E-Z-GO 2004 Annual Report Download - page 32

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11
Item 6. Selected Financial Data
(Dollars in millions, except per share amounts and where otherwise noted)
2004 2003 2002 2001 2000
Revenues
Bell $ 2,254 $ 2,348 $ 2,235 $ 2,243 $ 2,194
Cessna 2,473 2,299 3,175 3,043 2,814
Fastening Systems 1,924 1,737 1,650 1,679 1,996
Industrial 3,046 2,836 2,627 4,221 4,753
Finance 545 572 584 681 691
Total revenues $ 10,242 $ 9,792 $ 10,271 $ 11,867 $ 12,448
Segment profit
Bell $ 250 $ 234 $ 169 $ 93 $ 264
Cessna 267 199 376 344 300
Fastening Systems 53 66 72 70 192
Industrial 194 150 169 289 513
Finance 139 122 118 203 202
Total segment profit 903 771 904 999 1,471
Special charges (131) (152) (131) (141) (483)
Total segment operating income 772 619 773 858 988
Gain on sale of businesses — 15 25 342 —
Goodwill amortization — — — (86) (83)
Corporate expenses and other, net (149) (119) (114) (152) (164)
Interest expense, net (95) (98) (108) (162) (152)
Income taxes (155) (112) (176) (287) (295)
Distributions on preferred securities, net of income taxes — (13) (26) (26) (26)
Income from continuing operations* $ 373 $ 292 $ 374 $ 487 $ 268
Per share of common stock
Income from continuing operations – basic* $ 2.72 $ 2.15 $ 2.69 $ 3.45 $ 1.86
Income from continuing operations – diluted* $ 2.66 $ 2.13 $ 2.66 $ 3.40 $ 1.84
Dividends declared $ 1.33 $ 1.30 $ 1.30 $ 1.30 $ 1.30
Book value at year-end $ 26.91 $ 26.81 $ 24.87 $ 27.76 $ 28.24
Common stock price: High $ 74.63 $ 57.70 $ 53.17 $ 59.89 $ 74.94
Low $ 50.84 $ 26.85 $ 32.49 $ 31.65 $ 41.44
Year-end $ 73.80 $ 57.19 $ 42.16 $ 42.40 $ 46.50
Common shares outstanding (In thousands):
Basic average 137,337 135,875 138,745 141,050 143,923
Diluted average** 140,169 137,217 140,252 142,937 146,150
Year-end 135,373 137,238 136,500 141,251 140,933
Financial position
Total assets $ 15,875 $ 15,171 $ 15,672 $ 16,335 $ 16,370
Debt:
Textron Manufacturing $ 1,791 $ 2,027 $ 1,708 $ 1,930 $ 2,080
Textron Finance $ 4,783 $ 4,407 $ 4,840 $ 4,188 $ 4,667
Mandatorily redeemable preferred securities trusts:
Textron Manufacturing $ — $ — $ 485 $ 485 $ 484
Textron Finance $ — $ 26 $ 27 $ 28 $ 28
Shareholders’ equity $ 3,652 $ 3,690 $ 3,406 $ 3,934 $ 3,994
Textron Manufacturing debt to total capital (net of cash) 25% 30% 36% 36% 36%
Investment data
Capital expenditures, including capital leases $ 346 $ 323 $ 315 $ 523 $ 512
Depreciation $ 338 $ 336 $ 330 $ 389 $ 372
Research and development $ 594 $ 587 $ 583 $ 684 $ 721
Other data
Number of employees at year-end 44,000 42,000 47,000 50,000 68,000
Number of common shareholders at year-end 18,000 19,000 20,000 21,000 21,000
* 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