Lockheed Martin has to take additional measures to regain full compliance with the Defense Contract Management Agency's earned value management system (EVMS) at its Fort Worth, Texas, plant.
"The DCMA recently conducted a compliance review and concluded that although we have made notable progress toward compliance, additional corrective actions are needed to achieve full compliance," Lockheed says in its quarterly filing with the Securities and Exchange Commission. "We are working on resolving the remaining corrective actions as soon as possible."
The DCMA revoked Fort Worth's EVMS compliance certification on 4 October, 2010. "The withdrawal of the prior validation and determination of compliance of the EVMS had no impact on our internal controls over financial reporting," the company says in its filing.