L-3 Releases Financial Statement

L-3 Communications (NYSE: LLL) released the following financial statement

The firm “reported its results for the 2010 fourth quarter and full year. Diluted earnings per share (diluted EPS) was up 23 percent to $2.37 for the quarter ended Dec. 31, 2010 (2010 fourth quarter), compared to $1.93 for the quarter ended Dec. 31, 2009 (2009 fourth quarter). Net sales increased 1 percent to approximately $4.3 billion compared to approximately $4.2 billion for the 2009 fourth quarter. For the 2010 full year, diluted EPS was up 8 percent to $8.25 compared to $7.61 for the 2009 full year. For 2010, net sales of approximately $15.7 billion increased slightly from approximately $15.6 billion.

“L-3 had a solid fourth quarter and a good finish to 2010, ” said Michael T. Strianese, chairman, president and chief executive officer. “For the full year, we generated sales of $15.7 billion, EPS growth and strong cash flow led by our ISR (Intelligence, Surveillance, and Reconnaissance) and Electronic Systems businesses. Our funded orders also improved and were strong at $4.4 billion for the quarter with a book-to-bill ratio of 1.04. During the quarter, we deployed our strong cash flow repurchasing $365 million of our common stock and paying dividends of $45 million. For 2010, total share repurchases were $834 million and total dividends paid increased to $184 million, a 12 percent increase over 2009.”

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