E-Z-GO 1999 Annual Report Download - page 42

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Consolidated Statements of Income
For each of the three years in the period ended January 1, 2000
(In millions except per share amounts) 1999 1998 1997
Textron Manufacturing
Revenues $11,116 $9,316 $8,333
Costs and Expenses
Cost of sales 9,111 7,572 6,836
Selling and administrative 1,075 958 840
Gain on sale of division –(97) –
Special (credits)/charges, net (1) 87 –
Interest expense 56 146 117
Interest income (27) ––
Total costs and expenses 10,214 8,666 7,793
Manufacturing income 902 650 540
Textron Finance
Revenues 463 367 350
Costs and Expenses
Interest 204 155 153
Selling and administrative 99 79 66
Provision for losses on collection of finance receivables 32 20 23
Total costs and expenses 335 254 242
Finance income 128 113 108
Total Company
Income from continuing operations before income taxes and distributions
on preferred securities of subsidiary trusts 1,030 763 648
Income taxes (381) (294) (250)
Distributions on preferred securities of subsidiary trusts, net of income taxes (26) (26) (26)
Income from continuing operations 623 443 372
Discontinued operations, net of income taxes:
Income from operations –165 186
Gain on disposal 1,646 ––
1,646 608 558
Income before extraordinary loss 2,269 608 558
Extraordinary loss from debt retirement, net of income taxes (43) ––
Net income $ 2,226 $ 608 $ 558
Per common share:
Basic:
Income from continuing operations $ 4.14 $ 2.74 $ 2.25
Discontinued operations, net of income taxes 10.94 1.03 1.13
Extraordinary loss from debt retirement, net of income taxes (.28) ––
Net income $ 14.80 $ 3.77 $ 3.38
Diluted:
Income from continuing operations $ 4.05 $ 2.68 $ 2.19
Discontinued operations, net of income taxes 10.70 1.00 1.10
Extraordinary loss from debt retirement, net of income taxes (.27) ––
Net income $ 14.48 $ 3.68 $ 3.29
See notes to the consolidated financial statements.
40 Consistent Growth