E-Z-GO 1999 Annual Report Download - page 65

Selected Financial Information
(Dollars in millions except where
otherwise noted and per share amounts) 1999 1998 1997 1996 1995 1994 1993 1992
Revenues
Aircraft $ 3,744 $ 3,189 $ 3,025 $ 2,593 $ 2,420 $ 2,186 $ 1,987 $ 1,521
Automotive 2,916 2,405 2,127 1,627 1,534 1,511 1,178 788
Industrial 4,456 3,722 3,181 2,959 2,515 2,982 3,106 3,308
Finance 463 367 350 327 311 277 259 258
Total revenues $11,579 $ 9,683 $ 8,683 $ 7,506 $ 6,780 $ 6,956 $ 6,530 $ 5,875
Income
Aircraft $ 362 $ 338 $ 313 $ 261 $ 237 $ 194 $ 172 $ 128
Automotive 228 179 150 146 135 132 89 68
Industrial 483 410 346 300 250 248 237 285
Finance 128 113 108 96 88 83 74 62
Total operating income 1,201 1,040 917 803 710 657 572 543
Gain on sale of division –97 –– –– ––
Special credits/(charges) 1(87) –– –– ––
Corporate expenses and other – net (143) (141) (152) (125) (128) (101) (109) (89)
Interest expense – net (29) (146) (117) (138) (169) (181) (208) (230)
Income taxes (381) (294) (250) (211) (165) (160) (87) (87)
Distributions on preferred securities of
subsidiary trusts, net of income taxes (26) (26) (26) (23) –– ––
Income from continuing operations* $ 623 $ 443 $ 372 $ 306 $ 248 $ 215 $ 168 $ 137
Per share of common stock
Income from continuing operations-basic* $ 4.14 $ 2.74 $ 2.25 $ 1.82 $ 1.45 $ 1.21 $ .95 $ .78
Income from continuing operations-diluted* $ 4.05 $ 2.68 $ 2.19 $ 1.78 $ 1.43 $ 1.19 $ .94 $ .77
Dividends declared $ 1.30 $ 1.14 $ 1.00 $ .88 $ .78 $ .70 $ .62 $ .56
Book value at year-end $ 29.67 $ 19.27 $ 19.78 $ 19.10 $ 19.96 $ 16.72 $ 15.59 $ 14.05
Common stock price: High $97$80
5⁄16 $70 3⁄4$48 7⁄8$38 11⁄16 $30 5⁄16 $29 7⁄16 $22 3⁄8
Common stock price: Low $68
7⁄16 $52 1⁄16 $45$34 9⁄16 $24 5⁄16 $23 1⁄4$20 3⁄16 $16 7⁄8
Common stock price: Year-end $76
11⁄16 $75 15⁄16 $62 5⁄8$46 11⁄16 $33 3⁄4$25 3⁄16 $29 1⁄8$22 3⁄8
Common shares outstanding (in thousands):
Basic average 150,389 161,254 164,830 167,453 169,848 176,474 176,071 173,334
Diluted average** 153,754 165,374 169,503 171,652 173,252 180,208 179,713 177,087
Year-end 147,002 154,742 167,315 169,745 173,340 174,616 180,509 178,366
Financial position
Total assets $16,393 $13,721 $11,330 $11,514 $11,207 $10,374 $10,462 $10,009
Debt:
Textron Manufacturing $ 1,767 $ 2,615 $ 1,221 $ 1,507 $ 1,774 $ 1,582 $ 2,025 $ 2,283
Textron Finance $ 4,551 $ 2,829 $ 2,365 $ 2,441 $ 2,277 $ 2,162 $ 2,037 $ 1,873
Preferred securities of subsidiary trusts:
Textron Manufacturing $ 483 $ 483 $ 483 $ 483 $ – $ – $ – $ –
Textron Finance $ 29 $ – $ – $ – $ – $ – $ – $ –
Shareholders’ equity $ 4,377 $ 2,997 $ 3,228 $ 3,183 $ 3,412 $ 2,882 $ 2,780 $ 2,488
Textron Manufacturing debt to total capital 27% 43% 25% 29% 34% 35% 42% 48%
Investment data
Capital expenditures $ 532 $ 475 $ 374 $ 312 $ 258 $ 274 $ 227 $ 199
Depreciation $ 349 $ 292 $ 254 $ 213 $ 188 $ 201 $ 196 $ 188
Research and development $ 670 $ 613 $ 602 $ 576 $ 656 $ 611 $ 514 $ 430
Other data
Number of employees at year-end 68,000 64,000 56,000 49,000 46,000 43,000 46,000 44,000
Number of common shareholders at year-end 22,000 23,000 24,000 25,000 26,000 27,000 28,000 30,000
*Before cumulative effect of changes in accounting principles in 1992.
**Assumes full conversion of outstanding preferred stock and exercise of stock options.
1999 Textron Annual Report 63