A status report on the Navy’s development of the Littoral Combat Ship (LCS) as of late last year is given in a Selected Acquisition Report (pdf) that was sent to Congress in April.

The word “littoral” means near the shore.  The LCS is intended to counter small boat threats, mine laying vessels and coastal submarine threats.

Additional background on the LCS is available in a Congressional Research Service report entitled “Navy Littoral Combat Ship (LCS) Program: Background, Issues and Options for Congress” (pdf).