Stars find strengths in economic weakness; NY's fastest-growing firms offer savings, buy up rivals; home buyers buoy lenders.(Finance)

Crain's New York Business, September, 2003 by Fredrickson, Tom

Byline: tom fredrickson For manhattan-based defense contractor L-3 Communications Holdings Inc. and many other fast-growing companies, the worst of times has meant the best of times. The maker of surveillance, communication and aviation equipment has grown its revenues at a 41.8% annual clip over the last three years.

Its profits have soared at an even faster rate, hitting $178.1 million last year on revenues of $4 billion. L-3 laid the foundation for its success by snapping up beleaguered defense contractors in key sectors, when budgets were tight under President Bill Clinton, and capitalizing on those acquisitions when military spending rebounded under President George W. Bush. The shopping spree allows L-3 Chief Executive Frank Lanza to boast that he...

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