Exelis reports third-quarter 2014 financial results; revises

Exelis reports third-quarter 2014 financial results; revises full-year guidance


Exelis Inc.
Non-GAAP Financial Measures - Adjusted Net Income & Adjusted EPS Excluding Vectrus Results

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
($ million, except per share)	2014	2013	2014	2013
Reported Net Income	52	80	165	202
Subtract: Estimated Net Income, Vectrus Operations	2	24	22	84
Estimated Net Income, Stand-alone Exelis	50	56	143	118

Separation costs for the Vectrus spin-off, net of tax	9	-	19	-
Subtract: Separation costs, Vectrus Operations	8	-	15	-
Separation costs, Stand-alone Exelis	1	-	4	-

Adjusted Net Income	61	80	184	202
Subtract: Estimated Adjusted Net Income, Vectrus Operations	10	24	37	84
Estimated Adjusted Net Income, Stand-alone Exelis	51	56	147	118

Net Income per fully diluted share	0.27	0.41	0.85	1.06
Subtract: Estimated Net Income per fully diluted share, Vectrus Operations	0.01	0.13	0.11	0.44
Estimated Net Income per fully diluted share, Stand-alone Exelis	0.26	0.29	0.74	0.62

Adjusted Net Income per fully diluted share	0.32	0.41	0.95	1.06
Subtract: Estimated Adjusted net Income per fully diluted share, Vectrus Operations	0.06	0.13	0.19	0.44
Estimated Adjusted Net Income per fully diluted share, Stand-alone Exelis	0.26	0.29	0.76	0.62

Weighted Average Shares Outstanding, Diluted	193.2	192.8	193.9	191

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