With defense budgets being cut, it would appear that the defense industry was in the early stages of a downwards cycle in 2009 as growth trends were reversed.  Year-on-year revenues declined 4% in 2009 versus the 11% year-on-year growth experienced over the 2007-2008 timeframe. This translates into compound annual growth for industry revenues more than halving for the 2005-2009 timeframe, growing at only 3% versus a CAGR (compound annual growth rate) of 7% for the 2004-2008 period. Overall profitability in the industry also dropped significantly year-on-year by over 42% in 2009.   Boeing, EADS and BAE Systems were amongst the revenue leaders, while Lockheed Martin, Northrop Grumman and Raytheon were amongst the top eight companies that generated profit margins of 5 percent or more.  2010 has continued to be a year of adjustment for the industry overall; however, demand will return with a particular emphasis on implementing advanced technologies for existing platforms.  The following companies have been covered in this series of reports: BAE Systems, L-3 Communications, Boeing, Lockheed Martin, Cobham, Mitsubishi Heavy Industries, EADS, Northrop Grumman, Finmeccanica, Raytheon, General Dynamics, Rosboronexport, Harris Corporation, Saab, Honeywell, Textron, Israel Aerospace Industries, Thales, ITT Corporation and United Technologies.  The financial performance of each company (with some exceptions) is outlined and discussed in the context of their activities within the defense sector, highlighting core strengths, perceived weaknesses and overall competitive positioning in the market.  For further details on these individual companies, take a look at the following reports:  Defense Industry Company Profiles: Part 1 Defense Industry Company Profiles: Part 2