E-Z-GO 2009 Annual Report Download - page 25

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(Dollars in millions, except per share amounts and where otherwise noted) 2009 2008 2007 2006 2005
Revenues
Cessna $ 3,320 $ 5,662 $ 5,000 $ 4,156 $ 3,480
Bell 2,842 2,827 2,581 2,347 2,075
Textron Systems 1,899 1,880 1,114 790 529
Industrial 2,078 2,918 2,825 2,611 2,559
Finance 361 723 875 798 628
Total revenues $ 10,500 $ 14,010 $ 12,395 $ 10,702 $ 9,271
Segment profit
Cessna $ 198 $ 905 $ 865 $ 645 $ 457
Bell 304 278 144 108 269
Textron Systems 240 251 174 92 45
Industrial 27 67 173 149 125
Finance (294) (50) 222 210 171
Total segment profit 475 1,451 1,578 1,204 1,067
Special charges (a) (317) (526) — — (118)
Corporate expenses and other, net (164) (171) (257) (207) (203)
Interest expense, net for Manufacturing group (143) (125) (87) (90) (90)
Income taxes 76 (305) (368) (247) (196)
Income (loss) from continuing operations $ (73) $ 324 $ 866 $ 660 $ 460
Per share of common stock (b)
Income (loss) from continuing operations — basic $ (0.28) $ 1.32 $ 3.47 $ 2.59 $ 1.72
Income (loss) from continuing operations — diluted (c) $ (0.28) $ 1.29 $ 3.40 $ 2.53 $ 1.69
Dividends declared $ 0.08 $ 0.92 $ 0.85 $ 0.78 $ 0.70
Book value at year-end $ 10.38 $ 9.75 $ 13.99 $ 10.51 $ 12.55
Common stock price: High $ 21.00 $ 71.69 $ 74.40 $ 49.48 $ 40.36
Low $ 3.57 $ 10.09 $ 43.60 $ 37.76 $ 32.60
Year-end $ 18.81 $ 15.37 $ 71.62 $ 46.88 $ 38.49
Common shares outstanding (In thousands) (b)
Basic average 262,923 246,208 249,792 255,098 267,062
Diluted average (c) 262,923 250,338 254,826 260,444 272,892
Year-end 272,272 242,041 250,061 251,192 260,370
Financial position
Total assets $ 18,940 $ 20,031 $ 20,002 $ 17,594 $ 16,539
Manufacturing group debt $ 3,584 $ 2,569 $ 2,146 $ 1,796 $ 1,930
Finance group debt $ 5,667 $ 7,388 $ 7,311 $ 6,862 $ 5,420
Shareholders’ equity $ 2,826 $ 2,366 $ 3,507 $ 2,649 $ 3,276
Manufacturing group debt-to-capital (net of cash) 39% 46% 32% 29% 26%
Manufacturing group debt-to-capital 56% 52% 38% 40% 37%
Investment data
Capital expenditures $ 238 $ 545 $ 379 $ 415 $ 354
Depreciation $ 344 $ 331 $ 284 $ 257 $ 270
Research and development $ 844 $ 966 $ 804 $ 771 $ 672
Other data
Number of employees at year-end 32,000 43,000 42,000 38,000 35,000
Number of common shareholders at year-end 14,000 15,000 15,000 16,000 17,000
(a) For 2009, special charges include restructuring charges of $237 million and a goodwill impairment charge in the Industrial segment of $80 million. For 2008,
special charges include restructuring charges of $64 million and charges related to strategic actions taken in 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 business and $6
million in restructuring charges.
(b) For 2008, basic and diluted shares outstanding have been recast to reflect the adoption of a new accounting standard in 2009 that requires restricted stock
units with nonforfeitable rights to dividends to be included in the calculation of earnings per share as participating securities using the two-class method. Prior
to 2008, we did not grant this type of restricted stock unit. Amounts for 2006 and 2005 have been restated to reflect a two-for-one stock split in 2007.
(c) For 2009, the diluted average share base excluded potential common shares (convertible debt and related warrants, stock options and restricted stock units)
due to their antidilutive effect resulting from the loss from continuing operations.
Item 6. Selected Financial Data