E-Z-GO 2008 Annual Report Download - page 103

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Quarterly Data
Quarterly Data
(a)
(Unaudited) 2008 2007
(Dollars in millions, except per share amounts) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues
Cessna $ 1,497 $ 1,418 $ 1,501 $ 1,246 $ 1,561 $ 1,268 $ 1,203 $ 968
Bell 853 702 698 574 755 650 596 580
Textron Systems 510 503 528 575 330 326 319 359
Industrial 598 726 841 753 733 652 729 711
Finance 148 184 177 214 212 214 239 210
Total revenues $ 3,606 $ 3,533 $ 3,745 $ 3,362 $ 3,591 $ 3,110 $ 3,086 $ 2,828
Segment profit
Cessna $ 198 $ 238 $ 262 $ 207 $ 288 $ 222 $ 200 $ 155
Bell 94 63 68 53 54 58 7 25
Textron Systems 67 74 67 71 30 43 52 66
Industrial (24) 6 44 41 35 23 55 60
Finance (123) 18 13 42 48 54 68 52
Total segment profit 212 399 454 414 455 400 382 358
Special charges (b) (526) — — — — — — —
Corporate expenses and other, net (48) (38) (43) (41) (86) (52) (67) (51)
Interest expense, net for Manufacturing group (34) (32) (29) (30) (21) (19) (23) (24)
Income tax benefit (expense) 48 (119) (128) (115) (101) (104) (81) (87)
(Loss) income from continuing operations (348) 210 254 228 247 225 211 196
Income (loss) from discontinued operations,
net of income taxes 139 (4) 4 3 9 30 (1) —
Net (loss) income $ (209) $ 206 $ 258 $ 231 $ 256 $ 255 $ 210 $ 196
Basic (loss) earnings per share (c)
Continuing operations $ (1.44) $ 0.86 $ 1.02 $ 0.92 $ 0.99 $ 0.90 $ 0.84 $ 0.78
Discontinued operations 0.57 (0.01) 0.02 0.01 0.03 0.12 — —
Basic (loss) earnings per share $ (0.87) $ 0.85 $ 1.04 $ 0.93 $ 1.02 $ 1.02 $ 0.84 $ 0.78
Basic average shares outstanding (In thousands) 241,405 243,083 249,430 249,158 249,650 249,332 249,703 250,095
Diluted (loss) earnings per share (c) (d)
Continuing operations $ (1.44) $ 0.85 $ 1.00 $ 0.90 $ 0.97 $ 0.88 $ 0.83 $ 0.77
Discontinued operations 0.57 (0.01) 0.02 0.01 0.03 0.12 — —
Diluted (loss) earnings per share $ (0.87) $ 0.84 $ 1.02 $ 0.91 $ 1.00 $ 1.00 $ 0.83 $ 0.77
Diluted average shares outstanding (In thousands) 241,405 246,524 254,019 254,358 255,294 254,321 254,271 254,873
Segment profit margins
Cessna 13.2% 16.8% 17.4% 16.6% 18.4% 17.5% 16.6% 16.0%
Bell 11.0 9.0 9.7 9.2 7.2 8.9 1.2 4.3
Textron Systems 13.1 14.7 12.7 12.3 9.1 13.2 16.3 18.4
Industrial (4.0) 0.8 5.2 5.4 4.8 3.5 7.5 8.4
Finance (83.1) 9.8 7.3 19.6 22.6 25.2 28.5 24.8
Segment profit margin 5.9% 11.3% 12.1% 12.3% 12.7% 12.9% 12.4% 12.7%
Common stock information (c)
Price range: High $ 29.28 $ 48.87 $ 64.24 $ 71.30 $ 73.38 $ 63.13 $ 56.91 $ 49.10
Low $ 11.69 $ 32.04 $ 47.73 $ 51.26 $ 62.58 $ 53.01 $ 45.35 $ 44.08
Dividends per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.194 $ 0.194
(a) In the third quarter of 2008, we reached an agreement to sell our Fluid & Power business, and we subsequently closed on this sale in the fourth quarter of 2008.
As a result, Fluid & Power was reclassified out of the Industrial segment and into discontinued operations in the third quarter of 2008. All periods presented
have been recast to reflect this presentation.
(b) Special charges include restructuring charges of $64 million and charges related to strategic actions taken at the Finance segment totaling $462 million. Dur-
ing the fourth quarter of 2008, we announced our plans to exit portions of our commercial finance business. As a result, we recorded an impairment charge of
$169 million for unrecoverable goodwill and designated a portion of our finance receivables as held for sale, resulting in an initial pre-tax mark-to-market
adjustment of $293 million.
(c) Prior period amounts have been restated to reflect a two-for-one stock split in the third quarter of 2007.
(d) For Q4 2008, the diluted earnings per share average shares base excludes potential common shares such as convertible preferred stock, stock options and
restricted stock due to their antidilutive effect resulting from the net loss.
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