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Alliant Techsystems' CEO Discusses F3Q2012 Results - Earnings Call Transcript

With that said, I'll turn the call to you, Mark.

Mark DeYoung

Okay, Steve, thank you. Good morning everyone and thanks for joining us today. This morning we will be discussing our third quarter results. We will also talk about a shift in our capital deployment strategy and we want to introduce our move to a streamlined operating structure in our next fiscal year which is our fiscal year 2013.

In addition, we have announced and you’ve probably where Neal Cohen will serve as ATK’s Executive Vice President and Chief Financial Officer beginning on February 13th. Tom Sexton has served as our Interim CFO. I want to thank Tom for all he has done to ensure a seamless transition during this period. I worked with Tom for many years. He never disappoints, he is a very valuable member of our management team, he did a great job and I look forward to his continued contributions to the company as our Controller.

First, we recently reached a tentative agreement to settle a longstanding claim against the company. This claim originated from events that occurred prior to our acquisition of Thiokol in 2001. It’s been carried and disclosed for obviously many years. Getting this litigation behind us was the right thing to do for the company and for our shareholders.

A new share repurchase authorization has been approved by the Board of Directors of ATK. We’ve been authorized to repurchase up to $200 million worth of ATK common stock over the next two years as part of our balance capital deployment strategy.

Given our liquidity and cash flow, we have the capacity for a range of capital deployment initiatives. Despite the federal budget challenges facing ATK and the defense industry, the foundation of our core businesses remained strong. We received a draft of the Undefinitized Contract Action for the space launch system which establishes a stable base for our Solid Rocket Motor business.

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