E-Z-GO 2007 Annual Report Download - page 35

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14
(Dollars in millions, except per share amounts and where otherwise noted) 2007 2006 2005 2004 2003
Revenues
Bell $ 3,915 $ 3,408 $ 2,881 $ 2,254 $ 2,348
Cessna 5,000 4,156 3,480 2,473 2,299
Industrial 3,435 3,128 3,054 3,046 2,836
Finance 875 798 628 545 572
Total revenues $ 13,225 $ 11,490 $ 10,043 $ 8,318 $ 8,055
Segment profi t
Bell $ 335 $ 249 $ 368 $ 250 $ 234
Cessna 865 645 457 267 199
Industrial 218 163 150 194 150
Finance 222 210 171 139 122
Total segment profi t 1,640 1,267 1,146 850 705
Special charges — — (118) (59) (77)
Gain on sale of businesses — — — — 15
Corporate expenses and other, net (253) (202) (199) (157) (123)
Interest expense, net (87) (90) (90) (94) (96)
Income taxes (385) (269) (223) (165) (109)
Distributions on preferred securities, net of income taxes — — — — (13)
Income from continuing operations $ 915 $ 706 $ 516 $ 375 $ 302
Per share of common stock**
Income from continuing operations – basic $ 3.66 $ 2.76 $ 1.93 $ 1.36 $ 1.11
Income from continuing operations – diluted $ 3.59 $ 2.71 $ 1.89 $ 1.34 $ 1.10
Dividends declared $ 0.85 $ 0.78 $ 0.70 $ 0.66 $ 0.65
Book value at year-end $ 13.99 $ 10.51 $ 12.55 $ 13.45 $ 13.40
Common stock price: High $ 73.38 $ 49.19 $ 40.02 $ 37.31 $ 28.85
Low $ 44.08 $ 37.88 $ 32.92 $ 25.42 $ 13.42
Year-end $ 71.62 $ 46.88 $ 38.49 $ 36.90 $ 28.59
Common shares outstanding (In thousands)**
Basic average 249,792 255,098 267,062 274,674 271,750
Diluted average* 254,826 260,444 272,892 280,339 274,434
Year-end 250,061 251,192 260,370 270,746 274,476
Financial position
Total assets $ 19,956 $ 17,550 $ 16,499 $ 15,875 $ 15,171
Manufacturing group debt $ 2,148 $ 1,800 $ 1,934 $ 1,770 $ 2,008
Finance group debt $ 7,311 $ 6,862 $ 5,420 $ 4,783 $ 4,407
Mandatorily redeemable preferred securities – Finance group $ — $ — $ — $ — $ 26
Shareholders’ equity $ 3,507 $ 2,649 $ 3,276 $ 3,652 $ 3,690
Manufacturing group debt-to-capital (net of cash) 32% 29% 26% 25% 30%
Manufacturing group debt-to-capital 38% 40% 37% 33% 35%
Investment data
Capital expenditures, including capital leases $ 423 $ 447 $ 380 $ 294 $ 289
Depreciation $ 298 $ 271 $ 284 $ 265 $ 260
Research and development $ 814 $ 786 $ 692 $ 574 $ 573
Other data
Number of employees at year-end 44,000 40,000 37,000 34,000 31,000
Number of common shareholders at year-end 15,000 16,000 17,000 18,000 19,000
* Diluted average common shares outstanding assumes full conversion of outstanding preferred stock and exercise of stock options.
** All prior periods presented have been restated to refl ect a two-for-one stock split in 2007.
Item 6. Selected Financial Data