E-Z-GO 2010 Annual Report Download - page 29

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Item 6. Selected Financial Data
(Dollars in millions, except per share amounts)
2010
2009
2008
2007
2006
Revenues
Cessna
$ 2,563
$ 3,320
$ 5,662
$ 5,000
$ 4,156
Bell
3,241
2,842
2,827
2,581
2,347
Textron Systems
1,979
1,899
1,880
1,114
790
Industrial
2,524
2,078
2,918
2,825
2,611
Finance
218
361
723
875
798
Total revenues
$ 10,525
$ 10,500
$ 14,010
$ 12,395
$ 10,702
Segment profit
Cessna
$ (29)
$ 198
$ 905
$ 865
$ 645
Bell
427
304
278
144
108
Textron Systems
230
240
251
174
92
Industrial
162
27
67
173
149
Finance
(237)
(294)
(50)
222
210
Total segment profit
553
475
1,451
1,578
1,204
Special charges (a)
(190)
(317)
(526)
—
—
Corporate expenses and other, net
(137)
(164)
(171)
(257)
(207)
Interest expense, net for Manufacturing group
(140)
(143)
(125)
(87)
(90)
Income tax benefit (expense)
6
76
(305)
(368)
(247)
Income (loss) from continuing operations
$ 92
$ (73)
$ 324
$ 866
$ 660
Per share of common stock (b)
Income (loss) from continuing operations — basic
$ 0.33
$ (0.28)
$ 1.32
$ 3.47
$ 2.59
Income (loss) from continuing operations — diluted (c)
$ 0.30
$ (0.28)
$ 1.29
$ 3.40
$ 2.53
Dividends declared
$ 0.08
$ 0.08
$ 0.92
$ 0.85
$ 0.78
Book value at year-end
$ 10.78
$ 10.38
$ 9.75
$ 13.99
$ 10.51
Common stock price: High
$ 25.30
$ 21.00
$ 71.69
$ 74.40
$ 49.48
Low
$ 15.88
$ 3.57
$ 10.09
$ 43.60
$ 37.76
Year-end
$ 23.64
$ 18.81
$ 15.37
$ 71.62
$ 46.88
Common shares outstanding (In thousands) (b)
Basic average
274,452
262,923
246,208
249,792
255,098
Diluted average (c)
302,555
262,923
250,338
254,826
260,444
Year-end
275,739
272,272
242,041
250,061
251,192
Financial position
Total assets
$ 15,282
$ 18,940
$ 20,031
$ 20,002
$ 17,594
Manufacturing group debt
$ 2,302
$ 3,584
$ 2,569
$ 2,146
$ 1,796
Finance group debt
$ 3,660
$ 5,667
$ 7,388
$ 7,311
$ 6,862
Shareholders’ equity
$ 2,972
$ 2,826
$ 2,366
$ 3,507
$ 2,649
Manufacturing group debt-to-capital (net of cash)
32%
39%
46%
32%
29%
Manufacturing group debt-to-capital
44%
56%
52%
38%
40%
Investment data
Capital expenditures
$ 270
$ 238
$ 545
$ 379
$ 415
Depreciation
$ 334
$ 344
$ 331
$ 284
$ 257
Research and development
$ 702
$ 844
$ 966
$ 804
$ 771
(a) Special charges include restructuring charges of $99 million, $237 million and $64 million in 2010, 2009 and 2008, respectively, primarily
related to severance and asset impairment charges. In addition, in the third quarter of 2010, special charges include a $91 million non-cash
pre-tax charge to reclassify a foreign exchange loss from equity to the income statement as a result of substantially liquidating a Finance
segment entity. In 2009, special charges also include a goodwill impairment charge of $80 million in the Industrial segment. In 2008, special
charges also include charges related to strategic actions taken in the Finance segment to exit portions of the commercial finance business,
including an impairment charge of $169 million for unrecoverable goodwill and the initial pre-tax mark-to-market adjustment of $293 million
related to the designation of a portion of our finance receivables as held for sale.
(b) For 2008, basic and diluted shares outstanding have been recast to reflect the adoption of a new accounting standard in 2009 that required
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 have been restated to reflect a
two-for-one stock split in 2007.
(c) For 2009, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon the conversion of our
4.50% Convertible Senior Notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average
shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations.