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L-3 Communications Holdings' CEO Discusses Q1 2012 Results - Earnings Call Transcript

As always the key aspect -- a key aspect of our strategy is our disciplined approach to acquisitions, where we continue to enhance our core business extending our addressable markets and strengthening our technology capabilities.

In February, we completed the acquisition of Kollmorgen Electro-Optical, KEO. It's a great addition to L-3's integrated Sensor Systems business with technologies that provides situational awareness and enhance our existing products including infrared images, targeting systems and ISR sensors and laser range finders. Also we recently announced an agreement to acquire Thales' civil aircraft training and simulation business. With an installed base of over 540 simulators and a global customer base, this business complements the linked simulation business and will extend our addressable markets with a full range of total training systems solutions for both military and, now, commercial customers globally. We expect the Thales transaction to be completed this summer.

We also completed an acquisition of a small company in the shipboard electronic control systems area called MAPCO. It folds in well with our [indiscernible] business unit, which designs customized high-end systems for the cruise ship industry and mega yachts. Each of these acquisitions is a great example of our disciplined strategy of pursuing acquisition candidates that expand our markets, product offerings, technologies, and our customer base and deliver compelling valuations.

The Engility spinoff, I just wanted to give you a brief update. In February 9, we received the private letter ruling from the IRS that supports the tax-free spinoff for L-3 and its shareholders. On March 29, we filed our 410 registration statement with the SEC and are in the review process now. We're currently expected to complete the transaction on schedule by the end of June. Of course, the ultimate timing is subject to certain conditions and approvals, including completion of the SEC review. We are all looking forward to launching Engility and the opportunities for our National Security Solutions business that will bring L-3 as we sharpen our focus on building our value-added products and solutions business.

Read the rest of this transcript for free on seekingalpha.com

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