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

Key Performance Indicators and Non-GAAP 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 sales, 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” defined as net income, 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. A reconciliation of adjusted net income is provided below.
 
“segment adjusted operating income” defined as operating income 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. A reconciliation of segment operating income is provided below.
 
“segment adjusted operating margin” defined as segment operating income as defined above, divided by revenue. A reconciliation of segment operating margin is provided below.
 
“Free cash flow” defined as GAAP cash from operations, less capital expenditures. This metric does not include dividend payments.
 

Exelis Inc.
Reported v. Adjusted Net Income and Adjusted EPS
First Quarter of 2012 and 2011
(in $ millions, except per share amounts)
   
 
($ million, except per share)   Q1 2012   Q1 2011
Net Income $ 70 $ 82
         
Separation Costs, net of tax 14 2
Separation Related Tax Items     4     -
Adjusted Net Income     88     84
         
Net Income per fully diluted share $ 0.37 $ 0.44
Adjusted Net Income per fully diluted share   $ 0.47   $ 0.45
 
Weighted Average Shares Outstanding, Diluted 187.5 187.1
 

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