E-Z-GO 1998 Annual Report Download - page 38

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34 1998 TEXTRON ANNUAL REPORT
Consolidated Statement of Income
For each of the three years in the period ended January 2, 1999
(In millions except per share amounts) 1998 1997 1996
Textron Manufacturing
Revenues $9,316 $8,333 $7,179
Costs and Expenses
Cost of sales 7,572 6,836 5,837
Selling and administrative 944 828 750
Gain on sale of division (97) ––
Special charges 87 ––
Interest 160 129 148
Total costs and expenses 8,666 7,793 6,735
Manufacturing income 650 540 444
Textron Finance
Revenues 367 350 327
Costs and Expenses
Selling and administrative 79 66 58
Interest 155 153 147
Provision for losses on collection of finance receivables 20 23 26
Total costs and expenses 254 242 231
Finance income 113 108 96
Total Company
Income from continuing operations before income taxes and distributions
on preferred securities of subsidiary trust 763 648 540
Income taxes (294) (250) (211)
Distributions on preferred securities of subsidiary trust, net of income taxes (26) (26) (23)
Income from continuing operations 443 372 306
Discontinued operations, net of income taxes:
Income from operations 165 186 192
Loss on disposal – – (245)
165 186 (53)
Net income $ 608 $ 558 $ 253
Per common share:
Basic:
Income from continuing operations $ 2.74 $ 2.25 $ 1.82
Discontinued operations 1.03 1.13 (.31)
Net income $ 3.77 $ 3.38 $ 1.51
Diluted:
Income from continuing operations $ 2.68 $ 2.19 $ 1.78
Discontinued operations 1.00 1.10 (.31)
Net income $ 3.68 $ 3.29 $ 1.47
See notes to the consolidated financial statements.