E-Z-GO 2003 Annual Report Download - page 72

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70
(Dollars in millions, except per share amounts and where otherwise noted) 2002 2001 2000 1999
Bell $ 2,348 $ 2,235 $ 2,243 $ 2,194 $ 2,135
Cessna 2,299 3,175 3,043 2,814 2,472
Fastening Systems 1,737 1,650 1,679 1,996 2,059
Industrial 2,903 2,706 4,330 4,894 4,585
Finance 572 584 681 691 463
$ 9,859 $ 10,350 $ 11,976 $ 12,589 $ 11,714
Bell $ 234 $ 169 $ 93 $ 264 $ 226
Cessna 199 376 344 300 231
Fastening Systems 66 72 70 192 204
Industrial 141 163 280 525 472
Finance 122 118 203 202 132
762 898 990 1,483 1,265
Special charges (159) (135) (143) (483) (66)
Total segment operating income 603 763 847 1,000 1,199
Gain on sale of businesses 15 25 342 — —
Goodwill amortization — — (91) (87) (73)
Corporate expenses and other, net (119) (114) (152) (164) (143)
Interest expense, net (98) (108) (162) (152) (29)
Income taxes (107) (173) (284) (299) (353)
Distributions on preferred securities of manufacturing
subsidiary trust, net of income taxes (13) (26) (26) (26) (26)
$281 $367 $474 $272 $575
Income from continuing operations - basic* $ 2.07 $ 2.64 $ 3.36 $ 1.89 $ 3.82
Income from continuing operations - diluted* $ 2.05 $ 2.62 $ 3.32 $ 1.86 $ 3.74
Dividends declared $ 1.30 $ 1.30 $ 1.30 $ 1.30 $ 1.30
Book value at year-end $ 26.81 $ 24.87 $ 27.76 $ 28.24 $ 29.67
Common stock price: High $ 57.70 $ 53.17 $ 59.89 $ 74.94 $ 97.00
Low $ 26.85 $ 32.49 $ 31.65 $ 41.44 $ 68.44
Year-end $ 57.19 $ 42.16 $ 42.40 $ 46.50 $ 76.69
Common shares outstanding (in thousands):
Basic average 135,875 138,745 141,050 143,923 150,389
Diluted average** 137,217 140,252 142,937 146,150 153,754
Year-end 137,238 136,500 141,251 140,933 147,002
Total assets $ 15,090 $ 15,514 $ 16,121 $ 16,370 $ 16,393
Debt:
Textron Manufacturing $ 2,027 $ 1,708 $ 1,930 $ 2,080 $ 1,762
Textron Finance $ 4,407 $ 4,840 $ 4,188 $ 4,667 $ 4,551
Obligated mandatorily redeemable preferred securities
of subsidiary trusts:
Textron Manufacturing $ — $ 485 $ 485 $ 484 $ 483
Textron Finance $ 26 $ 27 $ 28 $ 28 $ 29
Shareholders’ equity $ 3,690 $ 3,406 $ 3,934 $ 3,994 $ 4,377
Textron Manufacturing debt to total capital (net of cash) 30% 36% 36% 36% 32%
Capital expenditures $ 327 $ 318 $ 527 $ 517 $ 530
Depreciation $ 338 $ 332 $ 391 $ 374 $ 347
Research and development $ 587 $ 583 $ 684 $ 721 $ 670
Number of employees at year-end 43,000 48,000 50,000 69,000 67,000
Number of common shareholders at year-end 19,000 20,000 21,000 21,000 22,000
* Before cumulative effect of a change in accounting principle in 2002.
** Assumes full conversion of outstanding preferred stock and exercise of stock options.