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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): August 30, 2002
RAYTHEON COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-13699 95-1778500
(State of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
141 Spring Street
Lexington, Massachusetts 02421
(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (781) 862-6600
Item 5. Other Events.
On August 30, 2002 the Registrant posted a document on its website
regarding the progress of certain construction projects. A copy of
which is attached hereto as Exhibit 99.1 and is specifically
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) The following exhibit is filed as part of this report:
99.1 Website Posting
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: August 30, 2002
RAYTHEON COMPANY
By: /s/ Neal E. Minahan
Neal E. Minahan
Senior Vice President and General Counsel
EXHIBIT INDEX
Exhibit
Number Description
99.1 Website Posting
EXHIBIT 99.1
Engineering and Construction Update 8/27/2002
Raytheon Stakeholders:
This represents our first periodic update on our progress against our cost and
calendar estimates on the remaining E&C projects.
Recognizing your heightened level of interest since the July announcement of a
significant cost adjustment on two of these projects and your desire for more
frequent updates, we will provide these updates approximately every two weeks.
Please note that on August 14 we did file our 10-Q and issued a press release on
the Red Oak Project. We encourage you to review both of these documents.
Through August, our latest cost projections remain in line with the July
estimates and we continue to focus on productivity issues. For example, in
mid-August, pipe-fitters were added at Fore River to accelerate the installation
of large bore piping. And at the Mystic Station we refocused manpower to ensure
that we would not fall behind schedule on conduit and electrical terminations.
The following summarizes our current status:
Mystic Block 8
We are on plan to start performance testing the first week of November and
complete this testing in late November.
Mystic Block 9
As planned, we achieved back feed (getting power to the plant from the main
electricity grid) on August 24. We also began chemical cleaning on August 22,
several days ahead of schedule. We are on track for first fire of Block 9 in mid
October with performance testing and customer acceptance by the end of December.
Fore River
On August 31, we will start the first phase of chemical cleaning at the Fore
River plant as scheduled. The second phase is scheduled for mid-September. We
remain on track for first fire in mid-October and plan to begin performance
testing in mid-December, achieving customer acceptance by the end of December.
Red Oak
As we announced on August 15, we reached provisional acceptance of the Red Oak
plant, delivering care and control of the facility to the owner, only punch
list, warranty and close out issues remain.
Ratchiburi
We are fixing a steam control valve, but this should not prevent the scheduled
customer acceptance of the plant in September.
The Saltend, Posven and Jindal projects have only commercial close out, punch
list and warranty issues remaining.
Frank Marchilena
Executive Vice President
Raytheon Company
Leader
Discontinued Operations
Forward-Looking Statements
Certain statements made in this update, including any statements relating to the
company's future plans, objectives, and projected future financial performance,
contain or are based on, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Specifically, statements that
are not historical facts, including statements accompanied by words such as
"believe," "expect," "estimate," "intend," or "plan," variations of these words
and similar expressions, are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. The company cautions
readers that any such forward-looking statements are based on assumptions that
the company believes are reasonable, but are subject to a wide range of risks,
and actual results may differ materially. Given these uncertainties, readers
should not rely on forward-looking statements. Forward-looking statements also
represent the company's estimates and assumptions only as of the date that they
were made. Important factors that could cause actual results to differ include,
but are not limited to: financial and governmental risks related to
international transactions; economic business and political conditions
domestically and internationally; the performance of critical subcontractors and
suppliers; the timing and customer acceptance of product deliveries; risks
associated with the continuing project obligations and retained assets and
retained liabilities of Raytheon Engineers & Constructors (RE&C) including,
risks associated with the companies dependence upon third parties, including
Washington Group International, Inc. ("WGI"), to perform construction management
and other tasks which require industry expertise that the company no longer
possesses as a result of the company's sale of RE&C to WGI. Further information
regarding the factors that could cause actual results to differ materially from
projected results can be found in the company's filings with the Securities and
Exchange Commission, including "Item 1 - Business" in the company's Annual
Report on Form 10-K for the year ended December 31, 2001.