Falls Church, Va based General Dynamics (NYSE: GD) reported declined revenues for the 2011 second quarter with $7.88 Billion reported for the three months period compared to $8.1 Billion in 2010. But net income increased to $653 Million in the quarter 2011, it was $648 Million in 2010.
Information Systems and Technology was the leading division in the second quarter measured by revenue, bringing in $2.8 billion.
General Dynamics said in its backlog exhibit, that orders for the quarter included a contract for St. Elizabeths Hospital Campus in Washington, D.C. The campus is the new home for the Department of Homeland Security. But the contract was the second largest in the defense contractors Information Systems and Technology backlog orders.
The value of the Homeland Security contract is $330 million an order which was received in the second quarter of 2011. General Dynamics will be responsible for IT infrastructure for the new headquarters and relocation but the agreement has a potential worth of up to $875 Million over a seven year period.
General Dynamics is one of largest companies in the D.C. area with a market cap of approximately $25.3 Billion. The defense contractor employs over 88,000 people around the globe.