E-Z-GO 1998 Annual Report Download - page 42

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Consolidated Statement of Changes in Shareholders’ Equity
For each of the three years in the period ended January 2, 1999
Shares outstanding* Dollars
(In thousands) (In millions)
1998 1997 1996 1998 1997 1996
$2.08 Preferred stock
Beginning balance 201 243 267 $ 6 $7 $8
Conversion to common stock (23) (42) (24) –(1) (1)
Ending balance 178 201 243 $ 6 $6 $7
$1.40 Preferred stock
Beginning balance 92 107 118 $ 7 $7 $7
Conversion to common stock (6) (15) (11) –––
Ending balance 86 92 107 $ 7 $7 $7
Common stock
Beginning balance 162,343 82,809 84,935 $ 24 $12 $12
Purchases (10,189) (4,121) (3,193) –––
Stock dividend declared –82,397 – –12 –
Conversion of preferred stock to
common stock 123 166 71 –––
Exercise of stock options 2,465 1,066 923 –––
Other issuances of common stock –26 73 –––
Ending balance 154,742 162,343 82,809 $ 24 $24 $12
Capital surplus
Beginning balance $ 830 $ 793 $ 750
Conversion of preferred stock to common stock 111
Exercise of stock options and other issuances 100 48 48
Stock dividend declared –(12) –
Purchases of common stock –– (6)
Ending balance $ 931 $ 830 $ 793
Retained earnings
Beginning balance $ 3,362 $2,969 $2,864
Net income 608 558 253
Dividends declared:
Preferred stock (1) (1) (1)
Common stock (per share: $1.14 in 1998;
$1.00 in 1997; and $.88 in 1996) (183) (164) (147)
Ending balance $ 3,786 $3,362 $2,969
Treasury stock
Beginning balance $ 939 $ 612 $ 358
Purchases of common stock 722 328 259
Issuance of common stock –(1) (5)
Ending balance $ 1,661 $ 939 $ 612
Accumulated other comprehensive income (loss)
Beginning balance $ (62) $ 7 $ 129
Currency translation adjustment (33) (73) 35
Securities valuation adjustment –4 (155)
Pension liability adjustment (1) – (2)
Other comprehensive income (loss) (34) (69) (122)
Ending balance $ (96) $ (62) $ 7
Comprehensive income
Net income $ 608 $ 558 $ 253
Other comprehensive income (loss) (34) (69) (122)
Comprehensive income $ 574 $ 489 $ 131
*Shares issued at the end of 1998, 1997, 1996, and 1995 were as follows (in thousands): $2.08 Preferred – 247; 270; 312; and 336 shares, respectively; $1.40
Preferred – 573; 579; 594; and 604 shares, respectively; Common – 193,277; 190,689; 94,456; and 93,462 shares, respectively.
See notes to consolidated financial statements.
38 1998 TEXTRON ANNUAL REPORT