Exelis reports first-quarter 2013 financial results; reaffirms

Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast


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


(IN MILLIONS)	Three Months Ended March 31,
	2013			2012
Operating activities
Net income	$	44		$	70
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		27			30
Stock-based compensation		5			5
Restructuring charges, net		49			1
Payments for restructuring		(6	)		(8	)
Defined benefit plans expense		26			12
Defined benefit plans payments		(39	)		(197	)
Change in assets and liabilities
Change in receivables		(27	)		(225	)
Change in inventories		(17	)		1
Change in other assets		(3	)		(11	)
Change in accounts payable		(77	)		15
Change in advance payments and billings in excess of costs		6			10
Change in deferred taxes		18			69
Change in other liabilities		(72	)		(66	)
Other, net		1			(4	)
Net cash used in operating activities		(65	)		(298	)
Investing activities
Capital expenditures		(17	)		(24	)
Proceeds from the sale of assets		—			1
Acquisitions, net of cash acquired		(15	)		—
Other, net		—			2
Net cash used in investing activities		(32	)		(21	)
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		1			13
Other, net		(2	)		2
Net cash (used in) provided by financing activities		(1	)		406
Exchange rate effects on cash and cash equivalents		(9	)		5
Net change in cash and cash equivalents		(107	)		92
Cash and cash equivalents – beginning of year		292			116
Cash and cash equivalents – end of period	$	185		$	208