E-Z-GO 2002 Annual Report Download - page 71

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69
Selected Financial Information
(Dollars in millions except where otherwise noted and per share amounts) 2002 2001 2000 1999 1998
Revenues
Aircraft $ 4,922 $ 4,797 $ 4,537 $ 4,147 $ 3,506
Fastening Systems 1,650 1,679 1,996 2,059 1,758
Industrial Products 1,841 1,974 2,248 1,629 1,412
Industrial Components 1,615 3,162 3,618 3,556 2,831
Finance 630 709 691 463 367
Total revenues $10,658 $12,321 $ 13,090 $ 11,854 $ 9,874
Segment profit
Aircraft $ 452 $ 338 $ 475 $ 384 $ 358
Fastening Systems 68 62 192 204 200
Industrial Products 83 106 296 231 158
Industrial Components 115 215 341 325 270
Finance 117 205 202 132 113
Total segment profit 835 926 1,506 1,276 1,099
Special charges (128) (437) (483) 1 (87)
Total segment operating income 707 489 1,023 1,277 1,012
Gain on sale of businesses, net 5 342 — — 97
Goodwill amortization — (98) (96) (75) (59)
Corporate expenses and other, net (114) (152) (164) (143) (141)
Interest expense, net (108) (162) (152) (29) (146)
Income taxes (100) (227) (308) (381) (294)
Distributions on preferred securities of manufacturing subsidiary
trust, net of income taxes (26) (26) (26) (26) (26)
Income from operations*$364 $ 166 $ 277 $ 623 $ 443
Per share of common stock
Income from operations - basic* $ 2.62 $ 1.17 $ 1.92 $ 4.14 $ 2.74
Income from operations - diluted* $ 2.60 $ 1.16 $ 1.90 $ 4.05 $ 2.68
Dividends declared $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.14
Book value at year-end $ 24.87 $ 27.76 $ 28.24 $ 29.67 $ 19.27
Common stock price: High $ 53.17 $ 59.89 $ 74.94 $ 97.00 $ 80.31
Low $ 32.49 $ 31.65 $ 41.44 $ 68.44 $ 52.06
Year-end $ 42.16 $ 42.40 $ 46.50 $ 76.69 $ 75.94
Common shares outstanding (in thousands):
Basic average 138,745 141,050 143,923 150,389 161,254
Diluted average** 140,252 142,937 146,150 153,754 165,374
Year-end 136,500 141,251 140,933 147,002 154,742
Financial position
Total assets $15,505 $ 16,052 $ 16,370 $ 16,393 $ 13,721
Debt:
Textron Manufacturing $ 1,711 $ 1,934 $ 2,084 $ 1,767 $ 2,615
Textron Finance $ 4,840 $ 4,188 $ 4,667 $ 4,551 $ 2,829
Obligated mandatorily redeemable preferred securities of
subsidiary trusts:
Textron Manufacturing $ 485 $ 485 $ 484 $ 483 $ 483
Textron Finance $ 27 $ 28 $ 28 $ 29 $ —
Shareholders’ equity $ 3,406 $ 3,934 $ 3,994 $ 4,377 $ 2,997
Textron Manufacturing debt to total capital (net of cash) 27% 28% 29% 25% 43%
Investment data
Capital expenditures $ 319 $ 532 $ 527 $ 532 $ 475
Depreciation $ 341 $ 400 $ 382 $ 349 $ 292
Research and development $ 586 $ 689 $ 721 $ 670 $ 613
Other data
Number of employees at year-end 49,000 51,000 71,000 68,000 64,000
Number of common shareholders at year-end 20,000 21,000 21,000 22,000 23,000
*Before cumulative effect of a change in accounting principle in 2002 and 2000.
**Assumes full conversion of outstanding preferred stock and exercise of stock options.