Raytheon 2006 Annual Report Download - page 123

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The country of destination was used to attribute sales to either United States or Outside United States (including foreign
military sales through the U.S. government of $1.3 billion, $1.1 billion and $1.0 billion in 2006, 2005 and 2004,
respectively). Sales to major customers in 2006, 2005 and 2004 were: U.S. government, including foreign military sales,
$17,016 million, $15,709 million and $14,568 million, respectively, including U.S. Department of Defense, $15,610
million, $14,272 million and $13,220 million, respectively.
Long-lived Assets by Geographic Areas (in millions)
United
States
All Other
(Principally
Europe) Total
December 31, 2006 $4,128 $307 $4,435
December 31, 2005 4,216 298 4,514
Note 16: Quarterly Operating Results (Unaudited)
(In millions except per share amounts and stock prices)
2006(3) First Second Third Fourth
Net sales $4,660 $4,973 $4,936 $5,722
Gross margin 853 941 889 1,043
Income from continuing operations 272 276 267 292
Net income 287 310 321 365
Earnings per share from continuing operations(1)
Basic $ 0.61 $ 0.62 $ 0.60 $ 0.66
Diluted 0.61 0.61 0.59 0.65
Earnings per share(1)
Basic 0.65 0.70 0.73 0.83
Diluted 0.64 0.69 0.71 0.81
Cash dividends per share
Declared(2) — 0.24 0.48 0.24
Paid 0.22 0.24 0.24 0.24
Common stock prices
High $45.99 $47.27 $47.90 $53.86
Low 39.99 42.95 43.56 47.73
2005(3) First Second Third Fourth
Net sales $4,502 $4,722 $4,690 $5,124
Gross margin 754 816 777 885
Income from continuing operations 188 200 199 231
Net income 166 201 228 276
Earnings per share from continuing operations(1)
Basic $ 0.42 $ 0.45 $ 0.45 $ 0.52
Diluted 0.41 0.44 0.44 0.51
Earnings per share(1)
Basic 0.37 0.45 0.51 0.62
Diluted 0.36 0.44 0.50 0.61
Cash dividends per share
Declared 0.22 0.22 0.22 0.22
Paid 0.20 0.22 0.22 0.22
Common stock prices
High $39.19 $39.69 $39.83 $40.21
Low 36.41 36.54 36.99 36.34
(1) Earnings per share are computed independently for each of the quarters presented, therefore, the sum of the quarterly earnings per share may not
equal the total computed for the year.
(2) On June 29, 2006 our Board of Directors approved a quarterly dividend of $0.24 per share. As the approval occurred after the end of the second
quarter, the dividend was recorded in the third quarter of 2006. In addition, on September 22, 2006 our Board of Directors approved a quarterly
dividend of $0.24 per share, which was also recorded in the third quarter of 2006.
(3) All periods presented have been reclassified to show Raytheon Aircraft as a discontinued operation as a result of entering into a definitive
agreement in 2006 to sell Raytheon Aircraft.
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