|[February 05, 2013]
L-3 Increases Quarterly Dividend and Announces New Share Repurchase Program
NEW YORK --(Business Wire)--
L-3 Communications (News - Alert) (NYSE: LLL) announced today that its board of
directors has increased its regular quarterly cash dividend 10 percent
from $0.50 to $0.55 per share. The board has also declared the next
dividend payable on March 15, 2013 to shareholders of record at the
close of business on March 1, 2013. This action represents L-3's ninth
consecutive annual dividend increase.
The board of directors has also authorized a new share repurchase
program allowing the company to repurchase up to an additional $1.5
billion of the company's common stock through June 30, 2015. This new
share repurchase initiative is effective immediately and represents
L-3's sixth repurchase program.
"We are pleased to increase the yield of L-3's dividend and initiate a
new repurchase program, which reiterate our confidence in the company's
continued solid financial performance going forward," said Michael T.
Strianese, L-3's chairman, president and chief executive officer.
"Maintaining L-3's financial strength and delivering value are essential
components of our strategy, and we are aware that, especially in this
uncertain environment, shareholders appreciate consistent cash returns.
We remain focused on shareholder value and deploying our capital in a
disciplined and balanced approach that includes cash dividends and share
repurchases modest debt reduction, investment in research and
development, and acquisitions."
Share repurchases under the program will be made from time to time at
management's discretion in accordance with applicable federal securities
laws. The timing of repurchases and the exact number of shares of common
stock to be purchased will depend upon market conditions and other
factors. The program is expected to be funded using the company's cash
on hand and cash generated from operations. The program may be extended,
suspended or discontinued at any time without prior notice.
Headquartered in New York City, L-3 employs approximately 51,000 people
worldwide and is a prime contractor in C3ISR (Command,
Control, Communications, Intelligence, Surveillance and Reconnaissance)
systems, aircraft modernization and maintenance, and national security
solutions. L-3 is also a leading provider of a broad range of electronic
systems used on military and commercial platforms. The company reported
2012 sales of $13.1 billion.
To learn more about L-3, please visit the company's website at www.L-3com.com.
L-3 uses its website as a channel of distribution of material company
information. Financial and other material information regarding L-3 is
routinely posted on the company's website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
Except for historical information contained herein, the matters set
forth in this news release are forward-looking statements. Statements
that are predictive in nature, that depend upon or refer to events or
conditions or that include words such as "expects," "anticipates,"
"intends," "plans," "believes," "estimates," "will," "could" and similar
expressions are forward-looking statements. The forward-looking
statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such
statement, including the risks and uncertainties discussed in the
company's Safe Harbor Compliance Statement for Forward-Looking
Statements included in the company's recent filings, including Forms
10-K and 10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
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