assets	(15.6		)	(15.6		)	(24.0		)	(24.0		)
Accounts payable	(28.0		)	(28.0		)	(7.1		)	(7.1		)
Postretirement medical and life benefits	(3.2		)	(3.2		)	(4.2		)	(4.2		)
Advance payments on contracts	6.1			6.1			18.0			18.0
Other current liabilities	(27.7		)	(27.7		)	10.9			10.9
Deferred income taxes	(3.6		)	(3.6		)	(6.1		)	(6.1		)
Reserves for environmental remediation costs	(7.6		)	(7.6		)	(2.7		)	(2.7		)
Other noncurrent liabilities	1.8			1.8			3.4			3.4
Net cash (used in) provided by continuing operations	(22.2		)	(22.2		)	34.2			34.2
Net cash used in discontinued operations	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Net Cash (Used in) Provided by Operating Activities	$	(22.3	)	$	(22.3	)	$	34.1		$	34.1

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(1) The revisions did not change the cash flows from investing or financing activities.