Exelis reports fourth-quarter and full-year 2014 financial results

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
 

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