Exhibit 99.1



News Release	Corporate Communications MN01-1030 5050 Lincoln Drive Edina, MN 55436	Phone: 952-351-3087 Fax: 952-351-3009

For Immediate Release

Media Contact:	Investor Contact:

Bryce Hallowell	Steve Wold
Phone: 952-351-3087	Phone: 952-351-3056
E-mail: bryce.hallowell@atk.com	E-mail: steve wold@atk.com

ATK REPORTS FY05 EARNINGS PER SHARE OF $4.03

SALES EXCEED GUIDANCE, INCREASING 18 PERCENT
TO $2.8 BILLION; ORGANIC SALES RISE 9 PERCENT

ORDERS CLIMB TO $2.9 BILLION ON
STRONG BOOKINGS IN ALL BUSINESSES

FREE CASH FLOW TOPS GUIDANCE

ATK CONFIRMS FY06 EPS, SALES, AND CASH GUIDANCE

Summary – ATK reported outstanding performance in FY05, with earnings per share, sales, and free cash flow exceeding guidance. Earnings per share were $4.03, which included not previously forecasted state tax benefits of 15 cents and legal settlement costs of 12 cents in the fourth quarter. Sales rose 18 percent to $2.8 billion, with organic sales accounting for half of the growth. Orders reached a record level for the third year in a row, rising to $2.9 billion, while free cash flow exceeded expectations at $133 million. ATK is confirming guidance for FY06 earnings per share, sales, and cash. – End Summary.

-more-

• Free cash flow (cash provided by operating activities less capital expenditures) in FY05 exceeded expectations, totaling $133 million versus $122 million a year ago. During the fourth quarter, the company generated free cash flow of $76 million, driven by a $40 million reduction in working capital employed, offset partially by an accelerated $25 million pension plan contribution. (See free cash flow reconciliation table at the end of this news release).

• During FY05, ATK repurchased just over one million shares of its common stock for $75 million and made debt prepayments of approximately $130 million – actions that will generate long-term value to shareholders and increase the company’s strategic flexibility. To date in FY06, the company has made additional share repurchases totaling $25 million.

• The EBIT margin (earnings before interest and income taxes as a percent of sales) was 10.2 percent versus 11.7 percent a year ago, primarily reflecting higher pension expense, restructuring charges, and legal settlement costs in FY05, as well as the absence of FY04 benefits from a curtailment gain and contract rate settlements. Excluding these items, the EBIT margin rate for FY05 was 11.9 percent, compared with 11.9 percent last year. (See EBIT margin reconciliation table at the end of this news release.)

Operations Review

ATK Thiokol FY05 sales rose to $845 million from $799 million a year ago, representing an organic growth rate of 6 percent, driven by higher volume from the Minuteman III strategic missile program and increased sales of military flares and decoys.

The ATK Advanced Propulsion and Space Systems Group reported FY05 sales of $393 million versus $271 million last year, with organic sales rising 19 percent on higher revenues from missile defense and space structures programs. The group’s sales also include $68 million in new revenues from the acquisitions of ATK GASL and the PSI Group.

Sales from the ATK Precision Systems Group in FY05 rose to $518 million from $483 million a year ago for an organic sales increase of 7 percent. The growth reflects higher volume from precision weapons and sensors and missile warning systems.

Sales from the ATK Ammunition Group in FY05 were $889 million versus $806 million last year, representing a 10-percent organic growth rate. Higher sales of military small-caliber ammunition and law enforcement ammunition were the primary factors in the increase.

(ATK Gun Systems, formerly a business within the ATK Precision Systems Group, was transferred to the ATK Ammunition Group. All segment data is presented as if the transfer had occurred April 1, 2003. ATK Gun Systems had revenue of approximately $45 million in FY05 and approximately $40 million in FY04.)

Recent business highlights include:

• A $23 million contract for work on dual-mode seeker technologies, including a semi-active laser, for the Mid-Range Munition, a precision-guided 120mm projectile designed to defeat enemy targets at line-of-sight and beyond line-of-sight ranges.

• Contracts worth approximately $23 million to equip additional fixed-wing and rotary-wing aircraft with the AN/AAR-47 missile warning system.

• Orders worth $54 million to continue production of training ammunition used by the U.S. Army’s M1A1/A2 Abrams main battle tank and to continue to provide logistics support for the ammunition.

• A $40 million contract for Bushmaster III dual-feed chain gunsÒ to be mounted on the Netherlands CV90 Infantry Fighting Vehicle.

• A $20 million contract to continue production of rocket motors for the Tube-launched, Optically-tracked, Wire-guided (TOW) anti-tank missile.

• Production of 1.2 billion rounds of small-caliber ammunition in FY05 – up from 350 million rounds in FY01 – at the Lake City Army Ammunition Plant in Independence, Mo., which is operated by ATK.

• A successful test of a full-scale Reusable Solid Rocket Motor in support of return to flight for NASA’s Space Shuttle.

• A successful launch of a Japanese H-IIA vehicle and a Titan IVB vehicle supported by ATK rocket motors and composite technologies.

Financial Guidance

ATK is confirming its guidance range for FY06 earnings per share of between $4.35 and $4.50. The forecast includes an increase in pension expense of approximately $17 million or 30 cents per share and costs for moving fuze manufacturing operations of approximately $5 million or 11 cents per share.

Guidance for FY06 sales remains in excess of $3.0 billion, driven entirely by organic growth of between 7 percent and 8 percent. The company continues to expect free cash flow to be in excess of $150 million – approximately equal to net income. (See free cash flow reconciliation table at the end of this news release.)

ATK is a $3.0 billion advanced weapon and space systems company employing approximately 14,000 people in 23 states. News and information can be found on the Internet at www.atk.com.

Certain information discussed in this press release regarding guidance for FY06, including but not limited to anticipated costs for manufacturing operations relocation and FY06 pension expense, constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Among these factors are: unforeseen delays in NASA’s Space Shuttle program, changes in governmental spending, risks inherent in the development and manufacture of advanced technology, budgetary policies, product sourcing strategies, economic conditions, equity and corporate bond market returns, the availability of capital market financing, the company’s competitive environment, the timing of awards and contracts, the outcome of contingencies, including litigation and environmental remediation, program performance, program terminations, changes to accounting standards, changes in cost estimates related to relocation of facilities, and financial performance projections. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, reference should be made to ATK’s filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K, and annual reports on Form 10-K.

Reconciliation of Non-GAAP Financial Measures

Free Cash Flow

Free cash flow is defined as cash provided by operating activities less capital expenditures. ATK management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, share repurchase, and acquisitions after making the capital investments required to support ongoing business operations. ATK management uses free cash flow internally to assess both business performance and overall liquidity.

	Quarter Ended			Years Ended						Projected
	March 31, 2005			March 31, 2005			March 31, 2004			March 31, 2006
Cash provided by operating activities	$	102,478		$	196,055		$	180,885		$	> 220,000
Capital expenditures	(26,067		)	(62,600		)	(58,754		)	< (70,000		)
Free cash flow	$	76,411		$	133,455		$	122,131		$	> 150,000

EBIT Margin

The EBIT margin excluding the effect of restructuring charges, a curtailment gain, a rate settlement, legal settlement costs, and pension expense is a non-GAAP financial measure that ATK defines as income before interest and income taxes excluding the effect of restructuring charges, a curtailment gain, a rate settlement, legal settlement costs, and pension expense as a percent of sales. ATK management is presenting this measure so that a reader may compare EBIT margin excluding these items. ATK’s definition may differ from that used by other companies.

	Years Ended
	March 31, 2005			March 31, 2004
Income before interest and income taxes	$	284,992		$	277,063
Restructuring charges	11,900			8,000
Curtailment gain				(8,300		)
Rate settlement				(7,000		)
Legal settlement costs	7,000
Pension expense	30,883			11,434
Income before interest and income taxes excluding the effect of restructuring charges, a curtailment gain, a rate settlement, legal settlement costs, and pension expense	334,775			281,197
Sales	2,801,956			2,366,193
Income before interest and income taxes excluding the effect of restructuring charges, a curtailment gain, a rate settlement, legal settlement costs, and pension expense as a percent of sales	11.9		%	11.9		%

Webcast Information: ATK will webcast its investor conference call on FY05 results and the financial outlook at 10:00 a.m. Eastern Time today. The live audio webcast will be available on the Investor Relations page of ATK’s web site at www.atk.com. Information about downloading free Windows Media Player software, which is required to access the webcast, is available on the website. For those who cannot participate in the live webcast, a telephone recording of the conference call will be available for one month after the call. The telephone number is 719-457-0820, and the confirmation code is 1447735.

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ALLIANT TECHSYSTEMS INC.

CONSOLIDATED INCOME STATEMENTS

	QUARTERS ENDED						YEARS ENDED
	March 31,			March 31,			March 31,			March 31,
(In thousands except per share data)	2005			2004			2005			2004

Sales	$	800,018		$	676,687		$	2,801,956		$	2,366,193
Cost of sales	640,042			550,560			2,270,754			1,875,656
Gross profit	159,976			126,127			531,202			490,537
Operating expenses:
Research and development	14,244			6,747			37,929			28,936
Selling	20,514			20,839			71,112			67,204
General and administrative	41,914			29,621			137,169			117,334
Total operating expenses	76,672			57,207			246,210			213,474
Income before interest, income taxes, and minority interest	83,304			68,920			284,992			277,063
Interest expense	(17,358		)	(15,847		)	(65,382		)	(60,327		)
Interest income	285			580			930			1,060
Income before income taxes and minority interest	66,231			53,653			220,540			217,796
Income tax provision	17,808			2,709			66,549			55,041
Income before minority interest	48,423			50,944			153,991			162,755
Minority interest, net of income taxes	203			47			451			450
Net income	$	48,220		$	50,897		$	153,540		$	162,305

Earnings per share:
Basic	$	1.28		$	1.34		$	4.09		$	4.22
Diluted	1.26			1.31			4.03			4.14

Average number of common shares	37,577			38,022			37,576			38,447
Average number of common and dilutive shares	38,186			38,792			38,145			39,176

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except share data)	March 31, 2005			March 31, 2004
Assets
Current assets:
Cash and cash equivalents	$	12,772		$	24,306
Net receivables	640,120			528,848
Net inventory	113,774			134,676
Deferred income tax asset	30,754			53,105
Other current assets	37,987			32,165
Total current assets	835,407			773,100
Net property, plant, and equipment	456,018			465,786
Goodwill	1,154,406			1,063,711
Prepaid and intangible pension assets	362,158			331,860
Deferred income tax asset				38,940
Deferred charges and other non-current assets	211,241			127,347
Total assets	$	3,019,230		$	2,800,744
Liabilities and Stockholders’ Equity
Current liabilities:
Cash overdrafts	$	6,092
Current portion of long-term debt	2,692			$	4,000
Accounts payable	147,076			110,356
Contract advances and allowances	31,717			46,221
Accrued compensation	107,509			117,333
Accrued income taxes				10,278
Other accrued liabilities	138,355			107,618
Total current liabilities	433,441			395,806
Long-term debt	1,131,353			1,080,294
Deferred income tax liability	8,279
Post-retirement and post-employment benefits liability	209,893			218,755
Minimum pension liability	409,042			401,314
Other long-term liabilities	140,863			140,375
Total liabilities	2,332,871			2,236,544
Commitments and contingencies
Common stock - $.01 par value
Authorized - 90,000,000 shares
Issued and outstanding 37,248,241 shares at March 31, 2005 and 37,439,972 at March 31, 2004	416			416
Additional paid-in-capital	449,883			468,044
Retained earnings	774,639			621,099
Unearned compensation	(1,674		)	(1,015		)
Accumulated other comprehensive income	(259,590		)	(263,687		)
Common stock in treasury, at cost, 4,308,857 shares held at March 31, 2005 and 4,117,126 at March 31, 2004	(277,315		)	(260,657		)
Total stockholders’ equity	686,359			564,200
Total liabilities and stockholders’ equity	$	3,019,230		$	2,800,744

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	YEARS ENDED
(In thousands)	March 31, 2005			March 31, 2004
Operating activities
Net income	$	153,540		$	162,305
Adjustments to net income to arrive at cash provided by operating activities:
Depreciation	71,138			63,923
Amortization of intangible assets and unearned compensation	13,187			5,995
Deferred income tax	48,932			46,512
Loss on disposal of property	3,928			1,229
Minority interest, net of income taxes	451			450
Changes in assets and liabilities:
Net receivables	(93,567		)	(44,314		)
Net inventory	26,302			20,783
Accounts payable	33,364			21,224
Contract advances and allowances	(15,961		)	(3,794		)
Accrued compensation	(12,930		)	14,148
Accrued income taxes	1,435			(8,747		)
Accrued environmental	(952		)	(2,152		)
Pension and post-retirement benefits	(40,048		)	(74,496		)
Other assets and liabilities	7,236			(22,181		)
Cash provided by operating activities	196,055			180,885
Investing activities
Capital expenditures	(62,600		)	(58,754		)
Acquisition of businesses	(164,198		)	(258,312		)
Proceeds from sale of property, plant, and equipment	948			1,650
Cash used for investing activities	(225,850		)	(315,416		)
Financing activities
Change in cash overdrafts	6,092			(19,286		)
Payments made on bank debt	(133,447		)	(27,601		)
Payments made to extinguish debt				(397,586		)
Proceeds from issuance of long-term debt	200,000			680,000
Payments made for debt issue costs	(6,336		)	(10,814		)
Net purchase of treasury shares	(76,106		)	(77,792		)
Proceeds from employee stock compensation plans	28,058			11,916
Cash provided by financing activities	18,261			158,837
(Decrease) increase in cash and cash equivalents	(11,534		)	24,306
Cash and cash equivalents - beginning of period	24,306			—
Cash and cash equivalents - end of period	$	12,772		$	24,306

ATK REPORTS FY05 EARNINGS PER SHARE OF $4.03

SALES EXCEED GUIDANCE, INCREASING 18 PERCENT TO $2.8 BILLION; ORGANIC SALES RISE 9 PERCENT

ORDERS CLIMB TO $2.9 BILLION ON STRONG BOOKINGS IN ALL BUSINESSES

FREE CASH FLOW TOPS GUIDANCE

ATK CONFIRMS FY06 EPS, SALES, AND CASH GUIDANCE

Operations Review

Financial Guidance

Reconciliation of Non-GAAP Financial Measures

SALES EXCEED GUIDANCE, INCREASING 18 PERCENT
TO $2.8 BILLION; ORGANIC SALES RISE 9 PERCENT

ORDERS CLIMB TO $2.9 BILLION ON
STRONG BOOKINGS IN ALL BUSINESSES