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| NOC > SEC Filings for NOC > Form 8-K on 23-Jan-2009 | All Recent SEC Filings |
23-Jan-2009
Results of Operations and Financial Condition, Financial Statements an
On January 22, 2009, Northrop Grumman Corporation (the "Company") issued a press
release announcing that it will record a 2008 fourth quarter non-cash, after-tax
charge of $3.0 billion to $3.4 billion for impairment of goodwill recorded in
connection with acquisitions made by the Company in 2001 and 2002. The estimated
impairment charge primarily results from the effects of adverse equity market
conditions on parameters used by the Company in its required annual testing of
goodwill. As a result of this charge, the Company announced that it will report
a net loss for the fourth quarter and 2008. The Company is in the process of
finalizing the actual amount of the impairment charge, which will be completed
prior to reporting fourth quarter and full year 2008 financial results.
The Company also announced updates to its guidance for 2008. The Company
announced that it expects 2008 earnings per share from continuing operations
before the impairment charge to meet the upper end ($5.20 per share) of its
prior guidance range, and that it expects cash from operations and free cash
flow to exceed the upper end ($2.9 billion and $2.1 billion, respectively) of
prior guidance ranges.
Earnings per share from continuing operations before the impairment charge, as
used in the press release and this disclosure in Item 2.02 is a non-GAAP
financial measure. The Company has provided this information for consistency and
comparability of the 2008 results with the Company's prior guidance and results
of operations for prior periods. Free cash flow is also a non-GAAP financial
measure that is described further in the press release.
Statements in this disclosure on Item 2.02 are forward-looking statements and
subject to risks and uncertainties described in the press release.
The press release is furnished as Exhibit 99 and incorporated in this Current
Report on Form 8-K by reference.
(d) Exhibits
Signature(s) 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.
January 23, 2009 By: /s/ Joseph F. Coyne, Jr.
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