Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook

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

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