This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
EXELIS INC. | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(unaudited) | ||||||||||
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | Year ended December 31, | |||||||||
2014 | 2013 | 2012 | ||||||||
Product revenue | $ | 2,142 | $ | 2,136 | $ | 2,487 | ||||
Service revenue | 1,135 | 1,205 | 1,243 | |||||||
Total revenue | 3,277 | 3,341 | 3,730 | |||||||
Costs of product revenue | 1,538 | 1,517 | 1,726 | |||||||
Costs of service revenue | 898 | 967 | 1,027 | |||||||
Selling, general and administrative expenses | 372 | 395 | 459 | |||||||
Research and development expenses | 60 | 54 | 67 | |||||||
Restructuring and asset impairment charges | 12 | 80 | 19 | |||||||
Operating income | 397 | 328 | 432 | |||||||
Interest expense, net | 37 | 37 | 37 | |||||||
Other expense (income), net | (5 | ) | 3 | 3 | ||||||
Income from continuing operations before income tax expense | 365 | 288 | 392 | |||||||
Income tax expense | 135 | 110 | 146 | |||||||
Income from continuing operations | 230 | 178 | 246 | |||||||
Income from discontinued operations, net of tax | 19 | 103 | 84 | |||||||
Net income | $ | 249 | $ | 281 | $ | 330 | ||||
Earnings Per Share | ||||||||||
Basic | ||||||||||
Continuing Operations | $ | 1.22 | $ | 0.94 | $ | 1.31 | ||||
Discontinued Operations | $ | 0.10 | $ | 0.55 | $ | 0.45 | ||||
Net income | $ | 1.32 | $ | 1.49 | $ | 1.76 | ||||
Diluted | ||||||||||
Continuing Operations | $ | 1.19 | $ | 0.93 | $ | 1.30 | ||||
Discontinued Operations | $ | 0.10 | $ | 0.54 | $ | 0.45 | ||||
Net income | $ | 1.29 | $ | 1.46 | $ | 1.75 | ||||
Weighted average common shares outstanding – basic | 188.3 | 188.5 | 187.4 | |||||||
Weighted average common shares outstanding – diluted | 193.2 | 192.0 | 188.6 | |||||||
Cash dividends declared per common share | $ | 0.41 | $ | 0.41 | $ | 0.41 | ||||