[SatNews] ATK (NYSE: 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. First quarter results included a one-time discrete tax benefit of $0.11 per share. Margins in the first quarter improved to 12.1 percent compared to 11.1 percent 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 prior-year, reflecting lower sales on NASA's human space flight programs, 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. Based on sustainable margin improvements and a lower share count resulting from a $50 million share repurchase, the company is raising its full-year EPS guidance.

"Our aggressive focus on efficiency improvements and cost management contributed to the strength of our bottom-line results, even in the face of a challenging sales environment," said Mark DeYoung, President and CEO. "We are meeting key production and delivery milestones, executing on our programs of record, and winning new business including the recently-announced Joint Allied Threat Awareness System (JATAS) program." To read the entire financial report, access this direct infolink.