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): May 6, 2010

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:

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

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

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

o    Pre-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 May 6, 2010, Alliant Techsystems Inc. (ATK) issued a press release reporting its financial results for the fiscal year and fiscal quarter ended March 31, 2010. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits

(d)           Exhibits.

Exhibit No.	Description
99.1	Press release, dated May 6, 2010, reporting ATK’s financial results for the fiscal year and fiscal quarter ended March 31, 2010.

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SIGNATURES

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: May 6, 2010

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EX-99.1

Exhibit 99.1

News Release Corporate Communications
7480 Flying Cloud Drive
Minneapolis, MN 55344 Phone: 952-351-3087
Fax: 952-351-3009

For Immediate Release

Media Contact:	Investor Contact:
Bryce Hallowell	Jeff Huebschen
Phone: 952-351-3087	Phone: 952-351-2929
E-mail: bryce.hallowell@atk.com	E-mail: jeff.huebschen@atk.com

ATK Reports Strong FY10 Year-End and Fourth-Quarter Operating Results

Full-Year Sales Rise Five Percent to $4.8 Billion

Full-Year Fully Diluted EPS of $8.33 was Highest in Company History

FY10 Orders were $5.1 Billion — a Book-to-Bill of 1.1 — With Total Year-End Backlog of

$7.1 Billion

ATK Establishes Initial FY11 Guidance

Minneapolis, May 6, 2010 — Alliant Techsystems (NYSE: ATK) today reported strong operating results for Fiscal Year 2010 (FY10), which ended on March 31, 2010.  Full-year sales in FY10 increased five percent to $4.8 billion, led by the strength of the Armament Systems group. Fully diluted earnings per share (EPS) were the highest in company history.  Strong cash flow enabled ATK to contribute $300 million to its pension funds during the course of the year, while its year-end cash balance provides significant financial flexibility as the company enters FY11.

FY10 EPS was $8.33, compared to $4.14 in the prior year.  FY10 EPS included a previously announced $38 million non-cash impairment charge, which reduced the total by $0.71.  In FY09, the company recorded $109 million of non-cash goodwill impairment charges that reduced FY09 EPS by $3.19.  Excluding both charges, FY10 EPS rose 23 percent to $9.04, compared to $7.33 in the prior year (see reconciliation tables for details).  Orders for the year were $5.1 billion, a book-to-bill ratio of 1.1.  The total year-end backlog was $7.1 billion.  Full-

1)At the beginning of the company’s fiscal year on April 1, 2009, ATK retrospectively adopted FSP APB14-1 “Accounting for Convertible Debt Instruments that may be settled in cash upon conversion” (FSP 14-1) and was required to restate certain financial information for all prior periods.  The adoption resulted in an increase to non-cash interest expense of $23.921 million ($14.353 million net of tax, or $0.42 diluted EPS) for the year ended March 31, 2010.  All fiscal 2009 financial amounts included in this press release have been restated to reflect the adoption of FSP 14-1.

year operating margins were 10.7 percent, which included the impact of the $38 million, non-cash asset impairment charge.  Excluding the charge, full-year margins were 11.4 percent.  Year-end free cash flow was $50 million, which included $300 million of contributions to the company’s pension plans and $143 million of capital expenditures (see reconciliation table for details).

Sales in the fourth quarter surpassed $1.2 billion, down 1 percent from the prior-year quarter.  The expected lower sales in the Space Systems group were partially offset by strong sales in the Armament Systems group.  Fully diluted EPS was $1.73, compared to a loss of $1.12 per share in the prior-year quarter. Absent the impairment charges, fully diluted EPS increased 13 percent to $2.44, compared to $2.16 in the prior-year quarter (see reconciliation table for details).  Orders in the fourth quarter were $1.7 billion, a book-to-bill ratio of 1.4.  The orders profile benefitted from a $250 million order for composite aircraft structures for the F-35 Joint Strike Fighter, and continued strong demand for commercial and military ammunition.  Operating margins for the quarter were 8.8 percent.  Excluding the impact of impairment charges, fourth quarter operating margins of 11.8 percent were in line with the prior-year quarter, despite higher pension expenses (see reconciliation table for details).

“FY10 was a strong year for ATK.  The company delivered solid sales and earnings growth, improved profit margins, and successfully expanded into adjacent markets and new product areas,” said Mark DeYoung, President and CEO.  While pension headwinds and NASA programs present near-term challenges, I am confident that our focus on growth, crisp execution, margin improvement, and strong cash flow, combined with our healthy orders backlog, positions us well for continued solid performance.”

SUMMARY OF REPORTED RESULTS

The following table presents the company’s results for fiscal year 2010 and the fourth quarter ending March 31, 2010 (in thousands).

Sales:

	Quarters Ended									Years Ended
	March 31, 2010		March 31, 2009		$ Change			% Change		March 31, 2010		March 31, 2009		$ Change			% Change
Armament Systems	$	549,166	$	435,306	$	113,860		26.2	%	$	2,164,661	$	1,737,909	$	426,752		24.6	%
Mission Systems	365,623		372,637		(7,014		)	(1.9	)%	1,269,127		1,215,018		54,109			4.5	%
Space Systems	334,250		449,015		(114,765		)	(25.6	)%	1,373,878		1,630,297		(256,419		)	(15.7	)%
Total sales	$	1,249,039	$	1,256,958	$	(7,919	)	(0.6	)%	$	4,807,666	$	4,583,224	$	224,442		4.9	%

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

	Quarters Ended											Years Ended
	March 31, 2010			March 31, 2009			$ Change			% Change		March 31, 2010			March 31, 2009			$ Change			% Change
Armament Systems	$	64,649		$	40,739		$	23,910		58.7	%	$	256,994		$	171,563		$	85,431		49.8	%
Mission Systems	36,592			48,920			(12,328		)	(25.2	)%	136,785			153,341			(16,556		)	(10.8	)%
Space Systems	13,438			(48,967		)	62,405			127.4	%	138,064			79,560			58,504			73.5	%
Corporate	(4,989		)	(4,496		)	(493		)	(11	)%	(19,506		)	(20,007		)	501			2.5	%
Total operating profit	$	109,690		$	36,196		$	73,494		203.0	%	$	512,337		$	384,457		$	127,880		33.3	%

SEGMENT RESULTS

In FY10, ATK operated three principal business groups: Armament Systems; Mission Systems; and Space Systems.

ARMAMENT SYSTEMS

For the full year, sales in the Armament Systems group increased 25 percent to $2.2 billion, compared to $1.7 billion in the prior year, reflecting robust growth in military and commercial ammunition, strong sales of non-standard ammunition, energetics programs, and increased modernization efforts at the Lake City and Radford Army Ammunition Plants.  The acquisition of Eagle Industries contributed $63 million to sales.  Organic sales were up 21 percent.

Earnings before interest, taxes, and minority interest (operating profit) for the year rose 50 percent to $257 million from $172 million in the prior year.  The increase was driven by additional sales volume, particularly in commercial and medium-caliber ammunition, as well as improved profitability due to execution efficiencies across the group.  The higher operating profit was partially offset by the costs associated with the construction of an energetics facility for the Australian Ministry of Defense, and higher depreciation and pension expense.

Sales in the fourth quarter rose 26 percent to $549 million compared to $435 million in the prior-year quarter, driven by strong growth of military and commercial ammunition, non-standard ammunition, energetics programs, and increased modernization sales.  Operating profit for the quarter rose 59 percent to $65 million compared to $41 million in the prior-year quarter

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due to higher sales volume and improved profit margins in commercial ammunition and medium-caliber ammunition.  The higher operating profit for the quarter was partially offset by cost growth associated with the Australian energetics facility, and higher depreciation and pension expense.

MISSION SYSTEMS

Full-year sales in the Mission Systems group rose 5 percent to $1.3 billion, compared to $1.2 billion in the prior year. The increase was primarily due to stronger sales of commercial and military aircraft structures, and advanced weapon systems.  These were partially offset by lower sales of special mission aircraft, tank ammunition, and composite structures for the USEC American Centrifuge Program.  Full-year operating profit declined 11 percent to $137 million compared to $153 million in the prior year.  The decline was primarily driven by the previously announced $13 million non-cash charge for discontinuing the use of the Mission Research Corporation (MRC) trade name, and higher pension expense (see reconciliation table for details).

Sales in the quarter declined 2 percent to $366 million, compared to $373 million in the prior-year quarter.  The decline was driven by lower sales for the USEC program, tank ammunition, and special mission aircraft, partially offset by growth in commercial and military aircraft structures.  Operating profit was $37 million compared to $49 million in the prior-year quarter, primarily reflecting the charge for the MRC trade name, lower sales volume, and higher pension expense.

SPACE SYSTEMS

As expected, full-year sales in the Space Systems group declined 16 percent to $1.4 billion due primarily to lower sales on the Minuteman III and Space Shuttle programs, and the cancellation of the Kinetic Energy Interceptor (KEI) program.  These were partially offset by stronger sales in space structures and components, and the Ares I program.  Full-year operating profit was $138 million compared to $80 million in the prior year.  FY10 operating profit included the impact of the previously announced $25 million non-cash charge for the discontinuation of the Thiokol trade name.  The FY09 operating profit included the impact of a $109 million non-cash goodwill impairment charge.  Excluding these impairment charges, full-year operating profit was $163 million compared to $188 million in the prior year (see

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reconciliation tables for details), due primarily to lower sales volume and higher pension expense, partially offset by improved profitability in space structures and components.

Fourth quarter sales in the Space Systems group declined 26 percent to $334 million compared to $449 million in the prior-year quarter.  The decrease reflects reduced sales on the Space Shuttle and Minuteman III programs.  The group reported an operating profit of $13 million in the quarter, compared to an operating loss of $49 million in the prior-year quarter.  Results for both years were impacted by the previously mentioned non-cash charges.

CORPORATE AND OTHER

For the full year, corporate and other expenses remained flat at $20 million.  The company reported strong free cash flow of $50 million, which included the impact of $300 million in pension contributions during FY10.  Capital expenditures for the full year were $143 million. The effective tax rate for the full year was 35.9 percent.

Fourth quarter corporate and other expenses totaled $5 million, compared to $4 million in the prior-year quarter.  The tax rate in the quarter was 35.5 percent.

OUTLOOK

ATK is establishing initial FY11 financial guidance.  The company expects FY11 sales in a range of $4.75 to $4.85 billion, and EPS in a range of $8.00 to $8.50.  The company expects to generate free cash flow in a range of $275 - $300 million, with capital expenditures of approximately $120 million (see reconciliation table for details).  Average share count is expected to be approximately 34 million.  The effective tax rate for the year is expected to be approximately 34 percent, while pension expenses are expected to be approximately $130 million.

Reconciliation of Non-GAAP Financial Measures

EBIT Margin and Earnings Per Share

The EBIT margin excluding the effect of the non-cash goodwill and trade name impairment charges is a non-GAAP financial measure that ATK defines as income before interest, income taxes, and noncontrolling interest excluding the effects of the non-cash goodwill impairment and trade name charges as a percent of sales.  Earnings per share excluding the impact of the non-cash goodwill and trade name impairment charges is a non-GAAP financial measure that ATK defines as earnings per share less the impact of the non-cash goodwill and trade name impairment charges.

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ATK management is presenting these measures so that a reader may compare EBIT margin and EPS excluding these items as these measures provide investors with an important perspective on the operating results of the Company.  ATK management uses these measurements internally to assess business performance and ATK’s definition may differ from that used by other companies.

Total ATK Full Year Ending

March 31, 2010:

	Sales		EBIT		Margin		Taxes		After-tax		EPS
As reported	$	4,807,666	$	512,337	10.7	%	$	156,473	$	278,714	$	8.33
Trade name charge			38,008				14,393		23,615		$	0.71
As adjusted	$	4,807,666	$	550,345	11.4	%	$	170,866	$	302,329	$	9.04

March 31, 2009:

	Sales		EBIT		Margin		Taxes*		After-tax		EPS
As reported	$	4,583,224	$	384,457	8.4	%	$	157,096	$	140,766	$	4.14
Goodwill charge			108,500				—		108,500		$	3.19
As adjusted	$	4,583,224	$	492,957	10.8	%	$	157,096	$	249,266	$	7.33

* the non-cash goodwill impairment charge was non-deductible for tax purposes

Total ATK Quarter Ending

March 31, 2010:

	Sales		EBIT		Margin		Taxes		After-tax		EPS
As reported	$	1,249,039	$	109,690	8.8	%	$	32,167	$	58,402	$	1.73
Trade name charge			38,008				14,393		23,615		$	0.71
As adjusted	$	1,249,039	$	147,698	11.8	%	$	46,560	$	82,017	$	2.44

March 31, 2009:

	Sales		EBIT		Margin		Taxes*		After-tax			EPS
As reported	$	1,256,958	$	36,196	2.9	%	$	52,229	$	(36,496	)	$	(1.12	)
Goodwill charge			108,500				—		108,500			$	3.28
As adjusted	$	1,256,958	$	144,696	11.5	%	$	52,229	$	72,004		$	2.16

* the non-cash goodwill impairment charge was non-deductible for tax purposes

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Group Information:

Mission Systems:

	Year Ended March 31, 2010
	Sales		EBIT
As reported	$	1,269,127	$	136,785
Trade name charge			13,422
As adjusted	$	1,269,127	$	150,207

Space Systems:

	Year Ended March 31, 2010				Year Ended March 31, 2009
	Sales		EBIT		Sales		EBIT
As reported	$	1,373,878	$	138,064	$	1,630,297	$	79,560
Trade name charge			24,586				108,500
As adjusted	$	1,373,878	$	162,650	1,630,297		$	188,060

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.

	Year Ended March 31, 2010			Projected Year Ending March 31, 2011
Cash provided by operating activities	$	193,662	*	$395,000 - $420,000
Capital expenditures	(143,472		)	~(120,000)
Free cash flow	$	50,190		$275,000 - $300,000

* FY10 results included the impact of $300 million of pension contributions. The company does not anticipate additional contributions in FY11.

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ATK is a premier aerospace and defense company with more than 18,000 employees in 22 states, Puerto Rico and internationally, and revenues in excess of $4.8 billion.  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: assumptions related to the Ares I and Ares V programs for NASA; 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; risks associated with the diversification into new markets; 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; capital market volatility and corresponding assumptions related to the company’s shares outstanding; 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.

#          #          #

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ALLIANT TECHSYSTEMS INC.

CONSOLIDATED INCOME STATEMENTS

(unaudited)

	QUARTERS ENDED						YEARS ENDED
(In thousands except per share data)	March 31, 2010			March 31, 2009 (1)			March 31, 2010			March 31, 2009 (1)
Sales	$	1,249,039		$	1,256,958		$	4,807,666		$	4,583,224
Cost of sales	973,657			970,133			3,776,355			3,607,312
Gross profit	275,382			286,825			1,031,311			975,912
Operating expenses:
Research and development	28,575			18,284			75,896			81,529
Selling	43,556			44,413			168,986			161,805
General and administrative	55,553			79,432			236,084			239,621
Intangible asset impairment charges	38,008			108,500			38,008			108,500
Income before interest, income taxes, and noncontrolling interest	109,690			36,196			512,337			384,457
Interest expense	(19,280		)	(20,485		)	(77,494		)	(87,313		)
Interest income	200			164			574			905
Income before income taxes and noncontrolling interest	90,610			15,875			435,417			298,049
Income tax provision	32,167			52,229			156,473			157,096
Net income (loss)	58,443			(36,354		)	278,944			140,953
Less net income attributable to noncontrolling interest	41			142			230			187
Net income (loss) attributable to Alliant Techsystems Inc.	$	58,402		$	(36,496	)	$	278,714		$	140,766
Alliant Techsystems Inc.’s earnings (loss) per common share:
Basic	$	1.77		$	(1.12	)	$	8.48		$	4.30
Diluted	$	1.73		$	(1.12	)	$	8.33		$	4.14
Alliant Techsystems Inc.’s weighted-average number of common shares outstanding:
Average number of common shares	32,929			32,647			32,851			32,730
Average number of common and dilutive shares	33,747			32,647		*	33,462			34,013

(1) Restated due to the adoption of new accounting standards

* Excludes 620 shares that are anti-dilutive

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands except share data)	March 31, 2010			March 31, 2009 (1)
Assets
Current assets:
Cash and cash equivalents	$	393,893		$	336,700
Net receivables	902,750			899,543
Net inventories	239,415			238,600
Income tax receivable	—			34,835
Deferred income tax assets	67,813			29,223
Other current assets	118,448			39,843
Total current assets	1,722,319			1,578,744
Net property, plant, and equipment	561,931			540,041
Goodwill	1,183,910			1,195,986
Deferred income tax assets	140,439			69,582
Deferred charges and other non-current assets	264,366			192,992
Total assets	$	3,872,965		$	3,577,345
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	13,750		$	289,859
Accounts payable	277,059			294,971
Contract advances and allowances	106,819			86,080
Accrued compensation	176,905			168,059
Accrued income taxes	14,609			—
Other accrued liabilities	206,289			166,341
Total current liabilities	795,431			1,005,310
Long-term debt	1,379,804			1,097,744
Postretirement and postemployment benefits liabilities	142,541			121,689
Accrued pension liability	622,576			552,671
Other long-term liabilities	125,191			125,362
Total liabilities	3,065,543			2,902,776
Contingencies
Common stock - $.01 par valueAuthorized - 90,000,000 shares Issued and outstanding 33,047,018 shares at March 31, 2010 and 32,783,496 at March 31, 2009	330			328
Additional paid-in-capital	578,046			574,674
Retained earnings	1,699,176			1,420,462
Accumulated other comprehensive loss	(821,086		)	(651,652		)
Common stock in treasury, at cost, 8,508,431 shares held atMarch 31, 2010 and 8,771,565 at March 31, 2009	(657,872		)	(677,841		)
Total Alliant Techsystems Inc. stockholders’ equity	798,594			665,971
Noncontrolling interest	8,828			8,598
Total equity	807,422			674,569
Total liabilities and equity	$	3,872,965		$	3,577,345

(1) Restated due to the adoption of new accounting standards

ALLIANT TECHSYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)	YEARS ENDED
	March 31, 2010			March 31, 2009(1)			March 31, 2008(1)
Operating activities
Net income	$	278,944		$	140,953		$	209,377
Adjustments to net income to arrive at cashprovided by operating activities:
Depreciation	93,739			80,137			71,511
Amortization of intangible assets	6,091			5,616			5,975
Amortization of debt discount	19,867			23,921			22,326
Amortization of deferred financing costs	2,839			2,857			3,851
Trade name and goodwill impairment	38,008			108,500			—
Other asset impairment	11,405			7,920
Write-off of debt issuance costs associated with convertible notes	—			—			5,600
Write-off of acquisition related costs	—			—			6,567
Deferred income taxes	(3,338		)	108,353			(21,054		)
Loss on disposal of property	5,756			1,110			2,505
Share-based plans expense	16,664			18,952			23,415
Excess tax benefits from share-based plans	(1,691		)	(3,287		)	(9,459		)
Changes in assets and liabilities:
Net receivables	(81,279		)	(94,239		)	(27,508		)
Net inventories	(3,284		)	(15,610		)	(33,608		)
Accounts payable	(12,880		)	64,345			49,066
Contract advances and allowances	20,739			4,456			720
Accrued compensation	5,075			15,312			(1,143		)
Accrued income taxes	59,154			(70,019		)	48,469
Pension and other postretirement benefits	(238,426		)	23,306			33,865
Other assets and liabilities	(23,721		)	2,404			(7,724		)
Cash provided by operating activities	193,662			424,987			382,751
Investing activities
Capital expenditures	(143,472		)	(111,481		)	(100,709		)
Acquisition of business, net of cash acquired	5,002			(75,615		)	(103,685		)
Proceeds from the disposition of property, plant, and equipment	5,845			569			362
Cash used for investing activities	(132,625		)	(186,527		)	(204,032		)
Financing activities
Payments made on bank debt	(13,916		)	—			—
Payments made to extinguish debt	—			(618		)	—
Payments made for debt issue costs	—			(5		)	(740		)
Net purchase of treasury shares	—			(31,609		)	(100,068		)
Proceeds from employee stock compensation plans	8,381			7,412			16,310
Excess tax benefits from share-based plans	1,691			3,287			9,459
Cash used for financing activities	(3,844		)	(21,533		)	(75,039		)
Increase in cash and cash equivalents	57,193			216,927			103,680
Cash and cash equivalents - beginning of year	336,700			119,773			16,093
Cash and cash equivalents - end of year	$	393,893		$	336,700		$	119,773

(1) Restated due to the adoption of new accounting standards