Lockheed Corp.: The Calabasas-based firm reported that...

Lockheed Corp.: The Calabasas-based firm reported that first-quarter net income dropped 45% from a year ago to $62 million. Revenue declined 16% to $2 billion. Lockheed attributed the earnings decline primarily to completion of the military C-5B Airlifter production program and an increase in the effective tax rate in 1989.