Exelis reports fourth-quarter and full-year 2013 financial results; provides financial guidance for 2014

  • Our dependence on the defense industry and the business risks peculiar to that industry, including changing priorities or reductions in the U.S. government or international defense budgets;
  • Government regulations and compliance therewith, including changes to the Department of Defense procurement process;
  • Our international operations, including sales to foreign customers;
  • Competition, industry capacity and production rates;
  • Misconduct of our employees, subcontractors, agents and business partners;
  • The level of returns on postretirement benefit plan assets and potential employee benefit plan contributions and other employment and pension matters;
  • Changes in interest rates and other factors that affect earnings and cash flows;
  • The mix of our contracts and programs, our performance, and our ability to control costs;
  • Governmental investigations;
  • Our level of indebtedness and our ability to make payments on or service our indebtedness;
  • Subcontractor performance;
  • Economic and capital markets conditions;
  • The availability and pricing of raw materials and components;
  • Ability to retain and recruit qualified personnel;
  • Protection of intellectual property rights;
  • Changes in technology;
  • Contingencies related to actual or alleged environmental contamination, claims and concerns;
  • Security breaches and other disruptions to our information technology and operations;
  • Our ability to execute our internal performance plans including restructuring, productivity improvements and cost reduction initiatives;
  • Unanticipated changes in our tax provisions or exposure to additional income tax liabilities; and
  • Ability to execute our internal performance plans, including restructuring, productivity and cost-reduction initiatives.

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 AND COMBINED STATEMENTS OF OPERATIONS
(preliminary and unaudited)
 
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Year ended December 31,
    2013   2012   2011
Product revenue $ 2,136 $ 2,487 $ 2,817
Service revenue     2,680     3,035     3,022
Total revenue     4,816     5,522     5,839
Costs of product revenue 1,517 1,726 1,933
Costs of service revenue 2,231 2,633 2,683
Selling, general and administrative expenses 455 516 566
Research and development expenses 54 67 99
Restructuring and asset impairment charges     83     19     23
Operating income 476 561 535
Interest expense, net 37 37 10
Other expense (income), net     2     3     (12)
Income from continuing operations before income tax expense 437 521 537
Income tax expense     156     191     211
Net income   $ 281   $ 330   $ 326
Earnings Per Share
Basic
Net income $ 1.49 $ 1.76 $ 1.75
Diluted
Net income $ 1.46 $ 1.75 $ 1.75
Weighted average common shares – basic 188.5 187.4 186.2
Weighted average common shares – diluted 192.0 188.6 186.7
Cash dividends declared per common share   $ 0.41   $ 0.41   $ 0.10
 

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