Aerospace Financial Analysis

Michael A. Hartmann

Aerospace Financial Analysis

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Aerospace and Defense Financial Analysis

Introduction

The Aerospace and Defense Industry accounted for $350 billion in revenues in 2004. The Boeing Company and Lockheed Martin are the top two revenue producers in the industry accounting for around $88 billion in sales (Yahoo, 2005). Over the last few decades, the industry has assumed numerous mergers and acquisitions to create gigantic industries such as Lockheed Martin and The Boeing Company. A financial analysis of both aerospace corporations will be performed based on the data retrieved on each individual company based on their annual reports over the last three years.

The Boeing Company

Company Overview and History

The Boeing Company is currently the world’s largest aerospace company. Additionally, they maintain the title of the world’s prominent defense contractor. The Chicago based Boeing Company employs roughly 154 thousand people in 67 countries worldwide. In 2004, the company had revenues of $52.45 billion dollars. Presently, Boeing has established itself as the largest United States exporter (Boeing Company, 2005b).

Boeing is widely known for its production of commercial jetliners, military aircraft, satellites, and missiles. The list of current commercial jetliners includes the 717, 737, 747, 757, 767 and 777 series aircraft. There are more than 12,000 of these aircraft in service worldwide, which consist of 75% of the world’s commercial fleet. Boeing also offers global financial services, aviation training services and other diversified services and products (Boeing Company, 2005b).

The Boeing Company was founded in 1916 as the Pacific Aero Products Company by William Boeing. Boeing was a successful lumberman from Detroit, Michigan who was fascinated with flying with the newly invented airplane (Spurge, 1997). He learned to fly and soon was eager to sell and manufacture his own aircraft designs. During World War I, the new company received its first production orders of 50 Model C seaplanes from the US Navy. Shortly after this, the company was renamed to The Boeing Airplane Company. The company was the principal producer of military aircraft during the 1920s and became one of the largest aircraft manufacturers in the nation (Boeing Company, 2005c).

In 1943, the company was forced to break up into three separate companies. These companies became United Airlines, United Technologies, and the Boeing Airplane Company. Boeing continued to prosper during World War II in which it supplied the allies with numerous aircraft. Most notable of these aircraft was the B-17 and B-29 bombers (Boeing Company, 2005c).

After the war, Boeing survived by shifting production efforts to commercial airliners using the newly developed jet turbines. With the Cold War at hand, the military contracted Boeing to erect jet-powered bombers and Intercontinental Ballistic Missile (ICBM) systems. The company was propelled into the space race in the 1960s by becoming the primary manufacturer for NASA (Boeing Company, 2005c).

Boeing continues to have a dominant role in commercial and military aircraft, missile systems and space technologies. Major acquisitions and mergers have included Hughes Electronics Corporation, Jeppesen Sanderson Inc, Hawker del Havilland, and Rockwell International. Boeing continued to expand by merging with McDonnell Douglas in 1997. Jim McNerney is the current Chairman, President, and CEO of Boeing. He has been heading the company since June 2005 (Boeing Company, 2005c).

Despite being the world’s largest aerospace company, Boeing has endured several setbacks in recent years. In 2003, then CEO Philip M. Condit was forced to resign after allegations of corruption by the United States Air Force. Being was accused of inflating lease prices to the Air Force. Harry Stonecipher, the former McDonnell Douglas CEO, replaced Condit but was also removed in 2005 for violating company conduct codes (Wikipedia, 2005a).

In June 2003 Lockheed Martin sued Boeing claiming that Boeing had resorted to industrial espionage in 1998 to succeed in gaining the Evolved Expendable Launch Vehicle (EELV) contract. Lockheed alleged that an ex-employee distributed 25,000 proprietary documents to Boeing. Lockheed maintained that these documents permitted Boeing to win 21 of the 28 offered military satellite launches. In July 2003 Boeing was disciplined, with the Pentagon removing $1 billion worth of contracts away from Boeing and giving them to Lockheed. (Wikipedia, 2005a).

The most recent event started in October 2004 which involves their European rival, Airbus. Boeing claimed that Airbus had dishonored a bilateral agreement when it received what Boeing reasoned to be unfair subsidies from the European Union. Airbus reacted by filing a counter complaint, arguing that Boeing had also dishonored the agreement when it accepted tax breaks from the U.S. Government. The dispute is still being fought in various courts (Wikipedia, 2005a).

Financial Analysis

Profitability Ratios

Boeing captured $52.45 billion dollars in revenues in 2004. This was an increase of 3.91% from the $50.5 billion dollars generated in 2003. The higher revenues are credited to the increase in military contracts during 2004. Military contracts were responsible for $30 billion dollars in 2004. Commercial revenues were hampered by a slow growth in commercial aircraft still because on the airlines concerning September 11, 2001. Airlines are looking to purchase fewer aircraft that can hold more seats. The 787 Dreamliner is expected to fulfill these requirements seating up to 296 passengers per aircraft. The 787 is expected to bolster revenue in 2005 and beyond. The Boeing 757 program was discontinued due to lack of interest from airlines (Boeing Company, 2005a). 2003 revenues were down 6.63% from $54 billion in 2002. The decrease in revenue was attributed to reduced airplane delivery because of lack of need for new aircraft by airlines (Boeing Company, 2004).

Boeing earned a net income of $1.87 billion dollars in 2004, a 161% increase from 2003 figures of $718 million. The large increase was primarily due to the sale of Boeing’s Commercial Finical Services business to General Electric. The company earned $492 million dollars in 2002, creating an increase of 45.93% in 2003. The low net income of $492 million dollars is a result of a $1.8 billion-dollar charge upon the implementation of Statement of Financial Accounting Standards (SFAS) No 142, Goodwill and Other Intangible Assets guidelines. The regulations were an outcome of goodwill that was formerly accounted for being long-term assets. Because of the lowered net income, Boeing recorded a 0.91% profit margin for 2002. These figures were subsequently improved to 1.42% in 2003 and 3.57% in 2004 (Boeing Company, 2005a).

Total assets in 2004 were $53.9 billion dollars; a 1.75% increase from the prior year 2003 which posted $53 billion. 2003 also saw an insignificant 1.32% increase of total assets worth $52.3 billion in 2002. Because of the continued increase in net income and stable levels of total assets, the company’s Return on Investment (ROI) has increasingly improved as well. The ROI in 2004 was 3.47%, 1.4% in 2003, and .91% in 2003. (Boeing Company, 2005a).

Stockholder equity was valued at $11.28 billion in 2004. The 16.59% increase in stockholder equity compared to the $8.1 billion dollars in 2003 was mainly due to Boeing repurchasing almost 15 million shares. The 2003 shareholders’ equity increased 5.76% compared to 2002 figures of $7.69 billion dollars. The resulting changes supplied Boeing with a Return on Equity (ROE) of 16.59% in 2004, 8.82% in 2003 and 6.39% in 2002. The ROE in 2002 was significantly lower because of the lower net income that year. The large increase of ROE in 2004 from 2003 was aided by higher net revenues (Boeing Company, 2005a).

Asset Utilization Ratios

Boeing obtained $4.6 billion in receivables in 2004, which has remained relatively consistent over the course of the last three years. In 2003, accounts receivable was posted at $4.46 billion, which was only a 4.19% decrease compared to 2004. During 2002, the company logged $5 billion, which reflected a 10.8% increase to 2003 figures. Since accounts receivable amounts were stable with moderate changes in revenues, the receivables turnover was also stable. The receivable turnover rates were 11.27X, 11.3X, 10.8X respectively in 2004, 2003, 2002 fiscal years (Boeing Company, 2005a).

Boeing was also consistent in their average collection period statistics. The company obtained average daily credit sales of $145.71 million in 2004, $140.2 million in 2003 and $150.19 million in 2002. This resulted in Boeing’s average collection periods to be 32 days in 2004, 32 days in 2003 and 33 days in 2002 (Boeing Company, 2005a).

Boeing held an inventory of $4.2 billion in 2004, 20% less than $5.33 billion in 2003. This was due to decreased sales in the manufacture of commercial aircraft. This also holds true in the previous year as 2003 resulted in a 13.7% decrease in inventory compared to $6.1 billion in 2002 (Boeing Company, 2005a).

Inventory levels were reasonably linear with revenues which resulted in minimal changes in inventory turnover ratios. The exception is in 2002 when Boeing was unable to stimulate projected sales. During 2004, Boeing achieved an inventory turnover of 12.3X. In 2001, the company had a ratio of 9.46X, and 8.74X in 2002 (Boeing Company, 2005a).

The corporation accrued $38.86 billion in fixed assets in 2004. This is an 8.63% improvement from $35.7 billion in 2003. This increase was aided with a $3 billion in new investments that was listed as an asset. In the year 2003, a .82% increase in fixed assets over the 2002 values of $35.48 billion was achieved (Boeing Company, 2005a). The company avoided purchasing or selling assets during the 2002 year due to conservative moves due to lower revenue projections (Boeing Company, 2003).

Since revenues and fixed assets have for the most part oscillated in a proportional manner in respect to each other, the fixed asset turnover ratios for each year has not radically changed. The fixed asset turnover ratios are 1.35X, 1.41X, and 1.52X during 2004, 2003 and 2002. (Boeing Company, 2005a).

Total asset turnover ratio figure was also stable during the three-year analysis. In 2004, the total asset turnover ratio was .97X up only 2.1% from the previous year. In 2003, the ratio was .95X which was 7.8% lower compared to the 1.03X turnover rate in 2002. The lower ratio in 2003 is directly related to lowered revenues that year (Boeing Company, 2005a).

Liquidity Ratios

Boeing has made significant changes in their current assets over the last three fiscal years. In 2004, Boeing maintained $15.1 billion in current assets and $17.25 billion in current assets in 2002. This represents a 12.5% decrease in 2004. This is due to the company selling $2 billion in discontinued operations during the year. Additionally, the company depleted about $1 billion in cash funds to finance stock repurchases and other investments. The company made a slightly higher increase of 2.39% in 2003 compared to $16.85 billion in 2002 (Boeing Company, 2005a).

The company’s current liabilities have been inversely proportional when compared to their current assets. Boeing accumulated current liabilities of $20.8 billion in 2004, up 12.94% from 2003 figures of $18.4 billion. 2003 decreased by 6.88% from figures during the year 2002 (Boeing Company, 2005a).

Boeing does not show extraordinary current ratios during the last three years. During 2004, the company produced a current ratio of 0.72. This is a sizable improvement from 0.94 that was calculated for 2003. The 2002 year produced the highest current ratio of 1.03 (Boeing Company, 2005a).

The corporation’s three-year quick ratio is as unpretentious as the company’s current ratio. Removing inventory from the equation, the company posts quick ratio of only 0.52 in 2004. The year 2003 even generated slightly higher at 0.65. The quick ratio in 2002 almost matched 2004 figures at 0.54 (Boeing Company, 2005a).

Debt Utilization Ratios

Boeing has annually maintained their total debt levels over the previous three years. In 2004, Boeing had debts totaling $42.67 billion. This is 4.94% lower than their 2003 debt total of $44.89 billion. The $2 billion dollars in debt reduction was only due to the company’s sale of their Commercial Finical Services business to General Electric. The sale released $2 billion in long-term debt. The company increased only slightly by 0.56% in 2003 when compared to 2002. A debt was posted at $44.89 billion in 2003 and $44.64 billion in 2002. Debt to total assets ratio was at its lowest in 2004 at 79% and was decreased from 2003 ratios of 84.65% and 85.30% in 2002 (Boeing Company, 2005a).

Times interest earned ratios have been matching revenue changes during the three years reported. In 2004, the times’ interest earned calculation was found to be 6.85X. This ratio was lower in 2003, with a calculation of 2.40X. During 2002, the ratio was 10.82X (Boeing Company, 2005a).

Market Measures

The Boeing Company can be found on the New York Stock Exchange (NYSE) represented by the symbol BA. The company’s fiscal year ends on December 31. As of July 20, 2005, Boeing common stock is listed at $66.08 per share. The company has a Price to Earnings (P/E) ratio of 30.77. The company has a 12-month high-low stock price from $66.08 to $60.59. Boeing’s stock year end stock values were $51.32 in 2004, $42.14 in 2003 and $32.79 in 2002. The company’s current beta is 0.823 (Yahoo, 2005).

Lockheed Martin Corporation

Company Overview and History

The Lockheed Martin Corporation is an advanced technology company based in Bethesda, Maryland that was established in 1995 when Lockheed Corporation and Martin Marietta merged. Although the company has been newly formed, it is comprised of 17 heritage companies that date back to 1909. These 17 companies include Lockheed Corporation, Martin Corporation, American Marietta, Goodyear Aerospace, General Dynamics, Sperry, IBM Federal Systems, Ford Aerospace, Sanders, Gould, Xerox Electro-Optical Systems, Loral Corporation, UNISYS, and Vought (Lockheed Martin, 2005a).

Lockheed Martin currently employs 130 thousand employees worldwide and in 2004 generated $35.5 billion dollars in sales. The company offers research and development services as well as a manufacturer of advanced technology systems and aerospace aircraft and equipment. 80% of the company’s business is with the United States Department of Defense (Lockheed Martin, 2005a).

The company is best known for its jet-powered aircraft. Most notably are the C-130 transport cargo, F-16 Fighting Falcon, SR-71, F-117A Stealth Fighter, F/A-22 Raptor, and the U-2S spy plane. Lockheed Martin is also responsible for the manufacturer of NEXTRAD Doppler RADAR, the GPS System, the Hubble Space Telescope, Magellan spacecraft, Pershing II missile systems, and the Titan IV missile systems. Additionally, the company has set milestones that have shaped the aerospace industry (Lockheed Martin, 2005a). Some of the prevalent achievements of the company are as follows:

  • In 1962, John Glenn is the first American to orbit the Earth using General Dynamics Atlas Rocket (Lockheed Martin, 2005a).
  • During 1963, Jacqueline Cochran pilots a Lockheed F-104 Starfighter, setting the woman’s speed record at 1,429 mph (Lockheed Martin, 2005a).
  • Lockheed’s SR-71, the world’s fastest aircraft sets the world’s fastest speed record by traveling America’s coast to coast in 64 minutes and 2 seconds at an average speed of 2,144.8 mph in 1990 (Lockheed Martin, 2005a).
  • Lockheed Martin develops a tracking infrastructure system for the U.S. Postal Service. This system enabled the Post Office to track and confirm packages, greatly maximizing delivery time and accuracy and reducing the likelihood of lost packages (Lockheed Martin, 2005a).

Lockheed Martin continues to expand their services beyond the limitations of aerospace. The company generated $17.3 billion in 2004 in these diversified services. These services include energy programs, government and commercial IT services, and other federal services. Lockheed Martin is led by Robert J. Stevens, Chairman, President, and Chief Executive Officer. (Lockheed Martin, 2005a).

Financial Analysis

Profitability Ratios

The Lockheed Martin Corporation (LMC) earned $35.52 billion in revenue during 2004. This represents an increase of 11.63% compared to the $31.82 billion generated in 2003. 2003 revenues were 19.74% higher when compared to 2002 revenues. The increasing trend in revenue can be attributed to increased military contracts and the increase of sales in all segments (Lockheed Martin, 2005a).

Net income for 2004 was $1.26 billion. This is a 20.23% increase from 2003 figures of just over $1 billion. Perhaps even more impressive, the company bettered their 2002 net income of $500 million by 110.60%. The reason for the increase in net income in 2003 is principally due to the elimination of charges related to the ceasing of their global telecommunications services business. The profit margin for 2004 was 3.56%. Lockheed Martin reported a profit of 3.31% in 2003 and 1.88% in 2002. These figures show that the company is improving with each year (Lockheed Martin, 2005a).

Lockheed Martin held $25.5 billion in total assets during 2004, down 2.37% from the $26.1 billion in total assets in 2003. 2003 total assets were 1.62% higher in than the 2002-year assets of $25.7 billion dollars. The company has consistently tried to minimize inventory to stabilize their assets (Lockheed Martin, 2005a).

Since net income is used to calculate a company’s ROI, Lockheed Martin has similar results as they did with their profit margins. In 2004, Lockheed Martin posted an ROI of about 4.95%. In 2003, the company had an ROI of 4.02%, and only 1.85% in the year 2002 (Lockheed Martin, 2005a).

Lockheed Martin has increased their stockholder’s equity over the last three years in conjunction with lowering their total debt. Stockholders’ equity was $7 billion in 2004, 3.92% higher than the $6.75 billion in 2003. This number was again increased by 15.19% from 2002 figures of $5.8 billion. This reverses a three-year trend from 2000-2003 of lowering stockholders equity (Lockheed Martin, 2005a).

Yet again, net income had the largest consequence on the company’s ROE. The company generated a ROE of 18.03% in 2004. The ROE figures were 15.59% in 2003 and 8.53% in 2002 (Lockheed Martin, 2005a).

Asset Utilization Ratios

Lockheed Martin attained $4.09 billion in receivables in 2004. This was a 1.36% increase over 2003 results of $4.03 billion. 2003 accounts receivable was 10.51% higher than the $3.65 billion in 2002. The increase was related to the number of increased orders in 2003. The improvement in the company’s receivable turnover ratio during 2004 is reflected by a ratio of 8.68X. This is an enhancement when compared to 2003 where the turn over ratio was 7.88X and 7.27X in 2002. The average collection periods for Lockheed Martin were 41 days in 2004, 46 days in 2003 and 50 days in 2002 (Lockheed Martin, 2005a).

Lockheed Martin held lower inventory levels in 2004 despite obtaining higher revenues. The company reported $1.86 billion in inventory in 2004. $2.34 billion in inventory was reported in 2003 which makes 2004 inventory figures 20.61% less. 2003 inventory levels were 4.36% more than the reported $2.25 billion in 2002. Inventory turnover for 2004 was 19.06X, 13.55X in 2003 and 11.81X in 2002 (Lockheed Martin, 2005a).

Lockheed Martin retained $16.6 billion in fixed assets in 2004, down only 1% from 2003 results of $16.7 billion. 2003 fixed assets were increased by 10.85% when compared to $15.1 billion in 2002. Fixed asset turnover ratios were 2.14X in 2004, 1.9X in 2003 and 1.76X in 2002 (Lockheed Martin, 2005a).

Total assets for remained consistent over the three-year period. The aerospace company held $25.5 billion in total assets in 2004, 2.37% lower than $26.17 billion in 2003. 2003 total assets were 1.6% higher than the $25.78 billion in 2002. These numbers maneuver the company’s total asset turnover to be 1.39X in 2004, 1.22X in 2003 and 1.03X in 2002 (Lockheed Martin, 2005a).

Liquidity Ratios

Lockheed Martin has steadily decreased their current assets over the last three years. This is directly related to their constant drop in inventories. In 2004, the company stated to have $8.95 billion in current assets. In 2003 assets were $9.4 billion, making 2004 figures 4.77% less. In 2003, current assets were lower than 2001 figures by 11.5%, totaling $10.6 billion (Lockheed Martin, 2005a).

Accounts payable levels drove much of changes in levels of current liabilities. In 2004, Lockheed Martin reported $8.56 billion in current liabilities, down 3.68% from 2003 calculations of $8.89 billion. The current liabilities were down 9.45% by the 2002 report of $9.82 billion. The company’s current ratio for 2004 was 1.05, 1.06 for 2003, and 1.08 for 2002 (Lockheed Martin, 2005a).

Lockheed Martin attained a quick ratio of 0.83 in 2004. This was faintly better compared to their 2003 quick ratio of 0.79 and 0.85 in 2002. The largest change in the company’s quick ratio was in 2003 due to higher inventory levels (Lockheed Martin, 2005a).

Debt Utilization Ratios

Lockheed Martin continuously reduced the company’s debt during the three-year period under examination. In 2002 the company had $7.58 billion in total debts. The company lowered that debt by 18% in 2003 with a recorded debt of $6.2 billion. Further debt reductions transpired in 2004 with a debt of $5.1 billion, a 17.5% reduction. Given that the company also reduced their total assets, their debt to total asset ratio was very predictable. Their debt to total assets ratio in 2004 was 20%, 23.7% in 2003 and 29.4% in 2002 (Lockheed Martin, 2005a).

Times interest earned ratios was directly tied to the company’s EBIT. In 2004, Lockheed Martin reached a times interest earned ratio of 4.92X. 2003 calculations were 4.15X and 1.99X for 2002 (Lockheed Martin, 2005a).

Market Measures

Lockheed Martin can be located on the New York Stock Exchange (NYSE) under the LMT symbol. The company’s fiscal year ends on December 31. As of July 27, 2005, Lockheed Martin common stock was trading at $64.06 a share. The company had a high-low stock price from $51.20 to $65.46 in the last 52 weeks. Lockheed Martin’s end-year stock values for 2004 were $55.55, $51.40 in 2003 and $57.75 in 2002. The company currently has a Price to Earnings (P/E) ratio of 21.30. The beta of the company is currently -0.309 (Yahoo, 2005).

Comparison and Conclusion

The Boeing Company is ranked number one in revenues in the Aerospace and Defense industry in 2004 with revenues of $52.45 billion. The nearest competitor is Lockheed Martin with $35.52 billion in revenues. This will place a hefty $16.9 billion-dollar gap between the two companies, or a 32% difference (Yahoo, 2005).

Boeing does not appear to have a pressing threat from their competitors to topple its industry ranking. Boeing has three primary weaknesses. The prevalent threat to Boeing lies within its heavy reliance in the commercial aircraft industry. Since the airlines are still recovering from loses due to September 11, Boeing has seen declines in revenues, although the outlook for 2005 is estimated to be improving. Secondly, Boeing has been unable to convince military officials that they are capable of winning contracts. Despite their extensive resources, they are unable to design highly technological military aircraft at efficient costs. The company has lost almost all their bids to the government in favor of their smaller rivals. The company is in danger of falling behind manufacturing technology of military equipment. They may develop a reputation for not being a serious contender to the bidding process. Lastly, the company is its own worst enemy. Their misconduct and business values have resulted in contracts being lost or stripped away. The government tends to avoid controversial organizations (Boeing Company, 2005a).

Lockheed Martin, on the other hand, has seen increased revenues because 80% of their revenue comes from the Department of Defense. Their dependence on worldwide military concerns has paid off for them in the wake of global terrorism concerns. In 2001, Lockheed Martin was awarded the largest military contract in history. The contract, worth $200 billion, authorizes the company to manufacture and support the F-35 Joint Strike Fighter until 2040. Additionally, the 1970’s designed aircraft F-16 Fighting Falcon has been updated with new technology. The Advanced F-16 Block 50/52/60 has generated orders from all over the world. Ironically, Boeing and Lockheed Martin have teamed up to produce the F-22 Raptor, dubbed the Fighter of the 21st Century (Lockheed Martin, 2005a).

Most impressive about Lockheed Martin is its financing. While Boeing has a 2004 debt to asset ratio of 79% (Boeing Company, 2005a), Lockheed Martin has a debt ratio of only 20%. While Lockheed Martin has raised their stockholder equity to help fund projects, they deliver an 18% Return on Equity for investors. This gives the appearance that Lockheed Martin is using their money prudently (Lockheed Martin, 2005a). Boeing had followed this pattern in 2004 by raising capital to fund worthy projects. They decreased their debt by 4.9% by increasing their stockholder’s equity by 38.6% and producing better profits (Boeing Company, 2005a).

The outlook for both companies seems promising in the near future. For Boeing, sales to the commercial airline are slowly rising and generating resurgence for the company. The company needs to stay on the right track and avoid any negative attention in the media. Boeing needs to regain its reputation to diversify to regain entry as a contender for military contracts. Commercial airline aircraft sales will be unpredictable over the remainder of the decade. The current stock price for Boeing, $66.08, is a 101.52% improvement since the end of 2002 where it ended at $66.08. This implies that investors or confident in Boeing despite their recent problems (Yahoo, 2005).

Lockheed Martin’s stock has not increased as impressive as Boeing. Their stock price improved 10.9% since the end of 2002. However, this company provides consistency for investors to enjoy. The company has continued to improve their performance steadily in the last three years. They have a promising future that should continue to remain stable. The company can continue to develop their digital services to offset any interruption of military sales. As of now, an investor can find plenty of reasons to invest in either company or even both (Yahoo, 2005).

References

Boeing Company. (2003). Boeing company annual 2002 report. Chicago: Author.
Boeing Company. (2005a). Boeing company annual 2004 report. Chicago: Author.
Boeing Company. (2005b). Boeing in brief. Retrieved July 12, 2005, from http://www.boeing.com/companyoffices/aboutus/brief.html
Boeing Company. (2005c). History. Retrieved July 12, 2005, from http://www.boeing.com/history/boeing/
Lockheed Martin. (2005a). About us. Retrieved July 14, 2005, from http://www.lockheedmartin.com/wms/findPage.do?dsp=fec&ci=4&sc=400
Lockheed Martin. (2005b). Lockheed martin corporation annual 2004 report. Bethesda, MD: Author.
Yahoo. (2005). Yahoo finance. Retrieved July 15, 2005, from http://finance.yahoo.com
Wikipedia. (2005a). Boeing. Retrieved July 14, 2005, from http://en.wikipedia.org/wiki/Boeing

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