E-Z-GO 2008 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2008 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

16
(Dollars in millions, except per share amounts and where otherwise noted) 2008 2007 2006 2005 2004
Revenues
Cessna $ 5,662 $ 5,000 $ 4,156 $ 3,480 $ 2,473
Bell 2,827 2,581 2,347 2,075 1,615
Textron Systems 2,116 1,334 1,061 806 639
Industrial 2,918 2,825 2,611 2,559 2,583
Finance 723 875 798 628 545
Total revenues $ 14,246 $ 12,615 $ 10,973 $ 9,548 $ 7,855
Segment profit
Cessna $ 905 $ 865 $ 645 $ 457 $ 267
Bell 278 144 108 269 156
Textron Systems 279 191 141 99 94
Industrial 67 173 149 125 169
Finance (50) 222 210 171 139
Total segment profit 1,479 1,595 1,253 1,121 825
Special charges (a) (526) — — (118) (39)
Corporate expenses and other, net (170) (256) (206) (202) (159)
Interest expense, net for Manufacturing group (125) (87) (90) (90) (94)
Income taxes (314) (373) (264) (215) (162)
Income from continuing operations $ 344 $ 879 $ 693 $ 496 $ 371
Per share of common stock (b)
Income from continuing operations — basic $ 1.40 $ 3.52 $ 2.72 $ 1.86 $ 1.35
Income from continuing operations — diluted $ 1.38 $ 3.45 $ 2.66 $ 1.82 $ 1.32
Dividends declared $ 0.92 $ 0.85 $ 0.78 $ 0.70 $ 0.66
Book value at year-end $ 9.75 $ 13.99 $ 10.51 $ 12.55 $ 13.45
Common stock price: High $ 71.30 $ 73.38 $ 49.19 $ 40.02 $ 37.31
Low $ 11.69 $ 44.08 $ 37.88 $ 32.92 $ 25.42
Year-end $ 15.37 $ 71.62 $ 46.88 $ 38.49 $ 36.90
Common shares outstanding (In thousands) (b)
Basic average 245,686 249,792 255,098 267,062 274,674
Diluted average (c) 249,830 254,826 260,444 272,892 280,339
Year-end 242,041 250,061 251,192 260,370 270,746
Financial position
Total assets $ 20,020 $ 19,991 $ 17,583 $ 16,528 $ 15,905
Manufacturing group debt $ 2,569 $ 2,146 $ 1,796 $ 1,930 $ 1,763
Finance group debt $ 7,388 $ 7,311 $ 6,862 $ 5,420 $ 4,783
Shareholders’ equity $ 2,366 $ 3,507 $ 2,649 $ 3,276 $ 3,652
Manufacturing group debt-to-capital (net of cash) 46% 32% 29% 26% 25%
Manufacturing group debt-to-capital 52% 38% 40% 37% 33%
Investment data
Capital expenditures $ 550 $ 385 $ 419 $ 360 $ 287
Depreciation $ 334 $ 287 $ 260 $ 272 $ 250
Research and development $ 980 $ 814 $ 786 $ 691 $ 573
Other data
Number of employees at year-end 43,000 42,000 38,000 35,000 32,000
Number of common shareholders at year-end 15,000 15,000 16,000 17,000 18,000
(a) For 2008, special charges include restructuring charges of $64 million and charges related to strategic actions taken at the Finance segment totaling
$462 million. During the fourth quarter of 2008, we announced our plan 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. For 2005, special charges include $112 million in charges related to the disposition of the Automotive
Trim (Trim) business and $6 million in restructuring charges. For 2004, special charges include $51 million in restructuring charges, net of a $12 million
gain on the sale of an investment related to the Trim disposition.
(b) All prior periods presented have been restated to reflect a two-for-one stock split in 2007.
(c) Diluted average common shares outstanding assumes full conversion of outstanding preferred stock and exercise of stock options.
Item 6. Selected Financial Data