E-Z-GO 2012 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2012 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 106

  • 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

18 Textron Inc. Annual Report ● 2012
Item 6. Selected Financial Data
(Dollars in millions, except per share amounts) 2012 2011 2010 2009 2008
Revenues
Cessna $ 3,111 $ 2,990 $ 2,563 $ 3,320 $ 5,662
Bell 4,274 3,525 3,241 2,842 2,827
Textron Systems 1,737 1,872 1,979 1,899 1,880
Industrial 2,900 2,785 2,524 2,078 2,918
Finance 215 103 218 361 723
Total revenues $ 12,237 $ 11,275 $ 10,525 $ 10,500 $ 14,010
Segment profit
Cessna $ 82 $ 60 $ (29) $ 198 $ 905
Bell 639 521 427 304 278
Textron Systems 132 141 230 240 251
Industrial 215 202 162 27 67
Finance (a) 64 (333) (237) (294) (50)
Total segment profit 1,132 591 553 475 1,451
Special charges (b) — — (190) (317) (526)
Corporate expenses and other, net (148) (114) (137) (164) (171)
Interest expense, net for Manufacturing group (143) (140) (140) (143) (125)
Income tax (expense) benefit (260) (95) 6 76 (305)
Income (loss) from continuing operations $ 581 $ 242 $ 92 $ (73) $ 324
Per share of common stock
Income (loss) from continuing operations — basic $ 2.07 $ 0.87 $ 0.33 $ (0.28) $ 1.32
Income (loss) from continuing operations — diluted (c) $ 1.97 $ 0.79 $ 0.30 $ (0.28) $ 1.29
Dividends declared $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.92
Book value at year-end $ 11.03 $ 9.84 $ 10.78 $ 10.38 $ 9.75
Common stock price: High $ 29.18 $ 28.87 $ 25.30 $ 21.00 $ 71.69
Low $ 18.37 $ 14.66 $ 15.88 $ 3.57 $ 10.09
Year-end $ 24.12 $ 18.49 $ 23.64 $ 18.81 $ 15.37
Common shares outstanding (In thousands)
Basic average 280,182 277,684 274,452 262,923 246,208
Diluted average (c) 294,663 307,255 302,555 262,923 250,338
Year-end 271,263 278,873 275,739 272,272 242,041
Financial position
Total assets $ 13,033 $ 13,615 $ 15,282 $ 18,940 $ 20,031
Manufacturing group debt $ 2,301 $ 2,459 $ 2,302 $ 3,584 $ 2,569
Finance group debt $ 1,686 $ 1,974 $ 3,660 $ 5,667 $ 7,388
Shareholders’ equity $ 2,991 $ 2,745 $ 2,972 $ 2,826 $ 2,366
Manufacturing group debt-to-capital (net of cash) 24% 37% 32% 39% 46%
Manufacturing group debt-to-capital 44% 47% 44% 56% 52%
Investment data
Capital expenditures $ 480 $ 423 $ 270 $ 238 $ 545
Depreciation $ 336 $ 343 $ 334 $ 344 $ 331
(a) For 2011, segment profit included a $186 million initial mark-to-market adjustment for 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.