Boeing 2005 Annual Report Download - page 87

Quarterly Financial Data (Unaudited)
2005 2004
4th 3rd 2nd 1st 4th 3rd 2nd 1st
Sales and other operating revenues
Earnings from continuing operations
Net earnings from continuing operations
Cumulative effect of accounting change,
net of taxes
(Loss) income from discontinued operations,
net of taxes
Net (loss) gain of disposal of discontinued
operations, net of taxes
Net earnings
$14,204
544
464
(4)
460
$12,629
763
1,013
(2)
1,011
$15,025
818
571
(5)
566
$12,987
687
514
21
535
$13,314
28
182
(5)
9
186
$13,152 $
511
438
(1)
19
456
13,088 $
644
586
7
14
607
12,903
824
614
9
623
Basic earnings per share
Cumulative effect of accounting change,
net of taxes
(Loss) income from discontinued operations,
net of taxes
Net gain of disposal of discontinued operations,
net of taxes
0.61
(0.01)
1.28 0.72 0.65
0.02
0.24
(0.01)
0.01
0.54
0.02
0.72
0.01
0.02
0.77
0.01
Basic earnings per share 0.60 1.28 0.72 0.67 0.24 0.56 0.75 0.78
Diluted earnings per share
Cumulative effect of accounting change,
net of taxes
(Loss) income from discontinued operations,
net of taxes
Net gain of disposal of discontinued operations,
net of taxes
0.59
(0.01)
1.26 0.70 0.64
0.02
0.23
(0.01)
0.01
0.54
0.02
0.72
0.01
0.02
0.76
0.01
Diluted earnings per share 0.58 1.26 0.70 0.66 0.23 0.56 0.75 0.77
Cash dividends paid per share 0.25 0.25 0.25 0.25 0.20 0.20 0.20 0.17
Market price:
High
Low
Quarter end
72.40
63.70
70.24
68.38
62.01
67.95
66.85
56.22
66.00
58.94
49.52
58.46
55.48
48.10
51.77
55.24
46.40
51.62
51.49
40.31
51.09
45.10
38.04
41.07
During the fourth quarter of 2005 as a result of our sale of our
Rocketdyne business we recognized a net loss of $200 com-
prised of a $228 pension curtailment/settlement loss and other
post retirement benefit curtailment gain of $28.
During the third quarter of 2005, we recognized a net loss of
$184 comprised of a $250 loss on pension curtailment/settle-
ment and other postretirement benefit curtailment gain of $66
relating to the Wichita, Tulsa and McAlester sale. We also com-
pleted the sale of our Rocketdyne business to United
Technologies and recorded a net-pretax gain of $578. We also
received a tax refund of $537, which resulted in an increase to
net income of $406.
During the second quarter of 2005, Commercial Airplanes
completed the sale of its Wichita and Tulsa operations to Spirit
for approximately $900 cash. The sale resulted in a pre-tax, pri-
marily non-cash, charge of $103.
During the first quarter of 2005, we completed the stock sale
of Electron Dynamic Devices Inc. (EDD) to L-3 Communications
and we recorded a $25 gain and in addition recorded a pre-tax
loss of $68 in Accounting differences/eliminations for net pen-
sion and other post retirement benefit curtailments and settle-
ments.
During the fourth quarter of 2004, we recognized expenses
relating to the USAF 767 Tanker Program of $275 as well as for
the termination of the 717 program of $280.
During the third quarter of 2004, BCC exercised its right to
redeem $1 billion face value of its outstanding senior notes,
which had a carrying value of $999. BCC recognized a loss of
$42 related to this early debt redemption which consisted of a
$52 prepayment penalty for early redemption recognized during
the third quarter of 2004, partially offset by $10 related to the
amount by which the fair value of its hedged redeemed debt
exceeded the carrying value of its hedged redeemed debt rec-
ognized during the fourth quarter of 2004.
During the second quarter of 2004, BCC’s Commercial
Financial Services business was sold to GECC which resulted
in a net gain on disposal of discontinued operations of $14.
During the first quarter of 2004, we received notice of
approved federal income tax refunds totaling $222 related to a
settlement of the 1983 through 1987 tax years.
The Boeing Company and Subsidiaries 85