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General Dynamics Reports First-Quarter 2012 Results

FALLS CHURCH, Va. April 25, 2012   $564 million $1.57 $618 million $1.64 $7.6 billion

Margins

$67 million $0.13

Cash

$414 million $324 million $328 million $267 million

Backlog

$46.3 billion $55.2 billion

$26.9 billion

Jay L. Johnson

$7.10 to $7.20

Falls Church, Virginia www.generaldynamics.com

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates, projections and assumptions.  These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.  Additional information regarding these factors is contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

All forward-looking statements speak only as of the date they were made.  The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION:  9 a.m. EDT Wednesday, April 25 www.generaldynamics.com 12 p.m. EDT April 25 12 p.m. April 25 through May 2, 2012

 

EXHIBIT A

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

First Quarter

Variance

2011

2012

$

%

Revenues

$          7,798

$        7,579

$         (219)

(2.8)%

Operating costs and expenses

6,869

6,719

150

Operating earnings

929

860

(69)

(7.4)%

Interest, net

(34)

(39)

(5)

Other, net

1

(1)

Earnings before income taxes

896

821

(75)

(8.4)%

Provision for income taxes

278

257

21

Net earnings

$             618

$            564

$           (54)

(8.7)%

Earnings per share – basic

$            1.66

$           1.58

$        (0.08)

(4.8)%

Basic weighted average shares outstanding (in millions)

372.7

357.0

Earnings per share – diluted

$            1.64

$           1.57

$        (0.07)

(4.3)%

Diluted weighted average shares outstanding (in millions)

376.4

359.4

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