Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast

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 Consolidated Statements of Operations

(unaudited)
 
 
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Three Months Ended March 31,
      2013     2012
Product revenue $ 499 $ 653
Service revenue       686       768
Total revenue       1,185       1,421
Costs of product revenue 357 461
Costs of service revenue 577 674
Selling, general and administrative expenses 115 133
Research and development expenses 13 14
Restructuring charges, net       49       1
Operating income 74 138
Interest expense, net 8 9
Other expense (income), net       2       8
Income from continuing operations before income tax expense 64 121
Income tax expense       20       51
Net income     $ 44     $ 70
Earnings Per Share
Basic
Net income $ 0.23 $ 0.38
Diluted
Net income $ 0.23 $ 0.37

Weighted average common shares outstanding – basic

188.3 186.6

Weighted average common shares outstanding – diluted

189.8 187.5
Cash dividends declared per common share     $ 0.10     $ 0.10
 

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