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L-3 Communications Holdings Management Discusses Q2 2012 Results - Earnings Call Transcript

Net sales in the AM&M segment were down about 3% compared to last year's second quarter, and that was primarily due to lower volume on the Joint Cargo Aircraft program. In terms of services, net sales declined by 20%, mostly reflecting lower demand for services due to the Iraq drawdown and U.S. Government budget reductions, which partially offset a competitive U.S. army training contract win.

In terms of M&A, we continue to closely monitor the landscape for opportunities that may present themselves, both as a result of pressures throughout the industry and sell us that just want to cash out, brought about by the prolonged and challenging economic environment we find ourselves in. I'd like to reiterate that the strategy in pursuing these opportunities remains unchanged. We continue to be thoughtful and disciplined in our approach, targeting companies that will help us grow our market positions or add new customers, strengthen our competitive profile while providing a good return for shareholders.

In terms of the Engility spin-off, as I mentioned, it was completed on July 17, and Engility is now an independent publicly traded company on the New York Stock Exchange with the ticker symbol of EGL. The spin-off demonstrates our execution strategy that is built on situational awareness and a strong sense of customer priorities. This spin-off opens up exciting opportunities for Engility as it will not be subject to the OCI issues we have and we'll be able to pursue business that is outside of our areas of strategic focus.

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