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Whether you're walking a tightrope or scribbling in your checkbook, balance is a good thing. And, one of the best ways to evaluate a company is to glance at its balance sheet to see what it owns with what it owes.
The balance sheet is a paragon of simplicity and is made up of three components: assets (the stuff it owns), liabilities (the money it owes), and shareholders' equity (the company's value to its shareholders).
Assets take two forms: short-term (or current) assets and long-term assets. Under short-term, there¿s good ol' hard cash. Then, there¿s something called "cash equivalents," which are assets like short-term bonds that can be sold so quickly, they might as well be cash. There you factor in inventory, which (if you're a reasonably competent business owner) you can sell to customers in return for--you guessed it--cash. (The raw materials a company owns to make that inventory also falls under this category.)
Long-term assets are things that are harder to convert into cash. (Think real estate and equipment.) Long-term assets depreciate, meaning they lose some value over time. Also under the long-term category are what's called intangible assets: things like patents and brands, that are important, but hard to quantify. Accountants earn their stripes figuring out the real overall value of these assets.
Once you know your assets, it's time for liabilities. As with assets, liabilities are separated into short-term or current, and long-term. Current liabilities are what a company owes in that year: Things like payments to employees or accounts payable to suppliers. Long-term liabilities are debts paid over several years.
Shareholders' equity is determined by subtracting the liabilities from the assets. That number represents the value of the company after all its bills are paid.
Obviously, investors should pay close attention to balance sheets. Spikes in the amount of debt carried, or a reduction in shareholders' equity, are usually red flags.
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Thursday, May 15, 2008
BAE Systems Receives $21.8 Million Contract for Paladin Integrated Management Vehicles
Comtex
YORK, Pa., May 15, 2008 (BUSINESS WIRE) ----BAE Systems has been awarded a $21.8 million contract modification from the U.S. Army TACOM Life Cycle Management Command for the design and development of M109A6 Paladin Integrated Management (PIM) self-propelled howitzer vehicles.
The M109A6-PIM uses the existing Paladin main armament and cab structure, replacing hydraulics with electric gun drives that share commonality with the Future Combat Systems Non-Line-Of-Sight Cannon. Outmoded chassis components are replaced with up-to-date components from the Bradley Combat Systems and integrated into a highly producible, new-design chassis structure to increase sustainability and commonality across the Heavy Brigade Combat Teams (HBCT).
"The M109A6 Paladin Integrated Management vehicle leverages available technology and stresses commonality with fielded platforms," said Andy Hove, vice president of Combat Systems Programs for BAE Systems. "This award represents the initial phase of the long term PIM program efforts to sustain the Paladin fleet into 2050."
This modification, when combined with the previous PIM contract worth $5 million, brings the total value to $26.8 million.
Under the contract, design and engineering analysis work for the vehicle structure, automotive systems and electric and vehicle electronics will be performed at BAE Systems facilities in Pennsylvania, California and Michigan as well as U.S. government facilities at the Army Research and Development Center in Picatinny, New Jersey. This development work will ultimately lead to a remanufacture program for the Paladin fleet. The remanufacture program itself will be performed in partnership with the Anniston Army Depot and at BAE Systems facilities in York, Pennsylvania and Elgin, Oklahoma.
The M109A6-PIM is supported by the Army as a vital technology enhancement program to sustain the M109 Family of Vehicles well into the future, and maintain the combat capability of the HBCT.
About BAE Systems
BAE Systems is the premier global defense and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 97,500 employees worldwide, BAE Systems' sales exceeded GBP 15.7 billion (US $31.4 billion) in 2007.
SOURCE: BAE Systems
BAE Systems Garrie Dornan, +1 717 225 8004 Mobile: +1 717 818 7401 garrie.dornan@baesystems.com or BAE Systems Susan Lenover, +1 703 907 8259 Mobile: +1 703 850 1621 susan.lenover@baesystems.com www.baesystems.com
Copyright Business Wire 2008
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