Exelis reports fourth-quarter and full-year 2012 financial results; provides 2013 outlook

The forward-looking statements in this release are made as of the date hereof and the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in the Exelis Inc. Form 10-K for the fiscal year ended December 31, 2012, and those described from time to time in our future reports filed with the Securities and Exchange Commission.

   
EXELIS INC.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(preliminary and unaudited)
 
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Year ended December 31,
    2012   2011   2010
Product revenue $ 2,487 $ 2,817 $ 3,596
Service revenue   3,035     3,022     2,295
Total revenue   5,522     5,839     5,891
Costs of product revenue 1,726 1,933 2,491
Costs of service revenue 2,633 2,683 2,032
Selling, general and administrative expenses 516 566 525
Research and development expenses 67 99 119
Restructuring and asset impairment charges, net   19     23     35
Operating income 561 535 689
Interest expense, net   37     10    
Other expense (income), net   3     (12)     (7)
Income from continuing operations before income tax expense 521 537 696
Income tax expense   191     211     248
Income from continuing operations 330 326 448
Income from discontinued operations, net of tax           139
Net income $ 330   $ 326   $ 587
Earnings Per Share
Basic
Continuing operations $ 1.76 $ 1.75 $ 2.41
Discontinued operations 0.75
Net income $ 1.76 $ 1.75 $ 3.15
Diluted
Continuing operations $ 1.75 $ 1.75 $ 2.39
Discontinued operations 0.74
Net income $ 1.75 $ 1.75 $ 3.14
Weighted average common shares – basic 187.4 186.2 186.2
Weighted average common shares – diluted 188.6 186.7 187.1
Cash dividends declared per common share $ 0.41   $ 0.10   $
 
   
EXELIS INC.
CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)
 
 
(IN MILLIONS) December 31,
      2012   2011
Assets
Current assets
Cash and cash equivalents $ 292 $ 116
Receivables, net 995 1,061
Inventories, net 283 337
Deferred tax asset 85 106
Other current assets     58     49
Total current assets     1,713     1,669
Plant, property and equipment, net 512 494
Goodwill 2,180 2,154
Other intangible assets, net 184 211
Deferred tax asset 556 507
Other non-current assets     67     64
Total non-current assets     3,499     3,430
Total assets   $ 5,212   $ 5,099
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 444 $ 447
Advance payments and billings in excess of costs 322 378
Compensation and other employee benefits 246 250
Other accrued liabilities     203     199
Total current liabilities     1,215     1,274
Defined benefit plans 2,203 2,149
Long-term debt 649 649
Deferred tax liability 1 1
Other non-current liabilities     128     133
Total non-current liabilities     2,981     2,932
Total liabilities     4,196     4,206
Commitments and contingencies
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,575 2,523
Retained earnings 274 23
Accumulated other comprehensive loss     (1,835)     (1,655)
Total shareholders' equity     1,016     893
Total liabilities and shareholders' equity   $ 5,212   $ 5,099
 
     
EXELIS INC.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(preliminary and unaudited)
 
 
(IN MILLIONS) Year Ended December 31,
    2012   2011   2010
Operating activities
Net income $ 330 $ 326 $ 587
Less income from discontinued operations             (139)
Income from continuing operations 330 326 448
Adjustments to reconcile income from continuing operations to cash provided by operating activities:
Depreciation and amortization 130 133 139
Stock-based compensation 24 18 15
Restructuring and asset impairment charges, net 19 23 35
Payments for restructuring (20) (19) (21)
Defined benefit plans expense 43 46 7
Defined benefit plans payments (290) (87) (6)
Change in assets and liabilities
Change in receivables 41 (106) (100)
Change in inventories 56 (99) 131
Change in other assets (11) (27) 6
Change in accounts payable (2) 122 (37)
Change in advance payments and billings in excess of costs (58) (49) 36
Change in deferred taxes 112 64 (1)
Change in other liabilities 9 (13) (12)
Other, net     2     2     1
Net cash provided by operating activities     385     334     641
Investing activities
Capital expenditures (119) (95) (108)
Proceeds from the sale of assets 2 14 251
Acquisitions, net of cash acquired (43) (29)
Other, net     1     (4)    
Net cash (used in) provided by investing activities     (159)     (85)     114
Financing activities
Short-term borrowing under credit facility 240
Repayments under credit facility (240)
Proceeds from the issuance of debt, net 649
Payment of debt issuance costs (6)
Dividend paid (77) (19)
Proceeds from the exercise of stock options 19
Transfers to parent, net (775) (747)
Other, net     1     4     (28)
Net cash used in financing activities     (57)     (147)     (775)
Exchange rate effects on cash and cash equivalents 7 (4)
Net cash from discontinued operations             4
Net change in cash and cash equivalents 176 98 (16)
Cash and cash equivalents – beginning of year 116 18 34
Cash and cash equivalents – end of year   $ 292   $ 116   $ 18
Supplemental disclosures of cash flow information
Cash paid during the year for
Income taxes (net of refunds received) $ 28 $ 86 $ 206
Interest   $ 37   $   $
 

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