Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook
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Exelis Inc.
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Consolidated and Combined Statements of Cash Flows
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(unaudited)
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(IN MILLIONS)
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Three Months Ended March 31,
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2012
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2011
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Operating activities
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Net income
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$
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70
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$
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82
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Adjustments to reconcile net income to cash (use in) provided by
operating activities:
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Depreciation and amortization
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30
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34
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Stock-based compensation
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5
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2
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Restructuring charges, net
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1
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4
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Payments for restructuring
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(8
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)
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(9
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)
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Postretirement benefit plans expense
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12
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2
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Postretirement benefit plans payments
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(197
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)
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(5
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)
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Change in assets and liabilities
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Change in receivables
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(225
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)
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(49
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)
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Change in inventories
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1
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(62
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)
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Change in other assets
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(11
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(19
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)
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Change in accounts payable
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15
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22
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Change in advance payments and billings in excess of costs
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10
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44
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Change in deferred taxes
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69
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50
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Change in other liabilities
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(66
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)
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(69
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Other, net
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(4
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(2
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Net cash (used in) provided by operating activities
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(298
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)
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25
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Investing activities
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Capital expenditures
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(24
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)
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(13
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Proceeds from the sale of assets
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1
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2
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Acquisitions, net of cash acquired
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—
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(1
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Other, net
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2
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—
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Net cash used in investing activities
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(21
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)
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(12
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Financing activities
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Short-term borrowing under credit facility, net
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145
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—
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Proceeds from commercial paper, net
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265
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—
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Dividend paid
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(19
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)
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—
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Proceeds from the exercise of options
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13
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—
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Transfers to parent, net
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—
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(20
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)
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Other, net
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2
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—
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Net cash provided by (used in) financing activities
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406
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(20
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)
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Exchange rate effects on cash and cash equivalents
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5
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—
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Net change in cash and cash equivalents
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92
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(7
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)
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Cash and cash equivalents – beginning of year
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116
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18
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Cash and cash equivalents – end of year
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$
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208
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$
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11
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