The forward-looking statements in this release are made as of the date hereof and the company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the company’s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in the Exelis Inc. Form 10-K for the fiscal year ended December 31, 2012, and those described from time to time in our future reports filed with the Securities and Exchange Commission.

Exelis Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)		Three Months Ended June 30,						Six Months Ended June 30,
		2013			2012			2013			2012
Product revenue		$	518		$	620		$	1,017		$	1,273
Service revenue			733			759			1,419			1,527
Total revenue			1,251			1,379			2,436			2,800
Costs of product revenue			380			433			737			894
Costs of service revenue			594			654			1,171			1,328
Selling, general and administrative expenses			122			130			237			263
Research and development expenses			15			16			28			30
Restructuring charges, net			13			1			62			2
Operating income			127			145			201			283
Interest expense, net			10			11			18			20
Other expense (income), net			(3)			(1)			(1)			7
Income from continuing operations before income tax expense			120			135			184			256
Income tax expense			42			49			62			100
Net income		$	78		$	86		$	122		$	156
Earnings Per Share
Basic
Net income		$	0.41		$	0.46		$	0.65		$	0.83
Diluted
Net income		$	0.41		$	0.46		$	0.64		$	0.83
Weighted average common shares outstanding – basic			188.2			187.5			188.2			187.1
Weighted average common shares outstanding – diluted			190.5			188.5			190.2			188.0
Cash dividends declared per common share		$	0.10		$	0.10		$	0.21		$	0.21

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