Lockheed Martin Announces Increase of Additional 20 Million Shares to Existing Share Repurchase Authority
Bethesda, MD, 26-FEB-04 --
Lockheed Martin Corporation (NYSE: LMT) announced that its Board of Directors has authorized the purchase of up to an additional 20 million shares of Lockheed Martin common stock under its existing share repurchase program.
Lockheed Martin repurchased 10.7 million shares of its common stock for $482 million in 2003 and 1.0 million shares for $50 million in 2002 under the prior share repurchase authority of 23 million shares. As a result of the increase, a total of 31.3 million shares may be repurchased in the future under the program. As of December 31, 2003, Lockheed Martin had approximately 446.5 million shares of common stock outstanding.
The number of shares purchased and the timing of purchases under the program are at the discretion of management and are to be made in compliance with applicable law and regulation. Shares may be purchased in the open market or in privately negotiated transactions.
Safe Harbor for Forward-Looking Statements
Statements contained in this release that are not historical facts are forward-looking statements within the meaning of the federal securities laws. These statements, including those related to possible future share repurchases, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by the forward-looking statements. In addition to the factors set forth in our 2002 Form 10-K and 2003 Form 10-Q filings with the Securities and Exchange Commission (www.sec.gov), the following factors could affect our forward-looking statements: Lockheed Martin's future financial performance and liquidity; the availability of government funding and customer requirements; changes in government or customer priorities due to program reviews or revisions to strategic objectives; economic business and political conditions domestically and internationally; and the outcome of contingencies (including litigation and environmental remediation efforts). We expressly disclaim a duty to provide updates to forward-looking statements after the date of this press release to reflect the occurrence of subsequent events, changed circumstances or changes in our expectations.