Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2012

24. Unaudited Quarterly Financial Data

Unaudited summarized financial data by quarter for the years ended December 31, 2012 and 2011 is presented in the table below and has been recast to reflect the spin-off of Engility for all periods presented as discontinued operations. The Company’s unaudited quarterly results of operations are affected, significantly in some periods, by our business acquisitions. See Note 4.


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(in millions, except per share data)
2012
Sales	$	3,160	$	3,143	$	3,283	$	3,560
Operating income		325		331		331		364
Income from continuing operations		187		191		195		215
Net income		203		208		194		215
Net income attributable to L-3		201		205		192		212
Basic EPS from continuing operations⁽¹⁾		1.88		1.97		2.01		2.28
Basic EPS⁽¹⁾		2.03		2.11		2.00		2.28
Diluted EPS from continuing operations⁽¹⁾		1.86		1.94		1.98		2.25
Diluted EPS⁽¹⁾		2.01		2.08		1.97		2.25

2011
Sales	$	3,066	$	3,248	$	3,301	$	3,543
Operating income		336		350		359		354
Income from continuing operations		179		217		214		254
Net income		207		246		238		277
Net income attributable to L-3		204		243		235		274
Basic EPS from continuing operations⁽¹⁾		1.62		2.02		2.05		2.52
Basic EPS⁽¹⁾		1.87		2.28		2.27		2.75
Diluted EPS from continuing operations⁽¹⁾		1.61		2.00		2.02		2.49
Diluted EPS⁽¹⁾		1.85		2.26		2.24		2.72

⁽¹⁾

Basic and diluted EPS and basic and diluted EPS from continuing operations amounts in each quarter are computed using the weighted-average number of shares outstanding during that quarter, while basic and diluted EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ basic or diluted EPS may not equal the full year basic or diluted EPS.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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