E-Z-GO 2000 Annual Report Download - page 62

(Dollars in millions except where
otherwise noted and per share amounts) 2000 1999 1998 1997 1996 1995 1994 1993 1992
Revenues
Aircraft $ 4,394 $ 4,019 $ 3,380 $ 3,217 $ 2,774 $ 2,532 $ 2,309 $ 2,124 $ 1,609
Automotive 2,924 2,868 2,356 2,072 1,577 1,475 1,466 1,125 732
Fastening Systems 2,137 2,082 1,758 1,498 1,355 797 635 440 420
Industrial Products 2,944 2,422 2,013 1,738 1,654 1,777 2,392 2,719 2,944
Finance 691 463 367 350 327 311 277 259 258
Total revenues $13,090 $11,854 $ 9,874 $ 8,875 $ 7,687 $ 6,892 $ 7,079 $ 6,667 $ 5,963
Income
Aircraft $ 451 $ 362 $ 338 $ 313 $ 261 $ 237 $ 194 $ 172 $ 128
Automotive 244 220171141135123124 81 59
Fastening Systems 182 190 186 167 148 101 86 45 40
Industrial Products 343 301 232 188 163 161 170 200 254
Finance 190 128113108968883 7462
Total segment profit 1,410 1,201 1,040 917 803 710 657 572 543
Special charges, net (483) 1 (87) ––––––
Gain on sale of division ––97––––––
Total segment operating income 927 1,202 1,050 917 803 710 657 572 543
Corporate expenses and other, net (164) (143) (141) (152) (125) (128) (101) (109) (89)
Interest expense, net (152) (29) (146) (117) (138) (169) (181) (208) (230)
Income taxes (308) (381) (294) (250) (211) (165) (160) (87) (87)
Distributions on preferred securities of manufacturing
subsidiary trust, net of income taxes (26) (26) (26) (26) (23) ––––
Income from continuing operations* $ 277 $ 623 $ 443 $ 372 $ 306 $ 248 $ 215 $ 168 $ 137
Per share of common stock
Income from continuing operations-basic* $ 1.92 $ 4.14 $ 2.74 $ 2.25 $ 1.82 $ 1.45 $ 1.21 $ .95 $ .78
Income from continuing operations-diluted* $ 1.90 $ 4.05 $ 2.68 $ 2.19 $ 1.78 $ 1.43 $ 1.19 $ .94 $ .77
Dividends declared $ 1.30 $ 1.30 $ 1.14 $ 1.00 $ .88 $ .78 $ .70 $ .62 $ .56
Book value at year-end $ 28.24 $ 29.67 $ 19.27 $ 19.78 $ 19.10 $ 19.96 $ 16.72 $ 15.59 $ 14.05
Common stock price: High $ 74.94 $ 97.00 $ 80.31 $ 70.75 $ 48.88 $ 38.69 $ 30.31 $ 29.44 $ 22.38
Common stock price: Low $ 41.44 $ 68.44 $ 52.06 $ 45.00 $ 34.56 $ 24.31 $ 23.25 $ 20.19 $ 16.88
Common stock price: Year-end $ 46.50 $ 76.69 $ 75.94 $ 62.63 $ 46.69 $ 33.75 $ 25.19 $ 29.13 $ 22.38
Common shares outstanding (in thousands):
Basic average 143,923 150,389 161,254 164,830 167,453 169,848 176,474 176,071 173,334
Diluted average** 146,150 153,754 165,374 169,503 171,652 173,252 180,208 179,713 177,087
Year-end 140,933 147,002 154,742 167,315 169,745 173,340 174,616 180,509 178,366
Financial position
Total assets $16,370 $16,393 $13,721 $11,330 $11,514 $11,207 $10,374 $10,462 $10,009
Debt:
Textron Manufacturing $ 2,084 $ 1,767 $ 2,615 $ 1,221 $ 1,507 $ 1,774 $ 1,582 $ 2,025 $ 2,283
Textron Finance $ 4,667 $ 4,551 $ 2,829 $ 2,365 $ 2,441 $ 2,277 $ 2,162 $ 2,037 $ 1,873
Preferred securities of subsidiary trusts:
Textron Manufacturing $ 484 $ 483 $ 483 $ 483 $ 483 $ – $ – $ – $ –
Textron Finance $ 28 $ 29$–$–$–$–$–$–$–
Shareholders’ equity $ 3,994 $ 4,377 $ 2,997 $ 3,228 $ 3,183 $ 3,412 $ 2,882 $ 2,780 $ 2,488
Textron Manufacturing debt to total capital 32% 27% 43% 25% 29% 34% 35% 42% 48%
Investment data
Capital expenditures $ 527 $ 532 $ 475 $ 374 $ 312 $ 258 $ 274 $ 227 $ 199
Depreciation $ 382 $349$292$254$213$188$201$196$188
Research and development $ 721 $670$613$602$576$656$611$514$430
Other data
Number of employees at year-end 71,000 68,000 64,000 56,000 49,000 46,000 43,000 46,000 44,000
Number of common
shareholders at year-end 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 30,000
* Before cumulative effect of change in accounting principles in 2000 and 1992.
**Assumes full conversion of outstanding preferred stock and exercise of stock options.
Selected Financial Information
TEXTRON 2000 ANNUAL REPORT 60