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General Dynamics Reports Second-Quarter 2011 Results

FALLS CHURCH, Va. July 27, 2011 $666 million $1.79 $651 million $1.68 $7.9 billion $653 million $648 million

Margins

Company-wide operating margins for the second quarter of 2011 were 12 percent, with particularly strong performance in the defense segments.  Operating margins for Combat Systems and Information Systems and Technology grew when compared to the year-ago period, and Marine Systems margins remained steady at 10.2 percent.

Backlog

$285 million $800 million $330 million $55 million

$44.3 billion $57.1 billion $21.2 billion

Cash

$749 million $658 million

Jay L. Johnson $7.15 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. Eastern Time Wednesday, July 27, 2011 www.generaldynamics.com . 12 p.m. Eastern Time July 27 12 p.m. July 27 August 3, 2011

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Second Quarter

Variance

2010

2011

$

%

Revenues

$ 8,104

$ 7,879

$  (225)

(2.8)%

Operating costs and expenses

7,119

6,930

189

Operating earnings

985

949

(36)

(3.7)%

Interest, net

(42)

(31)

11

Other, net

2

41

39

Earnings from continuing operations before income taxes

945

959

14

1.5 %

Provision for income taxes

294

293

1

Earnings from continuing operations

$    651

$    666

$     15

2.3 %

Discontinued operations, net of tax

(3)

(13)

(10)

Net earnings

$    648

$    653

$       5

0.8 %

Earnings per share – basic

   Continuing operations

$   1.70

$   1.81

$  0.11

6.5 %

   Discontinued operations

$ (0.01)

$  (0.04)

$ (0.03)

   Net earnings

$   1.69

$   1.77

$  0.08

4.7 %

Basic weighted average shares outstanding (in millions)

384.3

368.0

Earnings per share – diluted

   Continuing operations

$   1.68

$   1.79

$  0.11

6.5 %

   Discontinued operations

$ (0.01)

$  (0.03)

$ (0.02)

   Net earnings

$   1.67

$   1.76

$  0.09

5.4 %

Diluted weighted average shares outstanding (in millions)

388.5

371.4

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Six Months

Variance

2010

2011

$

%

Revenues

$        15,854

$      15,677

$         (177)

(1.1)%

Operating costs and expenses

13,951

13,799

152

Operating earnings

1,903

1,878

(25)

(1.3)%

Interest, net

(86)

(65)

21

Other, net

2

42

40

Earnings from continuing operations before income taxes

1,819

1,855

36

2.0 %

Provision for income taxes

569

571

(2)

Earnings from continuing operations

$          1,250

$        1,284

$             34

2.7 %

Discontinued operations, net of tax

(5)

(13)

(8)

Net earnings

$          1,245

$        1,271

$             26

2.1 %

Earnings per share – basic

   Continuing operations

$            3.25

$           3.47

$          0.22

6.8 %

   Discontinued operations

$          (0.01)

$         (0.04)

$        (0.03)

   Net earnings

$            3.24

$           3.43

$          0.19

5.9 %

Basic weighted average shares outstanding (in millions)

384.6

370.3

Earnings per share – diluted

   Continuing operations

$            3.21

$           3.43

$          0.22

6.9 %

   Discontinued operations

$          (0.01)

$         (0.03)

$        (0.02)

   Net earnings

$            3.20

$           3.40

$          0.20

6.3 %

Diluted weighted average shares outstanding (in millions)

388.8

373.9

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