Exelis Reports Solid Second-Quarter 2012 Financial Results;

Exelis Reports Solid Second-Quarter 2012 Financial Results; Maintains 2012 Full-Year Outlook


Exelis Inc.
Consolidated and Combined Statements of Cash Flows
(unaudited)


(IN MILLIONS)	Six Months Ended June 30,
	2012			2011
Operating activities
Net income	$	156		$	161
Adjustments to reconcile net income to cash (use in) provided by operating activities:
Depreciation and amortization		63			68
Stock-based compensation		13			8
Restructuring charges, net		2			5
Payments for restructuring		(11	)		(14	)
Postretirement benefit plans expense		24			5
Postretirement benefit plans payments		(275	)		(9	)
Change in assets and liabilities
Change in receivables		(114	)		(67	)
Change in inventories		(1	)		(54	)
Change in other assets		(2	)		(40	)
Change in accounts payable		(21	)		86
Change in advance payments and billings in excess of costs		(29	)		7
Change in deferred taxes		130			76
Change in other liabilities		(44	)		(15	)
Other, net		(1	)		(1	)
Net cash (used in) provided by operating activities		(110	)		216
Investing activities
Capital expenditures		(50	)		(35	)
Proceeds from the sale of assets		1			—
Acquisitions, net of cash acquired		(24	)		—
Other, net		2			11
Net cash used in investing activities		(71	)		(24	)
Financing activities
Proceeds from commercial paper, net		257			—
Dividend paid		(39	)		—
Proceeds from the exercise of options		14			—
Transfers to parent, net		—			(185	)
Other, net		(2	)		(5	)
Net cash provided by (used in) financing activities		230			(190	)
Exchange rate effects on cash and cash equivalents		1			—
Net change in cash and cash equivalents		50			2
Cash and cash equivalents – beginning of year		116			18
Cash and cash equivalents – end of year	$	166		$	20

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