E-Z-GO 2011 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 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

Revenues at Textron Systems decreased $107 million, 5%, in 2011, compared with 2010, primarily due to lower volume,
reflecting the following changes:
Lower UAS volume of $84 million, largely due to lower deliveries and to the timing of revenues from various programs,
and
Lower Mission Support and Other product line volume of $56 million, largely due to the completion of several test and
training programs and lower intelligence systems volume; partially offset by
Higher Land & Marine volume of $18 million, primarily related to Armored Security Vehicles; and
Higher Weapons and Sensors revenues of $10 million, largely due to higher Sensor Fuzed Weapon volume.
Textron Systems’ operating expenses decreased $18 million, 1%, in 2011, compared with 2010, primarily due to the lower
volume, which was partially offset by the $41 million intangible asset impairment charge and $19 million, primarily in severance
costs related to the workforce reduction.
Factors contributing to the 2010 year-over-year revenue change are provided below:
(In millions)
2010 versus
2009
Volume
$ 83
Other
(3)
Total change
$ 80
Revenues at Textron Systems increased $80 million, 4%, in 2010, compared with 2009, largely due to a $151 million increase in our UAS
product line revenues, primarily due to higher volume, partially offset by a $55 million decrease in our Land and Marine Systems and
Weapons and Sensors product lines. Textron System’s operating expenses increased $90 million, 5%, in 2010, compared with 2009,
primarily due to higher net sales volume and inflation, mostly due to higher pension costs.
Textron Systems Segment Profit
Factors contributing to 2011 year-over-year segment profit change are provided below:
(In millions)
2011 versus
2010
Volume and mix
$ (37)
Inflation
(5)
Impairment charge
(41)
Other
(6)
Total change
$ (89)
Segment profit at Textron Systems decreased $89 million, 39%, in 2011, compared with 2010, primarily due to the impact of lower volume
described above and mix, along with the $41 million intangible asset impairment charge and approximately $19 million in severance
costs related to the workforce reduction included in the Other line.
Factors contributing to 2010 year-over-year segment profit change are provided below:
(In millions)
2010 versus
2009
Volume
$ 9
Inflation
(14)
Other
(5)
Total change
$ (10)
Segment profit at Textron Systems decreased $10 million in 2010, 4%, compared with 2009, as the $26 million impact of the higher UAS
volume was offset by a $19 million impact from lower volumes in the Land and Marine Systems and Weapons and Sensors product lines
and $14 million in inflation, primarily due to higher pension costs.
27
Textron Inc. Annual Report • 2011 27