The forward-looking statements in this release are made as of the date hereof and the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in the Exelis Inc. Form 10-K for the fiscal year ended December 31, 2012, and those described from time to time in our future reports filed with the Securities and Exchange Commission.

Exelis Inc.
Consolidated Consolidated Statements of Operations
(unaudited)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)			Three Months Ended March 31,
			2013				2012
Product revenue			$	499			$	653
Service revenue				686				768
Total revenue				1,185				1,421
Costs of product revenue				357				461
Costs of service revenue				577				674
Selling, general and administrative expenses				115				133
Research and development expenses				13				14
Restructuring charges, net				49				1
Operating income				74				138
Interest expense, net				8				9
Other expense (income), net				2				8
Income from continuing operations before income tax expense				64				121
Income tax expense				20				51
Net income			$	44			$	70
Earnings Per Share
Basic
Net income			$	0.23			$	0.38
Diluted
Net income			$	0.23			$	0.37
Weighted average common shares outstanding – basic				188.3				186.6
Weighted average common shares outstanding – diluted				189.8				187.5
Cash dividends declared per common share			$	0.10			$	0.10

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