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

Key Performance Indicators and Non-GAAP Financial Measures

Management reviews key performance indicators including revenue, segment operating income and margins, orders growth, and backlog, among other metrics on a regular basis. In addition, we consider certain additional measures to be useful to management and investors evaluating our operating performance for the periods presented, and provide a tool for evaluating our ongoing operations, liquidity and management of assets. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including, but not limited to, acquisitions and debt repayment. These metrics, however, are not measures of financial performance under accounting principles generally accepted in the United States of America (GAAP) and should not be considered a substitute for revenue, operating income, income from continuing operations, or net cash from continuing operations as determined in accordance with GAAP. We consider the following non-GAAP measure, which may not be comparable to similarly titled measures reported by other companies, to be a key performance indicator:

“Adjusted net income from continuing operations” defined as net income from continuing operations, adjusted to exclude items that include, but are not limited to, significant charges or credits that impact current results, but are not related to our ongoing operations, unusual and infrequent non-operating items and non-operating tax settlements or adjustments.

“Segment adjusted operating income from continuing operations” defined as operating income from continuing operations of our two segments, adjusted to exclude items that include, but are not limited to, significant charges or credits that impact current results, but are not related to our ongoing operations, unusual and infrequent non-operating items and non-operating tax settlements or adjustments.

“Segment adjusted operating margin from continuing operations” defined as segment adjusted operating income from continuing operations as defined above, divided by revenue from continuing operations.

“Free cash flow from continuing operations” defined as GAAP net cash provided by operating activities from continuing operations, less capital expenditures plus separation costs. This metric does not include dividend payments.

 
Exelis Inc.
Non-GAAP Financial Measures - Adjusted Net Income & Adjusted EPS
       
Three Months Ended Twelve Months Ended
December 30, December 30,
($ million, except per share)   2014   2013 2014   2013
Net Income from Continuing Operations 87 61 230 178
               
Separation Costs for Vectrus Spin-off, net of tax 3 - 7 -
Tax-related special items for the 2011 ITT Spin-off, net of tax     -     5   -     5
Adjusted Net Income from Continuing Operations     90     66   237     183
               
Net Income from Continuing Operations per fully diluted share $ 0.45 $ 0.31 $ 1.19 $ 0.93
Adjusted Net Income from Continuing Operations per fully diluted share   $ 0.47   $ 0.34 $ 1.23   $ 0.95
 
Weighted Average Shares Outstanding, Diluted 191.3 194.2 193.2 192.0
 

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