RTN » Topics » 12. Acquisitions

This excerpt taken from the RTN 10-Q filed Oct 23, 2008.

12. Acquisitions

In the nine months ended September 28, 2008, we acquired Telemus Solutions, Inc., and SI Government Solutions for $52 million in cash. We recorded $39 million of goodwill and $9 million in intangible assets, primarily related to intellectual property, at Intelligence and Information Systems in connection with these acquisitions.

 

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With respect to the unaudited consolidated financial information of Raytheon Company for the three and nine months ended September 28, 2008 and September 23, 2007, PricewaterhouseCoopers LLP (PricewaterhouseCoopers) reported that it has applied limited procedures in accordance with professional standards for a review of such information. Its report dated October 23, 2008, appearing below, states that the firm did not audit and does not express an opinion on that unaudited consolidated financial information. Accordingly, the degree of reliance on its report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers is not subject to the liability provisions of Section 11 of the Securities Act of 1933 (the Act) for its report on the unaudited consolidated financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers within the meaning of Sections 7 and 11 of the Act.

This excerpt taken from the RTN 10-Q filed Jul 24, 2008.

12. Acquisitions

In the three months ended June 29, 2008, we acquired SI Government Solutions, which will be part of Intelligence and Information Systems, for $32 million in cash. We recorded $6 million in intangible assets, primarily related to intellectual property, and $25 million of goodwill in connection with the acquisition.

 

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With respect to the unaudited consolidated financial information of Raytheon Company for the three and six months ended June 29, 2008 and June 24, 2007, PricewaterhouseCoopers LLP (PricewaterhouseCoopers) reported that it has applied limited procedures in accordance with professional standards for a review of such information. Its report dated July 24, 2008, appearing below, states that the firm did not audit and does not express an opinion on that unaudited consolidated financial information. Accordingly, the degree of reliance on its report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers is not subject to the liability provisions of Section 11 of the Securities Act of 1933 (the Act) for its report on the unaudited consolidated financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers within the meaning of Sections 7 and 11 of the Act.

This excerpt taken from the RTN 10-K filed Feb 27, 2008.

NOTE 3: Acquisitions

In 2007, we acquired Oakley Networks, Inc. and the robotics technologies and capabilities of Sarcos for an aggregate of $211 million in cash. We recorded $38 million in intangible assets, primarily related to completed technology and customer relationships with a weighted-average life of 6 years and $165 million of goodwill in connection with these acquisitions.

 

In 2006, we acquired Virtual Technology Corporation and Houston Associates, Inc. for an aggregate of $87 million in cash. We recorded $18 million in intangible assets and $60 million in goodwill in connection with these acquisitions.

 

In 2005, we acquired UTD, Inc. for $39 million in cash. We recorded $2 million in intangible assets and $36 million of goodwill in connection to this transaction. Also in 2005, we paid the third and final installment of $60 million related to the 2003 acquisition of Solypsis Corporation.

 

Pro forma financial information has not been provided for these acquisitions as they are not material either individually or in the aggregate.

 

We funded each of the above acquisitions using cash on hand. The operating results of these businesses have been included with our results as of the respective closing dates of the acquisitions. The purchase price of these businesses has been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill. We completed these acquisitions to enhance our technology portfolio. The goodwill that is tax-deductible related to these acquisitions is $109 million.

 

This excerpt taken from the RTN 10-Q filed Oct 25, 2007.

12. Acquisitions

 

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In the three months ended September 23, 2007, we entered into an agreement to acquire Oakley Networks, which will be part of Intelligence and Information Systems, for a total purchase price of $193 million, exclusive of retention and management incentive payments. The acquisition was completed in October 2007.

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