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General Dynamics Wins $138 Million Navy Contract

SCOTTSDALE, Ariz. – The U.S. Navy has awarded General Dynamics Decision Systems, a business unit of General Dynamics (NYSE: GD), a three-year multi-year firm fixed-price contract for target detection devices for the Navy’s Standard Missile Program. The cumulative value of this contract, with all options exercised, is $138 million. Work on the program will be performed in Scottsdale and is to be completed by October 2006.

Note: On April 15, the Department of Defense announced a $2 million increase in the cumulative value of this contract, with all options exercised, to $140 million.

The first year of the contract combines purchases for the U.S. Navy (53 percent) and the governments of Japan (nine percent), Korea (37 percent), and Spain (one percent) under the Foreign Military Sales Program.

The Standard Missile is a surface-to-air and surface-to-surface missile, mounted on Navy surface ships. It is one of the most reliable in the Navy's inventory, and is part of the weapons suite of more than 100 Navy ships.

General Dynamics Decision Systems, based in Scottsdale, Ariz., is a leader in technologies, products and systems for information assurance, communication and situational awareness for defense and industrial customers in the U.S. and abroad. In addition to the Scottsdale headquarters, General Dynamics Decision Systems has facilities in Huntsville, Ala, Orlando, Fla. and Columbia, Md., as well as other locations close to customer centers of operation.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people worldwide and had 2001 revenues of $12 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Friday, April 12, 2002
Press Contact: (480)-441-2885