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, 2013, and those described from time to time in our future reports filed with the Securities and Exchange Commission.

Exelis Inc.
Consolidated Statements of Operations
(unaudited)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)			Three Months Ended September 30,								Nine Months Ended September 30,
			2014				2013				2014				2013
Product revenue			$	503			$	498			$	1,506			$	1,515
Service revenue				565				643				1,724				2,062
Total revenue				1,068				1,141				3,230				3,577
Cost of product revenue				356				354				1,088				1,091
Cost of service revenue				477				537				1,456				1,708
Selling, general and administrative expenses				117				100				344				337
Research and development expenses				18				11				43				39
Restructuring and asset impairment charges				4				6				11				68
Operating income				96				133				288				334
Interest expense, net				9				10				27				28
Other (income) expense, net				(1)				3				(5)				2
Income from continuing operations before income tax expense				88				120				266				304
Income tax expense				36				40				101				102
Net income			$	52			$	80			$	165			$	202
Earnings Per Share
Basic
Net income			$	0.28			$	0.42			$	0.87			$	1.07
Diluted
Net income			$	0.27			$	0.41			$	0.85			$	1.06
Weighted average common shares outstanding – basic				188.4				188.5				189.0				188.3
Weighted average common shares outstanding – diluted				193.2				192.8				193.9				191.0
Cash dividends declared per common share			$	0.10			$	0.10			$	0.31			$	0.31

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