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By Greg Schneider and Greg Schneider,SUN STAFF | August 3, 1999
The Army missile system that tarnished Lockheed Martin Corp. with repeated test failures scored its second hit of the year yesterday, knocking a target warhead out of space in the most ambitious shot yet.The $14 billion THAAD anti-missile program has been under enormous scrutiny as the top technology demonstrator in the nation's effort to build a shield against ballistic missile attacks.With six test failures dating to April 1995, the program also has been a high-profile symbol of problems at lead contractor Lockheed Martin Corp.
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BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | August 3, 1999
The Army missile system that tarnished Lockheed Martin Corp. with repeated test failures scored its second hit of the year yesterday, knocking a target warhead out of space in the most ambitious shot yet.The $14 billion THAAD anti-missile program has been under enormous scrutiny as the top technology demonstrator in the nation's effort to build a shield against ballistic missile attacks.With six test failures dating to April 1995, the program also has been a high-profile symbol of problems at lead contractor Lockheed Martin Corp.
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BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 30, 1999
WASHINGTON -- Lockheed Martin Corp.'s troubled THAAD Army missile program missed its target yesterday for the sixth straight test despite a year of preparation and enormous pressure to succeed.The Bethesda-based defense company stands to forfeit $15 million in expenses for the failure. The Pentagon so far has spent about $3.8 billion on the $14 billion program.The stakes could hardly have been higher for what is intended to be the premier defense against ballistic missiles for U.S. troops in the field.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 11, 1999
The nation took a step toward achieving a ballistic missile defense yesterday when the Army's THAAD missile system managed to knock a target rocket out of the sky after missing on six previous tests.The success also boosted morale at contractor Lockheed Martin Corp., which confessed to worsening financial problems this week and had been tainted by the repeated THAAD failures."They lost a lot of credibility," said financial analyst Paul Nisbet of JSA Research Inc. "They needed some good news for a change."
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | May 13, 1998
Lockheed Martin Corp. failed to hit the target yesterday for the fifth straight time with a high-profile Army missile system that it spent the past year trying to perfect. The $12 million test lasted 5.8 seconds.The failure of the system, which has come under harsh congressional scrutiny as a symbol of trouble in the nation's ballistic missile defense program, marred what could have been a grand day for the Bethesda company.Several hours after the disastrous New Mexico flight test, the United Arab Emirates agreed to a major purchase of F-16 fighter planes.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 7, 1997
WASHINGTON -- It was strike four yesterday for a $16.7 billion Lockheed Martin Corp. missile project being tested in the New Mexico desert, and a senior Pentagon official said the program now faces restructuring and delays.The Theater High Altitude Area Defense program, known as Thaad, is an Army missile designed to smack enemy missiles out of space or the upper atmosphere.In four test shots, including one yesterday, the Thaad missile has yet to hit its target.Pentagon acquisitions chief Paul Kaminski said yesterday that he was not poised to cancel the program, but that he would like to slow it down.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | July 31, 1992
The local Westinghouse division has teamed up with two other large electronics companies in an effort to land one of the few new big defense contracts coming out of the Pentagon -- a multibillion dollar pact to develop a radar for an advanced missile defense system similar to the Patriot.Although the THAAD missile system is a classified project, military officials have said it is being designed to protect a much wider area than the Patriot by intercepting and destroying incoming missiles at a higher altitude.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | April 24, 1997
Pentagon review panels gave two thumbs up yesterday to a Lockheed Martin Corp. missile that has been tested four times and failed each test.One Defense Department team said that the missile's design is sound and another panel said the concept is sound. The panels were made up of officials from the Army and from the Ballistic Missile Defense Organization (BMDO).Senior Pentagon officials had expressed reservations about the Bethesda company's Theater High Altitude Area Defense (THAAD) missile when it failed a fourth attempt to hit a target last month in New Mexico.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 11, 1999
The nation took a step toward achieving a ballistic missile defense yesterday when the Army's THAAD missile system managed to knock a target rocket out of the sky after missing on six previous tests.The success also boosted morale at contractor Lockheed Martin Corp., which confessed to worsening financial problems this week and had been tainted by the repeated THAAD failures."They lost a lot of credibility," said financial analyst Paul Nisbet of JSA Research Inc. "They needed some good news for a change."
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | May 17, 1998
The big family road trip is a year away, so you carefully take apart the station wagon, replace any worn wing nuts and hire a team of Ph.D. auto mechanics to put it back together.Then, on the big day, you pull out of the driveway, shift gears -- and all four tires blow out.This is something akin to Lockheed Martin Corp.'s fate on the Army's THAAD anti-missile program, which failed a humiliating fifth straight test last week. Unfortunately for Lockheed Martin, the national media were paying attention to the test, which burned up $12 million in taxpayer money in 5.8 seconds.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 30, 1999
WASHINGTON -- Lockheed Martin Corp.'s troubled THAAD Army missile program missed its target yesterday for the sixth straight test despite a year of preparation and enormous pressure to succeed.The Bethesda-based defense company stands to forfeit $15 million in expenses for the failure. The Pentagon so far has spent about $3.8 billion on the $14 billion program.The stakes could hardly have been higher for what is intended to be the premier defense against ballistic missiles for U.S. troops in the field.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 22, 1998
Lockheed Martin Corp.'s earnings continue to feel the effect of recent divestitures, dropping slightly overall for the second quarter but rising on a per-share basis, the company said yesterday.Net earnings for the big Bethesda-based defense company totaled $289 million for the period that ended June 30, down 6 percent from $308 million in the second quarter of last year.The 1998 figure translated to $1.52 per fully diluted share, which was higher than the $1.42 per share in the second quarter of 1997 because the company has fewer shares outstanding.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 10, 1998
WASHINGTON -- After spending $3.2 billion on an anti-missile system that Lockheed Martin Corp. can't make shoot straight, the military remains "fully committed" to the program and confident that the Bethesda company will eventually get it right, a top general said yesterday. One reason for optimism is that Lockheed Martin has assigned )) top people from across the far-flung corporation to make the THAAD Army missile program work, said Lt. Gen. Lester L. Lyles, director of the Ballistic Missile Defense Organization, an arm of the Pentagon that oversees the program.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | May 17, 1998
The big family road trip is a year away, so you carefully take apart the station wagon, replace any worn wing nuts and hire a team of Ph.D. auto mechanics to put it back together.Then, on the big day, you pull out of the driveway, shift gears -- and all four tires blow out.This is something akin to Lockheed Martin Corp.'s fate on the Army's THAAD anti-missile program, which failed a humiliating fifth straight test last week. Unfortunately for Lockheed Martin, the national media were paying attention to the test, which burned up $12 million in taxpayer money in 5.8 seconds.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | May 13, 1998
Lockheed Martin Corp. failed to hit the target yesterday for the fifth straight time with a high-profile Army missile system that it spent the past year trying to perfect. The $12 million test lasted 5.8 seconds.The failure of the system, which has come under harsh congressional scrutiny as a symbol of trouble in the nation's ballistic missile defense program, marred what could have been a grand day for the Bethesda company.Several hours after the disastrous New Mexico flight test, the United Arab Emirates agreed to a major purchase of F-16 fighter planes.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | April 24, 1997
Pentagon review panels gave two thumbs up yesterday to a Lockheed Martin Corp. missile that has been tested four times and failed each test.One Defense Department team said that the missile's design is sound and another panel said the concept is sound. The panels were made up of officials from the Army and from the Ballistic Missile Defense Organization (BMDO).Senior Pentagon officials had expressed reservations about the Bethesda company's Theater High Altitude Area Defense (THAAD) missile when it failed a fourth attempt to hit a target last month in New Mexico.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | September 18, 1992
A radar contract that Westinghouse Electric Corp. was counting on to help stabilize its Maryland work force for years was awarded yesterday to Raytheon Co. of Lexington, Mass.The contract, which could lead to billions of dollars in business for Raytheon, is for the development of a ground-based radar system to be used with a missile defense system similar to the Patriot."For defense contractors, there are not many big ones [contracts] left, and we are delighted to win it," said Raytheon spokesman Pat Coulter.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | October 3, 1992
Claiming its bid was nearly 40 percent lower than the winning one, the local Westinghouse division is protesting the Army's recent award of a major radar contract to Raytheon Corp. in Lexington, Mass.The pact being disputed is for a ground-based radar used with a missile defense system similar to the Patriot. It is considered one of the few major radar contracts coming out of the Pentagon in the foreseeable future as military spending declines.Although the initial Raytheon award from the Army's Space and Strategic Defense Command totaled $614.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 7, 1997
WASHINGTON -- It was strike four yesterday for a $16.7 billion Lockheed Martin Corp. missile project being tested in the New Mexico desert, and a senior Pentagon official said the program now faces restructuring and delays.The Theater High Altitude Area Defense program, known as Thaad, is an Army missile designed to smack enemy missiles out of space or the upper atmosphere.In four test shots, including one yesterday, the Thaad missile has yet to hit its target.Pentagon acquisitions chief Paul Kaminski said yesterday that he was not poised to cancel the program, but that he would like to slow it down.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | October 3, 1992
Claiming its bid was nearly 40 percent lower than the winning one, the local Westinghouse division is protesting the Army's recent award of a major radar contract to Raytheon Corp. in Lexington, Mass.The pact being disputed is for a ground-based radar used with a missile defense system similar to the Patriot. It is considered one of the few major radar contracts coming out of the Pentagon in the foreseeable future as military spending declines.Although the initial Raytheon award from the Army's Space and Strategic Defense Command totaled $614.
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