E-Z-GO 2011 Annual Report Download - page 96

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Quarterly Data
(Unaudited)
2011
2010
(Dollars in millions, except per share amounts)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Revenues
Cessna
$ 556
$ 652
$ 771
$ 1,011
$ 433
$ 635
$ 535
$ 960
Bell
749
872
894
1,010
618
823
825
975
Textron Systems
445
452
462
513
458
534
460
527
Industrial
703
719
655
708
625
661
600
638
Finance
26
33
32
12
76
56
59
27
Total revenues
$ 2,479
$ 2,728
$ 2,814
$ 3,254
$ 2,210
$ 2,709
$ 2,479
$ 3,127
Segment profit
Cessna
$ (38)
$ 5
$ 33
$ 60
$ (24)
$ 3
$ (31)
$ 23
Bell
91
120
143
167
74
108
107
138
Textron Systems (a)
53
49
47
(8)
55
70
50
55
Industrial
61
55
37
49
49
51
37
25
Finance (b)
(44)
(33)
(24)
(232)
(58)
(71)
(51)
(57)
Total segment profit
123
196
236
36
96
161
112
184
Corporate expenses and other, net
(39)
(23)
(13)
(39)
(37)
(17)
(35)
(48)
Interest expense, net for Manufacturing group
(38)
(38)
(37)
(27)
(36)
(35)
(32)
(37)
Special charges (c)
—
—
—
—
(12)
(10)
(114)
(54)
Income tax benefit (expense)
(15)
(43)
(50)
13
(15)
(18)
21
18
Income (loss) from continuing operations
31
92
136
(17)
(4)
81
(48)
63
Income (loss) from discontinued operations, net of income taxes
(2)
(2)
6
(2)
(4)
1
—
(3)
Net income (loss)
$ 29
$ 90
$ 142
$ (19)
$ (8)
$ 82
$ (48)
$ 60
Basic earnings per share
Continuing operations
$ 0.11
$ 0.33
$ 0.49
$ (0.06)
$ (0.01)
$ 0.30
$ (0.17)
$ 0.23
Discontinued operations
(0.01)
(0.01)
0.02
(0.01)
(0.02)
—
—
(0.01)
Basic earnings per share
$ 0.10
$ 0.32
$ 0.51
$ (0.07)
$ (0.03)
$ 0.30
$ (0.17)
$ 0.22
Basic average shares outstanding (In thousands)
276,358
277,406
278,090
278,881
273,174
274,098
274,896
275,640
Diluted earnings per share (d)
Continuing operations
$ 0.10
$ 0.29
$ 0.45
$ (0.06)
$ (0.01)
$ 0.27
$ (0.17)
$ 0.20
Discontinued operations
(0.01)
—
0.02
(0.01)
(0.02)
—
—
(0.01)
Diluted earnings per share
$ 0.09
$ 0.29
$ 0.47
$ (0.07)
$ (0.03)
$ 0.27
$ (0.17)
$ 0.19
Diluted average shares outstanding (In thousands)
319,119
315,208
300,866
278,881
273,174
302,397
274,896
308,491
Segment profit margins
Cessna
(6.8)%
0.8%
4.3%
5.9%
(5.5)%
0.5%
(5.8)%
2.4%
Bell
12.1
13.8
16.0
16.5
12.0
13.1
13.0
14.2
Textron Systems
11.9
10.8
10.2
(1.6)
12.0
13.1
10.9
10.4
Industrial
8.7
7.6
5.6
6.9
7.8
7.7
6.2
3.9
Finance
(169.2)
(100.0)
(75.0)
(1,933.3)
(76.1)
(126.8)
(86.4)
(211.1)
Segment profit margin
5.0%
7.2%
8.4%
1.1%
4.3%
5.9%
4.5%
5.9%
Common stock information (d)
Price range:
High
$ 28.87
$ 28.65
$ 25.17
$ 20.41
$ 23.46
$ 25.30
$ 21.52
$ 24.18
Low
$ 23.50
$ 20.86
$ 14.66
$ 16.37
$ 17.96
$ 15.88
$ 16.02
$ 19.92
Dividends declared per share
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
(a) The fourth quarter of 2011 includes a $41 million impairment charge to write down certain intangible assets and approximately $19 million
in severance costs related to a workforce reduction at the segment.
(b) The fourth quarter of 2011 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 in the quarter.
(c) Special charges include restructuring charges of $99 million in 2010, primarily related to severance and asset impairment charges. In
addition, in the third quarter of 2010, special charges include a $91 million charge to reclassify a foreign exchange loss from equity to the
income statement as a result of substantially liquidating a Finance segment entity.
(d) For the fourth quarter of 2011 and the first and third quarters of 2010, the potential dilutive effect of stock options, restricted stock units
and the shares that could be issued upon the conversion of our 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.
85
Textron Inc. Annual Report • 2011 85