Exelis reports second-quarter 2013 financial results; reaffirms full-year guidance

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.
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
 

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