Businessweek

Alliant Techsystems Inc. has successfully completed the first U.S.-based testing of the High Performance Green Propulsion (HPGP) thruster technology for the NASA Goddard Space Flight Center (GSFC). The testing was conducted at ATK Defense Group's test facility in Elkton, Md., in April 2013. The ATK test facility is capable of assessing high-fidelity performance and operability features of the HPGP thruster technology, which is intended to be used for a wide range of attitude control/space maneuverability propulsion. HPGP is a green propulsion alternative that has been flight-proven in space to provide increased performance over traditional hydrazine propulsion technology. By comparison, HPGP is significantly safer and more cost-effective in terms of storage, material handling, transportation and launch-site processing.

ATK provided critical hardware for the United Launch Alliance (ULA) Atlas V that launched the U.S. Air Force's Global Positioning System (GPS) IIF-4 satellite from Cape Canaveral Air Force Station, Fla. GPS IIF-4 is the fourth satellite delivered by prime contractor Boeing as part of the GPS IIF contract for 12 next-generation GPS space vehicles. GPS IIF satellites continue to modernize the GPS constellation while providing positioning, navigation and timing services to civil and military users worldwide.

Alliant Techsystems Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported sales of $1,153,875,000 compared with $1,311,242,000 for the same period a year ago. Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest was $121,537,000 compared with $112,214,000 for the same period a year ago. Income before income taxes and noncontrolling interest was $107,811,000 compared with $93,096,000 for the same period a year ago. Net income attributable to Alliant Techsystems Inc. was $72,738,000 or $2.23 per diluted share compared with $61,418,000 or $1.86 per diluted share for the same period a year ago. For the quarter on adjusted basis, the company reported sales was $1,151,817,000 compared with $1,262,893,000 for the same period a year ago. EBIT was $121,030,000 compared with $100,904,000 for the same period a year ago. Profit afater tax was $72,429,000 or $2.22 per share compared with $55,684,000 or $1.69 per share for the same period a year ago. For the full year, the company reported sales of $4,362,145,000 compared with $4,613,399,000 for the same period a year ago. Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest was $469,643,000 compared with $495,586,000 for the same period a year ago. Income before income taxes and noncontrolling interest was $392,484,000 compared with $406,966,000 for the same period a year ago. Net income attributable to Alliant Techsystems Inc. was $271,805,000 or $8.34 per diluted share compared with $262,612,000 or $7.93 per diluted share for the same period a year ago. Cash provided by operating activities was $273,592,000 compared with $372,307,000 for the same period a year ago. Capital expenditures was $96,889,000 compared with $122,292,000 for the same period a year ago. For the full year on adjusted basis, the company reported sales was $4,288,178,000 compared with $4,406,750,000 for the same period a year ago. EBIT was $421,443,000 compared with $472,591,000 for the same period a year ago. Profit afater tax was $231,280,000 or $7.10 per share compared with $254,674,000 or $7.69 per share for the same period a year ago. The company provided earnings guidance for the full year of fiscal 2014. The company expects fiscal 2014 sales in a range of $4.05 billion to $4.15 billion, and EPS in a range of $7.50 to $7.90. The company expects capital expenditures of approximately $125 million and free cash flow in a range of $150 million to $175 million. The effective tax rate for the year is expected to be approximately 34.5%. Pension expenses are expected to be approximately $130 million compared to $168 million in the prior year. This decrease is due to the pension plan design changes as noted above, partially offset by a change in the discount rate. The company also expects additional defined contribution expense to increase by approximately $10 million. The company expects cash provided by operating activities to be in the range of $275,000 to $300,000.

Alliant Techsystems Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per share. The dividend will be payable June 27, 2013, to stockholders of record as of June 3, 2013.

Alliant Techsystems Inc. has successfully completed its solid rocket booster Preliminary Design Review (PDR) with NASA for the new Space Launch System (SLS). The PDR milestone indicates the booster design is on track to support first flight of the SLS in 2017. The SLS vehicle will support NASA's human spaceflight exploration to all destinations beyond low-earth orbit. With the successful completion of PDR, the SLS booster design can now proceed with the associated activities required to advance the design toward Critical Design Review (CDR). Additionally, a ground static firing of qualification motor-1 is planned for later this year at ATK. The SLS booster PDR is a significant step toward providing the necessary technical and programmatic information needed for NASA to obtain approval to proceed with development of the Space Launch System--which will support a variety of missions of national and international importance.