E-Z-GO 2009 Annual Report Download - page 97

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88
Quarterly Data
(a)
(Unaudited) 2009 2008
(Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues
Cessna $ 769 $ 871 $ 825 $ 855 $ 1,246 $ 1,501 $ 1,418 $ 1,497
Bell 742 670 628 802 574 698 702 853
Textron Systems 418 477 502 502 519 467 441 453
Industrial 475 508 523 572 753 841 726 598
Finance 122 86 71 82 214 177 184 148
Total revenues $ 2,526 $ 2,612 $ 2,549 $ 2,813 $ 3,306 $ 3,684 $ 3,471 $ 3,549
Segment profit
Cessna $ 90 $ 48 $ 32 $ 28 $ 207 $ 262 $ 238 $ 198
Bell 69 72 79 84 53 68 63 94
Textron Systems 52 55 68 65 67 60 67 57
Industrial (9) 12 6 18 41 44 6 (24)
Finance (66) (99) (64) (65) 42 13 18 (123)
Total segment profit 136 88 121 130 410 447 392 202
Special charges (b) (32) (129) (42) (114) — — — (526)
Corporate expenses and other, net (35) (45) (44) (40) (41) (43) (39) (48)
Interest expense, net for Manufacturing group (28) (34) (40) (41) (30) (29) (32) (34)
Income tax benefit (expense) 2 58 11 5 (114) (125) (116) 50
Income (loss) from continuing operations 43 (62) 6 (60) 225 250 205 (356)
Income (loss) from discontinued operations,
net of income taxes 43 4 (2) (3) 6 8 1 147
Net income (loss) $ 86 $ (58) $ 4 $ (63) $ 231 $ 258 $ 206 $ (209)
Basic earnings per share
Continuing operations $ 0.18 $ (0.23) $ 0.02 $ (0.22) $ 0.90 $ 1.00 $ 0.85 $ (1.47)
Discontinued operations 0.17 0.01 (0.01) (0.01) 0.03 0.03 — 0.61
Basic earnings per share $ 0.35 $ (0.22) $ 0.01 $ (0.23) $ 0.93 $ 1.03 $ 0.85 $ (0.86)
Basic average shares outstanding (In thousands) 243,988 264,091 271,224 272,168 249,315 250,039 243,753 242,150
Diluted earnings per share (c)
Continuing operations $ 0.18 $ (0.23) $ 0.02 $ (0.22) $ 0.88 $ 0.98 $ 0.83 $ (1.47)
Discontinued operations 0.17 0.01 (0.01) (0.01) 0.03 0.03 — 0.61
Diluted earnings per share $ 0.35 $ (0.22) $ 0.01 $ (0.23) $ 0.91 $ 1.01 $ 0.83 $ (0.86)
Diluted average shares outstanding (In thousands) 244,956 264,091 278,429 272,168 254,500 254,580 247,182 242,150
Segment profit margins
Cessna 11.7% 5.5% 3.9% 3.3% 16.6% 17.4% 16.8% 13.2%
Bell 9.3 10.7 12.6 10.5 9.2 9.7 9.0 11.0
Textron Systems 12.4 11.5 13.5 12.9 12.9 12.8 15.2 12.6
Industrial (1.9) 2.4 1.1 3.1 5.4 5.2 0.8 (4.0)
Finance (54.1) (115.1) (90.1) (79.3) 19.6 7.3 9.8 (83.1)
Segment profit margin 5.4% 3.4% 4.7% 4.6% 12.4% 12.1% 11.3% 5.7%
Common stock information (c)
Price range: High $ 16.52 $ 14.37 $ 20.99 $ 21.00 $ 71.69 $ 65.52 $ 49.90 $ 32.31
Low $ 3.57 $ 7.13 $ 8.51 $ 17.55 $ 47.50 $ 47.03 $ 28.43 $ 10.09
Dividends per share $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.23 $ 0.23 $ 0.23 $ 0.23
(a) In the first quarter of 2009, we sold HR Textron, and in the third quarter of 2008, we completed the sale of our Fluid & Power business. Both of these businesses
have been reclassified into discontinued operations, and all periods presented have been recast to reflect this presentation.
(b) Special charges in 2009 include restructuring charges of $237 million, primarily related to severance and asset impairment charges, and an $80 million
goodwill impairment charge in the Industrial segment. Special charges in the fourth quarter of 2008 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 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) For the second and fourth quarters of 2009 and the fourth quarter of 2008, the diluted earnings per share average share base excludes potential common
shares (convertible preferred stock, convertible debt and related warrants, stock options and restricted stock units) due to their antidilutive effect resulting from
the net loss.
Quarterly Data