United States

L3 Technologies Inc (LLL)

LLL on New York Consolidated

24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

L-3 awarded U.S. Air force KC-10 contractor logistics support contract
Thursday, 9 Jun 2016 09:00am EDT 

L-3 Communications : L-3 Communications- total approximate value of contract is up to $1.9 billion over 9-year performance period that begins with July 2016 six-month phase-in .L-3 awarded U.S. Air force KC-10 contractor logistics support contract.  Full Article

L-3 Communications to open design, engineering and support facility in Ottawa, Ontario
Wednesday, 25 May 2016 09:15am EDT 

L-3 Communications Holdings Inc :L-3 communications - to open design, engineering and support facility in Ottawa, Ontario, under new organization, L-3 Communication Systems - Canada.  Full Article

L-3 Communications Holdings Inc fails to dismiss shareholder lawsuit over accounting - Reuters News
Thursday, 31 Mar 2016 11:07am EDT 

L-3 Communications Holdings Inc:A federal judge rejected L-3 Communications Holdings Inc's bid to dismiss a lawsuit by shareholders seeking to recoup losses stemming from the defense contractor's alleged accounting fraud in its aerospace systems business - RTRS.In a Wednesday night decision, U.S. District Judge Valerie Caproni in Manhattan said shareholders led by two Michigan pension plans can pursue claims that L-3 hid improprieties tied to a contract to service U.S. Army C-12 airplanes.including those raised by an internal management-level whistleblower.The judge also dismissed related claims against Chief Executive Michael Strianese and Chief Financial Officer Ralph D'Ambrosio, finding a lack of evidence that they acted recklessly or intended to defraud.L-3 shares slid 12.3 percent on July 31, 2014, wiping out roughly $1.3 billion of market value, after the New York-based company said it would restate two years of results, take a charge against earnings, and fire four people over problems with the C-12 contract.including cost overruns and inflated sales.Caproni said the firings, including of the aerospace systems unit's CFO, for what Strianese called "misconduct" gave rise to a "strong inference" that L-3 intended to defraud shareholders. She also said L-3's alleged misstatements could be material.The judge did not rule on the merits of the lawsuit, which seeks class-action status.  Full Article

L-3 Communications Holdings Inc announces dividend
Tuesday, 9 Feb 2016 02:30pm EST 

L-3 Communications Holdings Inc:Increases quarterly dividend.Says increased the company's regular quarterly cash dividend eight percent from $0.65 to $0.70 per share.  Full Article

L-3 Communications Holdings Inc reaffirms FY 2016 revenue guidance and raises FY 2016 EPS guidance
Thursday, 28 Jan 2016 06:53am EST 

L-3 Communications Holdings Inc:Expects FY 2016 net sales to be in the range of $9.950-$10.150 bln compared to prior range of $9.950-$10.150 bln.Expects FY 2016 diluted EPS in the range of $7.40-$7.60 compared to prior range of $6.90-$7.10.  Full Article

L-3 Communications Holdings Inc signs definitive agreement to sell its national Security Solutions Business to CACI International Inc
Tuesday, 8 Dec 2015 08:00am EST 

L-3 Communications Holdings Inc:Signs definitive agreement to sell its national security solutions business to CACI International Inc.Deal for $550 million.Nss results of operations are expected to be reported as discontinued operations beginning in the fourth quarter of 2015.Says Deutsche Bank securities inc. served as financial advisor to L - 3in connection with the transaction.Continue to evaluate our portfolio for additional actions that will enable US to improve L-3's business profile".Says company expects 2015 sales of $10.4 billion, excluding nss.FY 2015 revenue view $11.45 billion -- Thomson Reuters I/B/E/S.  Full Article

L-3 Communications Holdings Inc - Military contractor L-3 pays $25.6 mln to settle U.S. fraud lawsuit - Reuters
Tuesday, 24 Nov 2015 01:59pm EST 

L-3 Communications Holdings Inc:L-3 Communications Holdings Inc agreed to pay $25.6 million to settle a lawsuit accusing the military contractor of defrauding the U.S. government by selling thousands of holographic weapon sights that it knew were defective - RTRS.Tuesday's settlement resolves civil claims that L-3 and its EOTech unit violated the federal False Claims Act by concealing defects that caused the sights to fail in extreme cold or humidity, including one defect that was hidden for 8-1/2 years - RTRS.Also known as combat optical sights, the sights are mounted on weapons and used by special operations forces and law enforcement to target and accurately return fire in extreme environmental conditions, according to papers filed by U.S. Attorney Preet Bharara in Manhattan federal court - RTRS.Bharara said New York-based L-3 hid the defects from the Department of Defense, Department of Homeland Security and FBI, even as it sold them tens of millions of dollars of the sights beginning in 2004 - RTRS.He also said L-3 touted the military's use of its products to improve its image and boost commercial sales - RTRS.In a statement, L-3 said it cooperated fully with the government and is pleased to settle. The company previously set aside money for the accord, which requires court approval - RTRS.  Full Article

L-3 Communications names Christopher E. Kubasik President and Chief Operating Officer
Wednesday, 28 Oct 2015 09:00am EDT 

L-3 Communications:Says Christopher E. Kubasik will become the president and chief operating officer of L-3, effective immediately.  Full Article

L-3 Communications declares regular quarterly cash dividend
Tuesday, 20 Oct 2015 09:00am EDT 

L-3 Communications:Declares regular quarterly cash dividend of $0.65 per share.Payable on Dec. 15 to shareholders of record at the close of business on Nov. 16.  Full Article

L-3 Communications acquires ForceX
Tuesday, 13 Oct 2015 04:21pm EDT 

L-3 Communications:Says acquired ForceX, Inc., which the company has renamed L-3 ForceX.L-3 ForceX will be incorporated into L-3's Integrated Sensor Systems (ISS) sector within the Electronic Systems business segment.Says terms of the transaction have not been disclosed, but the acquisition is expected to be immediately accretive.  Full Article

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