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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