Exelis Inc. | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
(unaudited) | ||||||||||||
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Product revenue | $ | 518 | $ | 620 | $ | 1,017 | $ | 1,273 | ||||
Service revenue | 733 | 759 | 1,419 | 1,527 | ||||||||
Total revenue | 1,251 | 1,379 | 2,436 | 2,800 | ||||||||
Costs of product revenue | 380 | 433 | 737 | 894 | ||||||||
Costs of service revenue | 594 | 654 | 1,171 | 1,328 | ||||||||
Selling, general and administrative expenses | 122 | 130 | 237 | 263 | ||||||||
Research and development expenses | 15 | 16 | 28 | 30 | ||||||||
Restructuring charges, net | 13 | 1 | 62 | 2 | ||||||||
Operating income | 127 | 145 | 201 | 283 | ||||||||
Interest expense, net | 10 | 11 | 18 | 20 | ||||||||
Other expense (income), net | (3) | (1) | (1) | 7 | ||||||||
Income from continuing operations before income tax expense | 120 | 135 | 184 | 256 | ||||||||
Income tax expense | 42 | 49 | 62 | 100 | ||||||||
Net income | $ | 78 | $ | 86 | $ | 122 | $ | 156 | ||||
Earnings Per Share | ||||||||||||
Basic | ||||||||||||
Net income |
$ | 0.41 | $ | 0.46 | $ | 0.65 | $ | 0.83 | ||||
Diluted | ||||||||||||
Net income | $ | 0.41 | $ | 0.46 | $ | 0.64 | $ | 0.83 | ||||
Weighted average common shares outstanding – basic | 188.2 | 187.5 | 188.2 | 187.1 | ||||||||
Weighted average common shares outstanding – diluted | 190.5 | 188.5 | 190.2 | 188.0 | ||||||||
Cash dividends declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.21 | $ | 0.21 | ||||