Exhibit 13.1
Corrected page 70 of Textron's 2003 Annual Report to Shareholders
Selected Financial Information
| (Dollars in millions, except per share amounts and where otherwise noted) | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
Revenues | ||||||||||||||||||||||
| Bell | $ | 2,348 | $ | 2,235 | $ | 2,243 | $ | 2,194 | $ | 2,135 | ||||||||||||
| Cessna | 2,299 | 3,175 | 3,043 | 2,814 | 2,472 | |||||||||||||||||
| Fastening Systems | 1,737 | 1,650 | 1,679 | 1,996 | 2,059 | |||||||||||||||||
| Industrial | 2,903 | 2,706 | 4,330 | 4,894 | 4,585 | |||||||||||||||||
| Finance | 572 | 584 | 681 | 691 | 463 | |||||||||||||||||
Total revenues | $ | 9,859 | $ | 10,350 | $ | 11,976 | $ | 12,589 | $ | 11,714 | ||||||||||||
Segment profit | ||||||||||||||||||||||
| Bell | $ | 234 | $ | 169 | $ | 93 | $ | 264 | $ | 226 | ||||||||||||
| Cessna | 199 | 376 | 344 | 300 | 231 | |||||||||||||||||
| Fastening Systems | 66 | 72 | 70 | 192 | 204 | |||||||||||||||||
| Industrial | 141 | 163 | 280 | 525 | 472 | |||||||||||||||||
| Finance | 122 | 118 | 203 | 202 | 132 | |||||||||||||||||
Total segment profit | 762 | 898 | 990 | 1,483 | 1,265 | |||||||||||||||||
| Special charges | (159 | ) | (135 | ) | (143 | ) | (483 | ) | (66 | ) | ||||||||||||
| Total segment operating income | 603 | 763 | 847 | 1,000 | 1,199 | |||||||||||||||||
| Gain on sale of businesses | 15 | 25 | 342 | - | - | |||||||||||||||||
| Goodwill amortization | - | - | (91 | ) | (87 | ) | (73 | ) | ||||||||||||||
| Corporate expenses and other, net | (119 | ) | (114 | ) | (152 | ) | (164 | ) | (143 | ) | ||||||||||||
| Interest expense, net | (98 | ) | (108 | ) | (162 | ) | (152 | ) | (29 | ) | ||||||||||||
| Income taxes | (107 | ) | (173 | ) | (284 | ) | (299 | ) | (353 | ) | ||||||||||||
| Distributions on preferred securities of manufacturing subsidiary trust, net of income taxes | (13 | ) | (26 | ) | (26 | ) | (26 | ) | (26 | ) | ||||||||||||
Income from continuing operations* | $ | 281 | $ | 367 | $ | 474 | $ | 272 | $ | 575 | ||||||||||||
Per share of common stock | ||||||||||||||||||||||
| Income from continuing operations - basic* | $ | 2.07 | $ | 2.64 | $ | 3.36 | $ | 1.89 | $ | 3.82 | ||||||||||||
| Income from continuing operations - diluted* | $ | 2.05 | $ | 2.62 | $ | 3.32 | $ | 1.86 | $ | 3.74 | ||||||||||||
| Dividends declared | $ | 1.30 | $ | 1.30 | $ | 1.30 | $ | 1.30 | $ | 1.30 | ||||||||||||
| Book value at year-end | $ | 26.81 | $ | 24.87 | $ | 27.76 | $ | 28.24 | $ | 29.67 | ||||||||||||
| Common stock price: High | $ | 57.70 | $ | 53.17 | $ | 59.89 | $ | 74.94 | $ | 97.00 | ||||||||||||
| Low | $ | 26.85 | $ | 32.49 | $ | 31.65 | $ | 41.44 | $ | 68.44 | ||||||||||||
| Year-end | $ | 57.19 | $ | 42.16 | $ | 42.40 | $ | 46.50 | $ | 76.69 | ||||||||||||
| Common shares outstanding (in thousands): | ||||||||||||||||||||||
| Basic average | 135,875 | 138,745 | 141,050 | 143,923 | 150,389 | |||||||||||||||||
| Diluted average** | 137,217 | 140,252 | 142,937 | 146,150 | 153,754 | |||||||||||||||||
| Year-end | 137,238 | 136,500 | 141,251 | 140,933 | 147,002 | |||||||||||||||||
Financial position | ||||||||||||||||||||||
| Total assets | $ | 15,090 | $ | 15,514 | $ | 16,121 | $ | 16,370 | $ | 16,393 | ||||||||||||
| Debt: | ||||||||||||||||||||||
| Textron Manufacturing | $ | 2,027 | $ | 1,708 | $ | 1,930 | $ | 2,080 | $ | 1,762 | ||||||||||||
| Textron Finance | $ | 4,407 | $ | 4,840 | $ | 4,188 | $ | 4,667 | $ | 4,551 | ||||||||||||
| Obligated mandatorily redeemable preferred securities of subsidiary trusts: | ||||||||||||||||||||||
| Textron Manufacturing | $ | - | $ | 485 | $ | 485 | $ | 484 | $ | 483 | ||||||||||||
| Textron Finance | $ | 26 | $ | 27 | $ | 28 | $ | 28 | $ | 29 | ||||||||||||
| Shareholders' equity | $ | 3,690 | $ | 3,406 | $ | 3,934 | $ | 3,994 | $ | 4,377 | ||||||||||||
| Textron Manufacturing debt to total capital (net of cash) | 30 | % | 36 | % | 36 | % | 36 | % | 32 | % | ||||||||||||
Investment data | ||||||||||||||||||||||
| Capital expenditures | $ | 327 | $ | 318 | $ | 527 | $ | 517 | $ | 530 | ||||||||||||
| Depreciation | $ | 338 | $ | 332 | $ | 391 | $ | 374 | $ | 347 | ||||||||||||
| Research and development | $ | 587 | $ | 583 | $ | 684 | $ | 721 | $ | 670 | ||||||||||||
Other data | ||||||||||||||||||||||
| Number of employees at year-end | 43,000 | 48,000 | 50,000 | 69,000 | 67,000 | |||||||||||||||||
| Number of common shareholders at year-end | 19,000 | 20,000 | 21,000 | 21,000 | 22,000 | |||||||||||||||||
* Before cumulative effect of a change in accounting principle in 2002.
** Assumes full conversion of outstanding preferred stock and exercise of stock options.
