The NewStandard ceased publishing on April 27, 2007.

Lockheed Martin sees 16% profit increase largely at taxpayers expense

by Pranjal Tiwari

June 19, 2004 – Lockheed Martin was picked yesterday as’s latest stock of the week. With the increased climate of militarism under the so-called "war-on-terror," and a major US military presence in Iraq expected to continue after June 30, Forbes encouraged investors to take advantage of the company’s position in a “strong industry group.â€�

Email to a Friend
Print-friendly Version
Add to My Morning Paper

Bethesda-based Lockheed-Martin is one of the largest makers of weapons and military equipment in world, producing fighter aircraft, missile components, and space technology. It is known as a producer of components for Apache helicopters and Tomahawk cruise missiles, used by the US military in Iraq and other countries.

Lockheed-Martin was highlighted by Forbes due to a profit of $291million, up sixteen percent from the first quarter of 2003. Forbes cites “higher sales of combat aircraft� as one of the main reasons for the high level of growth. Moreover, at the end of 2003, the company reportedly had a backlog of orders totaling $76.9 billion.

Forbes notes that Lockheed-Martin is a major beneficiary of the US public’s tax dollars, with 62 percent of its contracts coming from the US Department of Defense and 16 percent from the Department of Homeland Security.

The company is due to complete a merger with the giant computer and spy systems firm Titan Corporation in the next few months, pending the result of an ongoing investigation by the Securities and Exchange Commission and the Justice Department. The government entities are looking into bribery allegations surrounding Titan’s operations in various countries, including Benin and Saudi Arabia reports the San Diego Union Tribune.

Send to Friends Respond to Editors or Reporter

The NewStandard ceased publishing on April 27, 2007.

Pranjal Tiwari is a contributing journalist.

Recent contributions by Pranjal Tiwari: