ATK has reported operating results for the first quarter of its fiscal year 2012, which ended on July 3, 2011. Fully diluted earnings per share were $2.13, compared to $2.24 in the prior-year period. The first quarter results included a onetime discrete tax benefit of $0.11 per share. Margins in the first quarter improved to 12.1 percent compared to 11.1 per cent in the prior-year quarter. The increase reflects a continued focus on efficiency improvements and cost management initiatives throughout the company, and a one-time gain related to the sale of a non-essential parcel of land.

First quarter sales of $1.1 billion were down from the $1.2 billion recorded in the prioryear, reflecting lower sales on NASA’s programmes, as well as lower sales of non-standard ammunition and lower sales at the Radford Army Ammunition Plant. Net income for the quarter was $72 million compared to $75 million in the prior-year quarter.