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Business Description
United Defense Industries, Inc. is engaged in the design, development and production of combat vehicles, artillery systems, naval guns and missile launchers used primarily by the United States Department of Defense, as well as foreign allied militaries. The Company also provides non-nuclear ship repair, modernization and conversion services to the United States Navy and related agencies, primarily through its subsidiary, United States Marine Repair, Inc (USMR). United Defense's business is comprised of two business segments: defense systems and ship repair and maintenance. The defense systems program portfolio consists of a mix of weapon systems development, production, upgrades and life cycle support programs. The ship repair and maintenance business portfolio consists of ship repair, maintenance and modernization service programs. In March 2004, the Company acquired Cercom, Inc., an advanced ceramic materials producer and supplier of lightweight ceramic armor.

Financial Information
For the nine months ended 9/30/04, revenues rose 11% to $1.70 billion. Net income increased 21% to $134.9 million. Revenues reflect the USMR acquisition, higher Bradley Fighting Vehicle and VLS canister deliveries. Net income also reflects improved operating margins and lower net interest expenses.