E-Z-GO 2011 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2011 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 109

  • 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

Item 6. Selected Financial Data
(Dollars in millions, except per share amounts)
2011
2010
2009
2008
2007
Revenues
Cessna
$ 2,990
$ 2,563
$ 3,320
$ 5,662
$ 5,000
Bell
3,525
3,241
2,842
2,827
2,581
Textron Systems
1,872
1,979
1,899
1,880
1,114
Industrial
2,785
2,524
2,078
2,918
2,825
Finance
103
218
361
723
875
Total revenues
$ 11,275
$ 10,525
$ 10,500
$ 14,010
$ 12,395
Segment profit
Cessna
$ 60
$ (29)
$ 198
$ 905
$ 865
Bell
521
427
304
278
144
Textron Systems
141
230
240
251
174
Industrial
202
162
27
67
173
Finance (a)
(333)
(237)
(294)
(50)
222
Total segment profit
591
553
475
1,451
1,578
Special charges (b)
—
(190)
(317)
(526)
—
Corporate expenses and other, net
(114)
(137)
(164)
(171)
(257)
Interest expense, net for Manufacturing group
(140)
(140)
(143)
(125)
(87)
Income tax benefit (expense)
(95)
6
76
(305)
(368)
Income (loss) from continuing operations
$ 242
$ 92
$ (73)
$ 324
$ 866
Per share of common stock
Income (loss) from continuing operations — basic
$ 0.87
$ 0.33
$ (0.28)
$ 1.32
$ 3.47
Income (loss) from continuing operations — diluted (c)
$ 0.79
$ 0.30
$ (0.28)
$ 1.29
$ 3.40
Dividends declared
$ 0.08
$ 0.08
$ 0.08
$ 0.92
$ 0.85
Book value at year-end
$ 9.84
$ 10.78
$ 10.38
$ 9.75
$ 13.99
Common stock price: High
$ 28.87
$ 25.30
$ 21.00
$ 71.69
$ 74.40
Low
$ 14.66
$ 15.88
$ 3.57
$ 10.09
$ 43.60
Year-end
$ 18.49
$ 23.64
$ 18.81
$ 15.37
$ 71.62
Common shares outstanding (In thousands)
Basic average
277,684
274,452
262,923
246,208
249,792
Diluted average (c)
307,255
302,555
262,923
250,338
254,826
Year-end
278,873
275,739
272,272
242,041
250,061
Financial position
Total assets
$ 13,615
$ 15,282
$ 18,940
$ 20,031
$ 20,002
Manufacturing group debt
$ 2,459
$ 2,302
$ 3,584
$ 2,569
$ 2,146
Finance group debt
$ 1,974
$ 3,660
$ 5,667
$ 7,388
$ 7,311
Shareholders’ equity
$ 2,745
$ 2,972
$ 2,826
$ 2,366
$ 3,507
Manufacturing group debt-to-capital (net of cash)
37%
32%
39%
46%
32%
Manufacturing group debt-to-capital
47%
44%
56%
52%
38%
Investment data
Capital expenditures
$ 423
$ 270
$ 238
$ 545
$ 379
Depreciation
$ 343
$ 334
$ 344
$ 331
$ 284
18
(a) For 2011, segment profit includes a $186 million initial mark-to-market adjustment for remaining finance receivables in the Golf Mortgage
portfolio that were transferred to the held for sale classification.
(b) 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 2010, special charges also 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 include a goodwill impairment charge of $80 million in the Industrial segment. In 2008, special charges 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 valuation allowance adjustment of $293 million related to the
designation of a portion of finance receivables as held for sale.
(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
convertibles 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.
18 Textron Inc. Annual Report • 2011