-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Gf2V/bWoBWa4Ji07aCoKFRxhfHAURMUIc87EMYJj34PsZ2iJTJQ2sWCPWahTZk/d QLizc0xBtTddYBkLww/Urw== 0000950135-96-000328.txt : 19960202 0000950135-96-000328.hdr.sgml : 19960202 ACCESSION NUMBER: 0000950135-96-000328 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960125 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960201 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXTRON INC CENTRAL INDEX KEY: 0000217346 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 050315468 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05480 FILM NUMBER: 96509818 BUSINESS ADDRESS: STREET 1: 40 WESTMINSTER ST CITY: PROVIDENCE STATE: RI ZIP: 02903 BUSINESS PHONE: 4014212800 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TEXTRON INC DATE OF NAME CHANGE: 19710510 8-K 1 TEXTRON INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 January 25, 1996 -------------------------------- (Date of earliest event reported) TEXTRON INC. ----------------------------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 1-5480 05-0315468 - -------------- --------------------- -------------------- (State of (Commission File No.) (IRS Employer Incorporation) Identification No.) 40 Westminster Street, Providence, Rhode Island 02903 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (401) 421-2800 --------------------------------------------------- (Registrant's telephone number, including area code) N/A ------------------------------------------------------------ (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS. On January 25, 1996, the Company issued a press release announcing consolidated results for the fourth quar- ter and fiscal year ended December 30, 1995. The press release stated that revenues for the quarter were $2.659 billion, as compared with $2.377 billion for the correspond- ing period in 1994, that net income for the quarter was $127 million, as compared with $112 million for the corresponding period in 1994, and that earnings per share were $1.45, as compared with $1.26 per share for the corresponding period in 1994. The press release further stated that revenues for fiscal year 1995 were $9.973 billion, as compared with fiscal 1994 revenues of $9.683 billion, that net income for fiscal year 1995 was $479 million, as compared with $433 million for fiscal 1994, and that earnings per share were $5.51, as compared with $4.80 per share for fiscal 1994. A statement of the Company's consolidated results for the fourth quarter and fiscal year ended December 30, 1995 and comparative results for the corresponding periods in 1994, a breakdown of such results by business segment and a business segment analysis, which were released concurrently with such press release, are filed herewith as Exhibit 1 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. Exhibit No. Exhibit ----------- ------- 1 Textron Inc. Fourth Quarter and Year Reve- nues and Income, Textron Inc. Revenues and Income By Business Segment Fourth Quarter and Year and Textron Segment Analysis, as announced on January 25, 1996
2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TEXTRON INC. (Registrant) By /s/ William P. Janovitz ----------------------- William P. Janovitz Vice President Financial Reporting Dated: February 1, 1996 3 4 INDEX TO EXHIBITS Exhibit No. Exhibit ----------- ------- 1 Textron Inc. Fourth Quarter and Year Reve- nues and Income, Textron Inc. Revenues and Income By Business Segment Fourth Quarter and Year and Textron Segment Analysis, as announced on January 25, 1996
4 EX-99.1 2 FOURTH QUARTER AND YEAR REVENUES AND INCOME 1 TEXTRON INC. FOURTH QUARTER AND YEAR (Dollars in millions except per share amounts)
Fourth Quarter Year ---------------------------- -------------------------------- December 30, December 31, December 30, December 31, 1995 1994 1995 1994 ----------- ----------- ------------ ------------ Revenues $ 2,659 $ 2,377 $ 9,973 $ 9,683 ========== ========== ========== ========== Income before income taxes $ 215 $ 215 $ 813 $ 754 Income taxes (85) (101) (321) (308) Elimination of minority interest in net income of Paul Revere (3) (2) (13) (13) ---------- ---------- ---------- ---------- Net income $ 127 $ 112 $ 479 $ 433 ========== ========== ========== ========== Income per share $ 1.45 $ 1.26 $ 5.51 $ 4.80 ========== ========== ========== ========== Average shares outstanding 87,345,000 89,120,000 86,894,000 90,119,000 ========== ========== ========== ==========
2 TEXTRON INC. REVENUES AND INCOME BY BUSINESS SEGMENT FOURTH QUARTER AND YEAR (In millions)
Fourth Quarter Year ---------------------------- -------------------------------- December 30, December 31, December 30, December 31, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ REVENUES - -------- MANUFACTURING: Aircraft $ 633 $ 597 $2,419 $2,186 Automotive 405 404 1,576 1,557 Industrial 395 318 1,421 1,395 Systems and Components 272 275 1,052 1,540 ------ ------ ------ ------ 1,705 1,594 6,468 6,678 ------ ------ ------ ------ FINANCIAL SERVICES: Finance 524 445 1,985 1,672 Paul Revere 430 338 1,520 1,331 ------ ------ ------ ------ 954 783 3,505 3,003 ------ ------ ------ ------ Total revenues $2,659 $2,377 $9,973 $9,681 ====== ====== ====== ====== INCOME - ------ MANUFACTURING: Aircraft $ 66 $ 63 $ 237 $ 194 Automotive 39 38 138 139 Industrial 42 29 162 142 Systems and Components 19 43 85 99 ------ ------ ------ ------ 166 173 622 574 ------ ------ ------ ------ FINANCIAL SERVICES: Finance 93 84 365 331 Paul Revere 33 24 123 131 ------ ------ ------ ------ 126 108 488 462 ------ ------ ------ ------ Segment operating income 292 281 1,110 1,036 Corporate expenses and other - net (26) (20) (98) (78) Interest expense - net (51) (46) (199) (204) ------ ------ ------ ------ Income before income taxes $ 215 $ 215 $ 813 $ 754 ====== ====== ====== ======
3 TEXTRON SEGMENT ANALYSIS AIRCRAFT - -------- The Aircraft segment's revenues and income for the fourth quarter increased 6% and 5% respectively. For the year, income increased 22% on an 11% increase in revenues. Bell Helicopter's revenues and income increased for both the quarter and the year due to higher international aircraft sales, including deliveries under a 100-unit order to the Canadian Forces. The year also benefited from higher revenues under the V-22 engineering and manufacturing development contract. For the year, these positive factors were partially offset by increased product development expenses on the new model 407. Backlog decreased to $2.0 billion from $2.4 billion at the end of 1994, reflecting deliveries under the Canadian Forces contract and performance under the V-22 contract. Cessna Aircraft's revenues increased for both the quarter and the year due to higher sales of aircraft. Income decreased for the quarter reflecting increased product development expenses related to the Bravo and Excel Citation aircraft. For the year, however, Cessna's income increased as higher product development expenses were more than offset by the benefit of higher sales, lower bid and proposal expenses and lower product support costs. Backlog increased to $1.5 billion from $1.4 billion at year-end 1994. AUTOMOTIVE - ---------- Revenues and income for the quarter and year approximated last year's levels. These results were achieved despite a reduction in North American automotive production, reflecting higher production of models with Textron content. Textron's average dollar content per car and light truck built in North America increased to $116 from $112 in 1994. INDUSTRIAL - ---------- For the quarter, revenues and income increased 24% and 45% respectively and for the year they increased 2% and 14% respectively. The increase in revenues and income for both periods was due to higher sales in the fastening systems business, reflecting the acquisitions of Elco Industries and Friedr. Boesner GmbH, higher sales in the contractor tool business and higher sales and better performance in the turf-care business. In addition, the year's results included Avdel for the full year in 1995 compared with nine months in 1994. Excluding the impact of the divestiture of the Homelite division (in August 1994), revenues and income for the full year increased 18% and 26% respectively. 4 SYSTEMS AND COMPONENTS - ---------------------- For the quarter, revenues were essentially unchanged while income decreased 56%. Revenues and income decreased 32% and 14% respectively, for the year. Both periods in 1994 included the Textron Lycoming Engine division, which was sold in October 1994. The operating margin increased to 8.1% for the year from 6.4% in 1994. For the year, excluding the impact of that division and the effects of certain provisions in 1994, revenues and income both decreased 9%. The decrease in revenues and income on the remaining businesses was primarily due to reduced shipments on certain commercial aerospace and U.S. government contracts. FINANCE - ------- Income for the quarter increased 11% on an 18% increase in revenues. For the year, revenues and income increased 19% and 10% respectively. Avco Financial Services' results increased for both periods, reflecting a higher level of consumer finance receivables and an increase in the contribution from the insurance operations. These factors were partially offset by an increase in the cost of funds and an increase in the level of charge-offs. AFS' charge-off ratio increased to 2.10% for the year from 1.99% in 1994. The results for Textron's commercial finance division, Textron Financial Corporation, increased for both periods due to a higher level of finance receivables and higher yields on finance receivables, partially offset by an increase in the cost of funds. Full year results also benefited from a lower level of charge-offs. PAUL REVERE - ----------- Revenues increased 27% and 14% for the quarter and full year respectively, primarily due to increased premiums in individual and group disability insurance and higher net investment income, including net realized investment gains. Income decreased 6% for the year while it increased 38% for the quarter. Income for the quarter was positively impacted by higher premium revenues and a lower benefit ratio in the individual disability line. Fourth quarter results included $60 million of net realized investment gains and losses of $62 million in the excess-risk reinsurance line, including reserve strengthening, as a result of a loss recognition study. 5 For the quarter, the individual disability insurance benefit ratio, excluding reserve strengthening in the excess risk reinsurance line was 81.5% compared with 92.3% in the fourth quarter of 1994, and better than the 83.5% experienced in the third quarter of 1995. The corresponding ratio for the full year was 85.3% compared with 83.8% in 1994, which was the principal reason for the decrease in income for the year. ### -----END PRIVACY-ENHANCED MESSAGE-----