BETHESDA, Md., Sept. 22, 2011 /PRNewswire-FirstCall/ -- Today, the Lockheed Martin Corporation (NYSE: LMT) board of directors authorized a fourth quarter 2011 dividend of $1.00 per share and the purchase of up to an additional $2.5 billion of Lockheed Martin common stock under its share repurchase program.

"Our focus on performance, affordability and delivering on our commitments for our customers has enabled us to generate this value for our shareholders," said Chairman and CEO Bob Stevens. "We continue to deliver on our long-standing goal to return at least 50 percent of free cash flow to them."

This is the ninth consecutive annual increase of at least 10% in Lockheed Martin's quarterly dividend rate.  This increase is a $0.25 or 33 percent increase over the prior quarter. The dividend is payable Dec. 30, 2011 to holders of record as of the close of business on Dec. 1, 2011.

Under the share repurchase program, the number of shares purchased and the timing of purchases are at the discretion of management and subject to compliance with applicable law and regulation.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.

For additional information, visit our website:  www.lockheedmartin.com.

SOURCE Lockheed Martin Corporation