Exelis Reports Solid First-Quarter 2012 Financial Results Driven

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

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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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