in thousands

contracts, other revenues and earned fees

Direct contract costs and indirect expenses of field expenses
Gross profit
Gross profit margin
corporate general and admin. Expenses
Equity (income) recd. From joint ventures
Operating income
Total interest and other expenses(income)
Pretax income
Provision for income taxes
Minority interests in net income paid from joint ventures
Non-operating, extraordinary items
Net income
Net income margin
Calculation of Ebitda
Net income
Interest expense and financing costs
depreciation and amortization
Provision for income taxes
Tokyo residence sale gain adjustment
other
EBITDA
EBITDA margin
pat
* Estimated
** Projected

2001
123567
110805
12762
0
6264
-52
6550
749
5801
2321
940
0
2540
0.021

2002
167426
150031
17395
0
7243
-11
10163
108
10055
3393
1238
-3141
5424
0.051

2003
218369
195135
23234
0
8180
-332
15386
233
15153
4230
152
-1125
10771
0.054

2540
641
1402
2321
0
0
6904
0.056
4861

8565
598
2106
3393
0
0
14662
0.088
11958

11896
582
1793
4230
0
0
18501
0.085
16126

2004
315423
283122
32301
0
8594
-1142
24849
461
24388
9238
1722
-1059
13428
0.046

14487
788
1778
9238
0
0
26291
0.083
23725

2005 2006*
2007**
2008**
535348
624773
742153
928027
455523
531614
631492
789650
79825
93159
110661
138377
0
0
0
0
10995
11545
12122
12728
-1997
-2179
-2400
-2640
70827
83793
100939
128289
-3219
-625
-742
-928
74046
84418
101681
129217
28754
32801
38963
48721
3676
5730
6436
7670
0
0
0
0
41616
45887
56282
72826
0.078
0.073
0.076
0.078

41616
2367
2345
29833
-3823
108
72446
0.135
67734

45887
2300
2020
34001
0
0
84208
0.135
79888

56282
2350
2020
40163
0
0
100815
0.136
96445

72826
2400
2020
49921
0
0
127167
0.137
122747

in thousands
Current Assets
Cash and equivalents, restricted foreign cash balances
Contract receivables
Billed including retentions net
Unbilled
Other receivables
Prepaid expenses
Receivables from affiliates
Deferred income taxes
Receivables from associated companies
Total current assets

2001

2002

2003

2004

5,207

11,086

6,932

15,682

15,716
8,422
1,242
1,254
88
0
88
32,017

18,934
17,774
3,770
2,985
54
0
100
54,703

44,518
20,667
3,222
3,172
2,432
730
44
81,717

53,856
41,044
2,425
7,693
2,525
802
94
124,121

Plant and equipment, net

Receivables from affiliates, net
Investments in real estate properties, net
Investment in and advances to affiliates, net
Other assets
Total Assets

3,842
0
93
2,945
918
39,815

3,790
0
94
1,373
1,126
61,086

3,242
310
0
1,632
1,104
88,005

6,045
334
0
2,800
1,738
135,038

Liabilities
Current liabilities
Bank notes payable
Notes payable, current portion
Accounts payable, current portion
Accrued payroll and related taxes
Customer deposits
Customers advances
Pension obligation, current portion
Capital lease obligation, current
Income taxes payable
Total current liabilities

5,506
0
8,448
7,646
0
97
0
45
2,780
24,522

7,687
0
17,016
8,716
0
332
0
49
3,905
37,705

21,470
0
15,533
9,591
971
0
0
54
3,401
51,020

46,192
366
29,669
11,452
1,814
0
0
44
5,912
95,449

Notes payable, net of current portion

Long-term pension obligation
Long-term accrued liabilities
Capital lease obligation, non-current
Minority interest and other
Total Liabilities

0
1,019
320
148
971
26,980

0
981
364
99
894
40,043

0
1144
173
44
977
53,358

957
1,159
457
0
1,674
99,696

Stakeholders equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Note receivable from related party

993
3
11162
0
0

993
3
18205
0
0

1011
425
30087
0
0

1011
425
44910
-15991
0

Accumulated other comprehensive income

Total shareholders equity
Total liabilities and equity

677
12835
39,815

1842
21043
61,086

3124
34647
88,005

4969
35324
135,020

2005
18,326
109,674
39,548
2,426
5,165
3,831
1,826
41
180,837
6,132
0
0
5,176
203
192,348

55,212
326
43,436
11,194
18
0
0
0
10,339
120,525
559
724
0
0
1,295
123,103

1011
425
91041
-15991
-10100

2859
69245
192,348

PBIT Margin
PAT Margin
Working Capital
Financial Leverage
Debt to Assets
Networth
ROE
ROCE
Operating Return on Asset
Net Worth Turnover

2001

2002

2003

2004

2005

5.59%
3.93%
7,495.00
20.22%
6.17%
12,158.00
39.98%
37.64%
17.34%
10.16

8.76%
7.14%
16,998.00
12.18%
3.83%
19,201.00
62.28%
58.29%
24.00%
8.72

8.47%
7.38%
30,697.00
7.42%
2.66%
31,523.00
51.16%
49.34%
21.02%
6.93

8.34%
7.52%
28,672.00
7.10%
2.44%
46,346.00
51.19%
49.39%
19.47%
6.81

13.53%
12.65%
60,312.00
2.18%
1.05%
92,477.00
73.24%
74.18%
37.66%
5.79

Numbers in millions, except per share data

Lockheed Martin
Revenues
Depreciation
Ebit
Net Income
Price-December
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta
Bond Rating

2005
37,213.00
705.00
2,878.00
1,825.00
63.63
436.91
7,867.00
4,784.00
10,529.00
4,579.00
9,428.00
3,924.00
1.05
1.07
Baa1/A-

2004
35,526.00
656.00
2,022.00
1,122.00
55.55
441.14
7,021.00
5,104.00
8,953.00
4,094.00
8,566.00
3,599.00
0.91

2003
31,824.00
609.00
1,950.00
1,053.00
51.40
446.50
6,756.00
6,072.00
9,401.00
4,039.00
8,893.00
3,489.00
0.58

General Dynamics
Revenues
Depreciation
Ebit
Net Income
Price-December
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta
Bond Rating

2005
2004
2003
21,244.00 19,178.00 16,617.00
342.00
326.00
277.00
2,254.00
1,942.00
1,480.00
1,468.00
1,203.00
997.00
57.02
52.30
45.20
800.73
804.13
791.86
8,145.00
7,189.00
5,921.00
2,781.00
3,291.00
3,296.00
9,173.00
7,287.00
6,394.00
2,034.00
1,459.00
1,378.00
6,907.00
5,374.00
5,616.00
2,125.00
2,169.00
2,085.00
0.40
0.36
0.32
1.24
A2/A

Level 3 communications
Revenues
Depreciation
Ebit
Net Income
Price-December
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta
Bond Rating

2005
3,613.00
657.00
-149.00
-687.00
2.87
817.77
-476.00
6,023.00
1,677.00
830.00
1,435.00
5,683.00
1.44
Baa2/BBB+

2004
3,712.00
695.00
33.00
-458.00
3.39
686.50
-157.00
5,067.00
1,402.00
545.00
1,273.00
5,408.00
-

2003
4,026.00
827.00
-207.00
-721.00
5.70
677.83
-181.00
5,250.00
1,946.00
561.00
1,431.00
5,727.00
-

2005
30,721.00
773.00
2,432.00
1,383.00
60.11
347.36
16,828.00
4,231.00
7,549.00
3,679.00
7,974.00
4,404.00
1.01
1.05
Baa2/BBB-

2004
29,853.00
734.00
2,046.00
774.00
54.36
364.43
16,700.00
5,466.00
6,907.00
3,546.00
6,223.00
4,210.00
0.89

2003
26,206.00
682.00
1,628.00
831.00
47.80
724.43
15,785.00
5,760.00
5,745.00
3,198.00
6,361.00
4,036.00
0.40

Northrup Grumman
Revenues
Depreciation
Ebit
Net Income
Price-December
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta
Bond Rating

Numbers in millions, except per share data

Announcement Date
Completion Date Acquirer
May-06 Pending
Interserve
Sep-05
Jan-06 DRS
Feb-05
Mar-05 IAP Worldwide Services
Dec-04
Feb-05 Veritas
Aug-04
Dec-05 Washington Group
May-04
May-04 L-3 Communications
Jan-03
Dec-02 L-3 Communications
Dec-02
Mar-03 Computer Science Corp
Jul-00
Jun-00 L-3 Communications
Jun-98
Mar-99 BNFL & WGII

Target
Maclallan
Engineered Support System
johnson Control Worldservices
DynCorp
WGSC/WGESC
Beamhit
Ship Analytics
DynCorp
MPRI

Firm Value($mm)
232
1970
268
850
NA
40
32
950
40
213

FV/Sales
0.54%
1.95%
0.35%
0.53%
NA
NA
0.79%
0.42%
NA
0.53%

FV/EBITDA
9.90%
13.50%
NA
9.50%
NA
NA
NA
8.00%
NA
6%

FV/EBIT
12.40%
14.40%
6.10%
10.30%
NA
NA
NA
9.40%
NA
6.30%

EBITDA Margin
EBIT Margin
5.50%
4.40%
14.40%
13.50%
NA
5.70%
5.60%
5.10%
NA
NA
NA
NA
NA
NA
5.20%
4.40%
NA
NA
9.00%
8.40%

Numbers in millions, except per share data

Halliburton
Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

2005
2004
2003
21,007.00 20,464.00 16,246.00
2,712.00
878.00
726.00
2,358.00
-979.00
-820.00
30.98
19.62
13.00
504.00
509.00
518.00
2,056.00
1,768.00
1,756.00
6,372.00
3,932.00
2,547.00
2,813.00
3,593.00
3,415.00
9,327.00
9,962.00
7,919.00
4,801.00
5,751.00
4,765.00
4,437.00
7,064.00
6,542.00
2,648.00
2,553.00
2,526.00
0.13
0.13
0.13
1.45

KBR
Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

2005
10,206.00
517.00
240.00
56.00
167.64
1,256.00
18.00
3,510.00
1,239.00
2,566.00
444.00
1.19

2004

2003

Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

Jacobs
2005
2004
2003
5,635.00 4,594.00 4,615.00
242.53
201.99
200.19
151.02
128.98
128.01
33.94
23.90
24.00
46.36
34.15
35.35
232.52
226.79
223.35
1,140.64 1,005.03
842.08
89.63
78.76
17.81
1,337.43 1,083.51
970.10
1,029.92
902.44
778.06
785.10
685.91
611.41
154.97
151.18
142.10
1.34

Fluor
Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

2005
13,161.05
315.87
227.27
38.63
104.12
348.35
1,630.56
92.02
3,108.22
850.20
2,339.34
581.54
0.16
1.28

ESSI
Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

2005
0.42
-4.14
-4.80
0.10
0.15
72.76
-16.92
0.42
0.11
0.07
17.58
0.97
14.56

2004
0.52
-3.45
-3.86
2.20
0.37
0.00
-18.69
1.54
0.20
0.11
15.64
1.04
-

2003
0.79
-4.86
-5.35
0.60
0.00
-14.88
2.07
0.55
0.17
14.02
3.54
-

URS
Revenues
Ebit
Net Income
Price-December
Depreciation
Number of shares
book Value Equity
Long Term Debt
Current assets
Accounts Receivable
current liabilities
Net Fixed Assets
Dividend
Beta

2005
3,917.57
174.42
82.475
37.61
38.548
50.38
1344.5
297.913
1273.03
1099.99
698.621
146.47
0
1.38

Shaw
2004
9,380.28
296.60
186.70
27.26
91.89
338.15
1,335.79
347.65
2,723.31
761.18
1,763.98
527.81
0.16

2003
8,805.70
278.09
179.46
19.82
79.68
328.41
1,081.53
44.65
2,213.64
636.16
1,829.14
569.48
0.16

2004
2003
3,381.96 3,186.71
161.08
180.41
61.704
58.104
32.1
25.01
41.407
42.349
43.542
33.612
1067.22 765.073
502.118 788.708
1021.99 939.665
952.038 888.601
535.421 492.035
143.212 150.553
0
0

2005
2004
2003
Revenues 3,265.92 3,076.95 3,306.76
Ebit
67.76
3.21
67.63
Net Income
17.82
-26.31
20.87
Price-December29.09
17.85
13.62
Depreciation 31.18
60.77
44.81
Number of shares
78.96
63.77
37.79
book Value Equity
1,144.55
884.77
662.29
Long Term Debt65.54
261.17
251.75
Current assets
1,254.82 1,137.78 1,113.56
Accounts Receivable
418.04
842.85
669.66
current liabilities
781.16
853.74 1,028.12
Net Fixed Assets
157.54
169.49
185.13
Dividend
Beta
1.37

DynCorp
2005
2004
Revenues 1,920.00 1,214.29
Ebit
101.88
Net Income
56.629
31.36
Price-December
Depreciation 12.724
8.788
Number of shares 57
0.5
book Value Equity
96.918 396.573
Long Term Debt
662.412
0
Current assets462.236 268.249
Accounts Receivable
422.772 238.187
current liabilities
261.869 163.914
Net Fixed Assets10.657
3.522
Dividend
0
0
Beta
0.92

2003
918.35
20.095
1.243
0.5