E-Z-GO 2005 Annual Report Download - page 34

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14
Item 6. Selected Financial Data
(Dollars in millions, except per share amounts and where otherwise noted)
2005 2004 2003 2002 2001
Revenues
Bell $ 2,881 $ 2,254 $ 2,348 $ 2,235 $ 2,243
Cessna 3,480 2,473 2,299 3,175 3,043
Industrial 3,054 3,046 2,836 2,627 4,221
Finance 628 545 572 584 681
Total revenues $ 10,043 $ 8,318 $ 8,055 $ 8,621 $ 10,188
Segment profit
Bell $ 368 $ 250 $ 234 $ 169 $ 93
Cessna 457 267 199 376 344
Industrial 150 194 150 169 289
Finance 171 139 122 118 203
Total segment profit 1,146 850 705 832 929
Special charges (118) (59) (77) (109) (89)
Total segment operating income 1,028 791 628 723 840
Gain on sale of businesses — — 15 25 342
Goodwill amortization ————(70)
Corporate expenses and other, net (199) (157) (123) (119) (152)
Interest expense, net (90) (94) (96) (105) (157)
Income taxes (223) (165) (109) (157) (279)
Distributions on preferred securities, net of income taxes — — (13) (26) (26)
Income from continuing operations* $ 516 $ 375 $ 302 $ 341 $ 498
Per share of common stock
Income from continuing operations – basic* $ 3.86 $ 2.73 $ 2.22 $ 2.46 $ 3.53
Income from continuing operations – diluted* $ 3.78 $ 2.68 $ 2.20 $ 2.43 $ 3.49
Dividends declared $ 1.40 $ 1.33 $ 1.30 $ 1.30 $ 1.30
Book value at year-end $ 25.10 $ 26.91 $ 26.81 $ 24.87 $ 27.76
Common stock price: High $ 80.05 $ 74.63 $ 57.70 $ 53.17 $ 59.89
Low $ 65.85 $ 50.84 $ 26.85 $ 32.49 $ 31.65
Year-end $ 76.98 $ 73.80 $ 57.19 $ 42.16 $ 42.40
Common shares outstanding (In thousands)
Basic average 133,531 137,337 135,875 138,745 141,050
Diluted average** 136,446 140,169 137,217 140,252 142,937
Year-end 130,185 135,373 137,238 136,500 141,251
Financial position
Total assets $ 16,499 $ 15,875 $ 15,171 $ 15,692 $ 16,335
Debt:
Textron Manufacturing $ 1,934 $ 1,770 $ 2,008 $ 1,681 $ 1,914
Textron Finance $ 5,420 $ 4,783 $ 4,407 $ 4,840 $ 4,188
Mandatorily redeemable preferred securities trusts:
Textron Manufacturing $ — $ — $ — $ 485 $ 485
Textron Finance $ — $ — $ 26 $ 27 $ 28
Shareholders’ equity $ 3,276 $ 3,652 $ 3,690 $ 3,406 $ 3,934
Textron Manufacturing debt-to-capital (net of cash) 26% 25% 30% 36% 36%
Textron Manufacturing debt-to-capital 37% 33% 35% 39% 38%
Investment data for continuing operations
Capital expenditures, including capital leases $ 380 $ 294 $ 289 $ 272 $ 462
Depreciation $ 284 $ 265 $ 260 $ 259 $ 311
Research and development $ 692 $ 574 $ 573 $ 575 $ 671
Other data for continuing operations
Number of employees at year-end 37,000 34,000 31,000 36,000 38,000
Number of common shareholders at year-end 17,000 18,000 19,000 20,000 21,000
* Income from continuing operations is before the cumulative effect of a change in accounting principle in 2002.
** Diluted average common shares outstanding assumes full conversion of outstanding preferred stock and exercise of stock options.