Word: millions
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Dates: during 1960-1969
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...company denies the charges and disputes the size of the overrun. Its spokesmen say that $500 million of the extra expenses can be blamed on runaway inflation and Viet Nam dislocations, which could not have been accurately forecast when the contracts were signed in 1965. Not counting inflation, they claim that the actual overrun is an "extremely good" 10%. The plane itself has performed so well that, according to the company, Lockheed may collect a $22 million incentive bonus from the Air Force...
...Lockheed could suffer enormous losses if Congress forces a cutback in orders. So far, the company has firm orders for 81 of the C-5A's. Even if the full 120-plane run is completed, Lockheed stands to lose $285 million, according to Air Force estimates made public last week. Those estimates purposely tend to downplay the suspicions raised by C-5A foes, who had suggested that the Pentagon and Lockheed had been conspiring to ensure that the company came out of the contract with an ample profit. In any case, Lockheed disagrees with the Air Force loss figures...
...heavily armed "compound helicopter" can both hover like a copter and fly on stubby wings, propelled by a "pusher prop" that speeds it up to 250 m.p.h. Last week the Army abruptly canceled Lockheed's production contract for 375 of the aircraft. Cancellation means a loss of $250 million in orders already in hand, and much more in potential business. Lockheed has already laid off some 700 workers at its Cheyenne plants in Burbank and Van Nuys, Calif. On Wall Street, its stock, which reached 50 earlier this year, fell five points last week, closing...
...cost of each Cheyenne has risen from an expected $1.4 million to about $2.4 million. The immediate cause of the cancellation, however, was the Army's disbelief that a "satisfactory aircraft would be delivered." Rotor stability and control problems had shown up in tests of ten prototypes, one of which crashed. Some critics believe that the Cheyenne was a classic example of "brochuremanship"-the practice of selling the Pentagon on a new weapons system even before the contractor is reasonably certain that it can perform to specifications. Lockheed's Chairman Daniel Haughton protested last week that the Cheyenne...
...Toward a Million. The oil companies want bigger tankers because huge capacity makes it economical for their ships to bypass the blocked Suez Canal and lumber around the Cape of Good Hope to Europe or the Americas. The transport costs run to about 400 per bbl. in a 200,000-d.w.t. ship, compared with 520 in a 70,000-tonner. Each big ship can save a company about $1,000,000 a year in hauling costs...