E-Z-GO 2001 Annual Report Download - page 34

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In August 2001, the FASB issued SFAS No. 144, “ Accounting for the Impairment or Disposal of Long-Lived
Assets.” SFAS No. 144 requires that one accounting model be used for long-lived assets to be disposed
of by sale. Discontinued operations w ill be measured similar to other long-lived assets classified as held
for sale at the lower of its carrying amount or fair value less cost to sell. Future operating losses w ill no
longer be recognized before they occur. SFAS No. 144 also broadens the presentation of discontinued
operations to include a component of an entity w hen operations and cash flow s can be clearly distinguished.
The provisions of this Statement are effective for financial statements issued for fiscal years beginning
after December 15, 2001. At this time, adoption of this Statement is not expected to have a material effect
on Textron’s results of operations or financial position.
*********
Forw ard-looking Information: Certain statements in this release and other oral and w ritten statements made
by Textron from time to time, are forward-looking statements, including those that discuss strategies, goals,
outlook or other non-historical matters; or project revenues, income, returns or other financial measures.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to
differ materially from those contained in the statements, including the following: (a) the extent to w hich
Textron is able to achieve savings from its restructuring plans (b) changes in worldwide economic and
political conditions that impact interest and foreign exchange rates, (c) the occurrence of w ork stoppages
and strikes at key facilities of Textron or Textron’s customers or suppliers, (d) government funding and
program approvals affecting products being developed or sold under government programs, (e) cost and
delivery performance under various program and development contracts, (f) successful implementation of
supply chain and other cost-reduction programs, (g) the timing of certifications of new aircraft products,
(h) the occurrence of further dow nturns in customer markets to which Textron products are sold or
supplied, (i) Textron’s ability to offset, through cost reductions, raw material price increases and pricing
pressure brought by original equipment manufacturer customers and (j) Textron Financial’s ability to maintain
credit quality and control costs.
32 Textron Annual Report