8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 7, 2008

Alliant Techsystems Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-10582	41-1672694
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

7480 Flying Cloud Drive Minneapolis, Minnesota	55344-3720
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code:     (952) 351-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

                On August 7, 2008, Alliant Techsystems Inc. (ATK) issued a press release reporting its financial results for the fiscal quarter ended June 29, 2008. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 7.01 Regulation FD Disclosure

                On August 7, 2008, ATK issued a press release announcing a 5 million share repurchase authorization. A copy of the press release is furnished as Exhibit 99.2 to this report.

Item 9.01. Financial Statements and Exhibits

(d)           Exhibits.

Exhibit No.	Description
99.1	Press release, dated August 7, 2008, reporting ATK’s financial results for the fiscal quarter ended June 29, 2008.
99.2	Press release, dated August 7, 2008, reporting ATK’s 5 million share repurchase authorization.

2

SIGNATURE

                Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALLIANT TECHSYSTEMS INC.
By:	/s/ John L. Shroyer
Name:	John L. Shroyer
Title:	Senior Vice President and Chief Financial Officer

Date:  August 7, 2008

3

EX-99.1

Exhibit 99.1

News Release	Corporate Communications		Phone: 952-351-3087
	7480 Flying Cloud Drive		Fax: 952-351-3009
	Minneapolis, MN 55344
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 FY09 First Quarter Earnings — up 9 Percent to $1.64 Per Share

First Quarter Sales up 17 Percent to More Than $1.1 Billion

First Quarter Net Income Rises 10 Percent to $58 Million

ATK Raises Full-Year Sales Outlook to Approximately $4.55 Billion, Narrows Full-Year EPS to Upper End of Range at $7.25 - $7.35

                Minneapolis, August 7, 2008 — Alliant Techsystems (NYSE: ATK) reported today that earnings per share (EPS) in the first quarter of fiscal year 2009, which ended on June 29, rose 9 percent from the prior-year quarter to $1.64.  The quarter included charges of approximately $15 million ($9 million net of tax, or 27 cents per share) related to program performance in the company’s spacecraft structures business that are intended to correct the issues and restore it to profitability.  Based on continued strength in its overall businesses, the company is raising full-year sales guidance to approximately $4.55 billion, up from previous guidance of approximately $4.5 billion, and narrowing its EPS estimate to the upper end of the range at $7.25 - $7.35.

                Sales for the quarter surpassed $1.1 billion, a 17 percent increase over the prior-year quarter, while organic sales increased 12 percent.  Net income for the quarter rose 10 percent to $58 million.

                “I am pleased with the overall performance of our company,” said Dan Murphy, Chairman and CEO.  “We are moving now to further integrate and strengthen our space operations. ATK’s full-year and long-term outlook is very strong.”

SUMMARY OF REPORTED RESULTS

The following table presents the company’s results for the first quarter of fiscal year 2009, which ended on June 29, 2008 (in thousands).

External Sales:

	Quarters Ended
	June 29,		July 1,				%
	2008		2007		$ Change		Change
ATK Armament Systems	$	441,574	$	335,502	$	106,072	32	%
ATK Mission Systems	276,503		256,465		20,038		8	%
ATK Space Systems	406,788		366,405		40,383		11	%
Total external sales	$	1,124,865	$	958,372	$	166,493	17	%

Income before Interest, Income Taxes, and Minority Interest (Operating Profit):

	Quarters Ended
	June 29,			July 1,						%
	2008			2007			$ Change			Change
ATK Armament Systems	$	44,160		$	28,877		$	15,283		53	%
ATK Mission Systems	32,834			27,452			5,382			20	%
ATK Space Systems	36,242			50,897			(14,655		)	(29	)%
Corporate	(4,904		)	(5,722		)	818
Total	$	108,332		$	101,504		$	6,828		7	%

SEGMENT RESULTS

                ATK operates three principal business groups: Armament Systems, Mission Systems, and Space Systems (the combination of the company’s former Launch Systems group and the space assets of the Mission Systems group).   The company reorganized to this structure during the first quarter of FY09.  The financial results reported below reflect the reorganization for both FY08 and FY09.

ATK ARMAMENT SYSTEMS

                Sales in the Armament Systems group rose 32 percent to $442 million compared to $336 million in the prior-year quarter.  Part of the strong start was due to the timing of $26 million in medium-caliber ammunition sales that were recorded in the first quarter rather than later in the fiscal year.  Absent the timing, the increase still reflects continued strength in commercial products and military ammunition sales.

                Earnings before interest, taxes, and minority interest (operating profit) rose 53 percent to $44 million from $29 million in the prior-year quarter, reflecting higher sales volume and improved profitability in commercial products and energetics, partially offset by higher raw material costs.

ATK MISSION SYSTEMS

                Sales in the Mission Systems group rose eight percent to $277 million from $256 million in the prior-year quarter.  The increase reflects additional work on NASA space exploration programs, growth in the group’s tactical rocket motor business and strong demand for defense electronics.

                Operating profit increased 20 percent to $33 million, compared to $27 million in the prior-year quarter.  The increase reflects better performance in military aircraft structures, additional volume in NASA programs and tactical rocket motors, partially offset by increased selling costs related to new business pursuits.

ATK SPACE SYSTEMS

                Sales in the Space Systems group grew by 11 percent to $407 million, compared to $366 million in the prior-year quarter.  The increase included a full quarter of sales from the acquisition of Swales Aerospace and continued strength in NASA and strategic programs.  These were partially offset by lower volumes in spacecraft structures programs and the group’s flare and decoy business.

                Operating profit was $36 million compared to $51 million in the prior-year quarter reflecting the impact of spacecraft structures performance, and increased research and development expenses.

CORPORATE AND OTHER

                In the first quarter, corporate and other expenses totaled $4.9 million compared to $5.7 million in the prior-year period.

OUTLOOK

                Based on better visibility into full-year performance and the continued strength of its overall businesses, ATK is raising its sales guidance to approximately $4.55 billion, up from previous expectations of approximately $4.5 billion.  The company is narrowing its EPS estimate to the upper end of the range at $7.25 - $7.35.  The company now expects FY09 operating margins of approximately 10.5 percent, and an effective tax rate of approximately 37 percent.  Pension expenses are expected to be approximately $40 million.  Capital expenditures in FY09 are now expected to approach $120 million, up from previous expectations of approximately $115 million.  ATK

continues to expect to generate free cash flow of approximately $260 million that will provide the financial flexibility to execute its capital deployment strategy (see reconciliation table for details).

                ATK is a premier aerospace and defense company with more than 17,000 employees in 21 states and approximately $4.6 billion in revenue.  News and information can be found on the Internet at www.atk.com.

                Certain information discussed in this press release constitutes 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: delays in NASA’s human-rated launch programs; challenges faced in restoring profitability to the company’s spacecraft structures business, changes in governmental spending, budgetary policies and product sourcing strategies; the company’s competitive environment; risks inherent in the development and manufacture of advanced technology; increases in commodity costs, energy prices, and production costs; the terms and timing of awards and contracts; program performance; program terminations; changes in cost estimates related to relocation of facilities; the outcome of contingencies, including litigation and environmental remediation; actual pension asset returns and assumptions regarding future returns, discount rates and service costs; the availability of capital market financing; changes to accounting standards; changes in tax rules or pronouncements; economic conditions; and the company’s capital deployment strategy, including debt repayment, share repurchases, pension funding, mergers and acquisitions and any integration thereof. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

#          #          #

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.

	Projected
	Year Ending
	March 31,
	2009
	(in thousands)
Cash provided by operating activities	$	~380,000
Capital expenditures	~(120,000)
Free cash flow	$	~260,000

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED INCOME STATEMENTS

(In thousands except per share data)	QUARTERS ENDED
	June 29			July 1,
	2008			2007
Sales	$	1,124,865		$	958,372
Cost of sales	905,593			766,182
Gross profit	219,272			192,190
Operating expenses:
Research and development	21,721			12,683
Selling	38,687			29,930
General and administrative	50,532			48,073
Total operating expenses	110,940			90,686
Income before interest, income taxes, and minority interest	108,332			101,504
Interest expense	(16,709		)	(19,297		)
Interest income	367			284
Income before income taxes and minority interest	91,990			82,491
Income tax provision	34,033			29,913
Income before minority interest	57,957			52,578
Minority interest, net of income taxes	90			174
Net income	$	57,867		$	52,404
Earnings per common share:
Basic	$	1.76		$	1.58
Diluted	1.64			1.50
Average number of common shares	32,826			33,255
Average number of common and dilutive shares	35,184			34,852

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except share data)	June 29, 2008			March 31, 2008
Assets
Current assets:
Cash and cash equivalents	$	20,148		$	119,773
Net receivables	946,072			798,468
Net inventories	190,160			205,825
Deferred income tax assets	88,222			88,282
Other current assets	33,724			35,568
Total current assets	1,278,326			1,247,916
Net property, plant, and equipment	496,013			492,336
Goodwill	1,236,196			1,236,196
Prepaid and intangible pension assets	26,398			25,280
Deferred charges and other non-current assets	198,992			194,466
Total assets	$	3,235,925		$	3,196,194
Liabilities and Stockholders’ Equity
Current liabilities:
Cash overdrafts	$	10,598
Current portion of long-term debt	483,438
Accounts payable	193,590			$	215,755
Contract advances and allowances	73,341			81,624
Accrued compensation	97,624			147,287
Accrued income taxes	50,909			41,681
Other accrued liabilities	173,654			144,540
Total current liabilities	1,083,154			630,887
Long-term debt	971,562			1,455,000
Deferred income tax liabilities	40,113			38,316
Postretirement and postemployment benefits liabilities	137,889			138,378
Accrued pension liability	88,082			84,267
Other long-term liabilities	107,553			108,238
Total liabilities	2,428,353			2,455,086
Contingencies
Common stock - $.01 par value
Authorized - 90,000,000 shares
Issued and outstanding 32,947,063 shares atJune 29, 2008 and 32,795,800 at March 31, 2008	329			328
Additional paid-in-capital	463,933			467,857
Retained earnings	1,373,791			1,315,924
Accumulated other comprehensive loss	(373,896		)	(376,636		)
Common stock in treasury, at cost, 8,607,998 shares held at June 29, 2008 and 8,759,261 at March 31, 2008	(656,585		)	(666,365		)
Total stockholders’ equity	807,572			741,108
Total liabilities and stockholders’ equity	$	3,235,925		$	3,196,194

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)	QUARTERS ENDED
	June 29, 2008			July 1, 2007
Operating activities
Net income	$	57,867		$	52,404
Adjustments to net income to arrive at cash used for operating activities:
Depreciation	18,781			17,693
Amortization of intangible assets	1,405			1,300
Amortization of deferred financing costs	728			1,258
Deferred income taxes	59			(761		)
Loss on disposal of property	58			130
Minority interest, net of income taxes	90			174
Share-based plans expense	4,898			6,260
Excess tax benefits from share-based plans	(2,392		)	(7,057		)
Changes in assets and liabilities:
Net receivables	(147,604		)	(77,152		)
Net inventories	18,055			(11,255		)
Accounts payable	(12,482		)	8,733
Contract advances and allowances	(8,283		)	(8,563		)
Accrued compensation	(54,614		)	(49,690		)
Accrued income taxes	13,886			26,367
Pension and other postretirement benefits	7,565			8,403
Other assets and liabilities	24,470			14,614
Cash used for operating activities	(77,513		)	(17,142		)
Investing activities
Capital expenditures	(31,579		)	(17,071		)
Acquisition of business	(7,511		)	(101,195		)
Proceeds from the disposition of property, plant, and equipment	106			195
Cash used for investing activities	(38,984		)	(118,071		)
Financing activities
Change in cash overdrafts	10,598			22,196
Net borrowings on line of credit	—			100,000
Payments made for debt issue costs	(5		)	(94		)
Proceeds from employee stock compensation plans	3,887			9,320
Excess tax benefits from share-based plans	2,392			7,057
Cash provided by financing activities	16,872			138,479
(Decrease) increase in cash and cash equivalents	(99,625		)	3,266
Cash and cash equivalents - beginning of period	119,773			16,093
Cash and cash equivalents - end of period	$	20,148		$	19,359

EX-99.2

Exhibit 99.2

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 Announces 5 Million Share Repurchase Authorization

Minneapolis, August 7, 2008 — Alliant Techsystems (NYSE: ATK) announced today that its board of directors has authorized the repurchase of up to 5 million shares of the company’s common stock. The shares may be purchased from time to time in open market, block purchase, or negotiated transactions, subject to compliance with applicable laws and regulations and the company’s debt covenants, depending upon market conditions and other factors. Additionally, the company’s board of directors authorized repurchases to be made under Rule 10b5-1 of the Securities Exchange Act of 1934.  Rule 10b5-1 allows a company to purchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods, such as the time immediately preceding the company’s quarterly earnings releases.

The Board has determined that the repurchase program will serve primarily to offset dilution from the company’s employee and director benefit compensation program, but it may also be used for corporate and other purposes as determined by the Board.

ATK had 32.9 million common shares outstanding on June 29, 2008, the end of the company’s first quarter of fiscal year 2009.

ATK is a premier aerospace and defense company with more than 17,000 employees in 21 states and $4.5 billion in revenue.  News and information can be found on the Internet at www.atk.com.

Certain information discussed in this press release constitutes 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 those factors are decisions related to the possible repurchase of shares of stock.  ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.