E-Z-GO 2000 Annual Report Download - page 36

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For each of the years in the three-year period ended December 30, 2000
(In millions except per share amounts) 2000 1999 1998
Revenues
Manufacturing revenues $12,399 $11,391 $9,507
Finance revenues 691 463 367
Total revenues 13,090 11,854 9,874
Costs and Expenses
Cost of sales 10,028 9,242 7,692
Selling and administrative 1,445 1,318 1,108
Interest, net 486 233 301
Provision for losses on collection of finance receivables 37 32 20
Special charges, net 483 (1) 87
Gain on sale of division –– (97)
Total costs and expenses 12,479 10,824 9,111
Income from continuing operations before income taxes and
distributions on preferred securities of subsidiary trusts 611 1,030 763
Income taxes (308) (381) (294)
Distributions on preferred securities of subsidiary trusts,
net of income taxes (26) (26) (26)
Income from continuing operations 277 623 443
Discontinued operations, net of income taxes:
Income from operations ––165
Gain on disposal –1,646 –
–1,646 165
Income before extraordinary loss and cumulative
effect of change in accounting principle 277 2,269 608
Extraordinary loss from debt retirement, net of income taxes –(43) –
Cumulative effect of change in accounting
principle, net of income taxes (59) ––
Net income $ 218 $ 2,226 $ 608
Per common share:
Basic:
Income from continuing operations $ 1.92 $ 4.14 $ 2.74
Discontinued operations, net of income taxes –10.94 1.03
Extraordinary loss from debt retirement, net of income taxes –(.28) –
Cumulative effect of change in
accounting principle, net of income taxes (.41) ––
Net income $ 1.51 $ 14.80 $ 3.77
Diluted:
Income from continuing operations $ 1.90 4.05 2.68
Discontinued operations, net of income taxes –10.70 1.00
Extraordinary loss from debt retirement, net of income taxes –(.27) –
Cumulative effect of change in
accounting principle, net of income taxes (.41) ––
Net income $ 1.49 $ 14.48 $ 3.68
See notes to the consolidated financial statements.
Consolidated Statements of Income
TEXTRON 2000 ANNUAL REPORT 34