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8-K - ROCKWELL COLLINS INCv238368_8k.htm
 
 
400 Collins Road NE
Cedar Rapids, Iowa 52498
 
   
 
EXHIBIT 99.1

News Release
 
Rockwell Collins reports fourth quarter 2011 earnings per share increased 20% to $1.13
 
 
Full year operating cash flow of $657 million, 104% of net income
 
 
Full year earnings per share up 15% to $4.06
 
 
Reiterate fiscal year 2012 guidance
 
CEDAR RAPIDS, Iowa (October 28, 2011) - Rockwell Collins, Inc. (NYSE: COL) today reported fourth quarter fiscal year 2011 net income of $175 million, an increase of $25 million, or 17%, from $150 million in the same period last year. Earnings per share for the quarter were $1.13, an increase of $0.19, or 20%, from earnings per share of $0.94 in the fourth quarter of 2010. Earnings per share and net income for the fourth quarter of 2011 include an $0.11, or $17 million gain ($27 million before income taxes) from the divestiture of the Rollmet business and an offsetting restructuring charge of $0.11, or $17 million ($27 million before income taxes).
 
The company reported a sales increase of $25 million, or 2%, to $1.296 billion for the fourth quarter of 2011 compared to sales of $1.271 billion for the same period a year ago. Total segment operating earnings increased 9% to $271 million, or 20.9% of sales, for the fourth quarter of 2011 compared to $248 million, or 19.5% of sales, for the fourth quarter of 2010.
 
Full year 2011 earnings per share increased 15% to $4.06 compared to $3.52 last year.  The increase in earnings per share resulted from higher sales, increased segment operating margins, a lower effective income tax rate and the favorable impact from share repurchases. Total company sales for fiscal year 2011 increased $175 million, or 4% to $4.806 billion driven by a 13% increase in Commercial Systems sales partially offset by a 2% reduction in Government Systems.
 
Cash provided by operating activities for fiscal year 2011 totaled $657 million driven by $411 million of operating cash flow during the fourth quarter of 2011. Operating cash flow as a percent of net income was 104% for fiscal year 2011.
 
”I am pleased with the performance of our business as we closed out fiscal year 2011, especially related to cash flow generation and increased operating margins,” said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. “Commercial Systems continued to realize strong revenue growth and rapidly expanding operating margins, while Government Systems sustained its robust operating margins in the face of modestly declining sales.”
 
Jones went on to state, “The balance and diversity of our business should enable continued revenue growth for fiscal year 2012 driven by the strength of commercial markets. We also expect to realize additional operating margin expansion, cash flow generation aligned with our long-term goals, and earnings per share growth at more than three times the rate of sales growth.”
 
Following is a discussion of fiscal year 2011 fourth quarter sales and earnings for each business segment. Commercial Systems' segment results exclude the results of the Rollmet business for all periods presented. The divestiture of Rollmet closed during the fourth quarter of fiscal year 2011 and is classified as a discontinued operation.
 
 
1

 
 
Commercial Systems
 
Commercial Systems, which provides aviation electronics systems, products and services to air transport, business and regional aircraft manufacturers and airlines worldwide, achieved 2011 fourth quarter sales of $517 million, an increase of $44 million, or 9%, compared to sales of $473 million reported for the same period last year.

Sales related to aircraft original equipment manufacturers increased $37 million, or 16%, to $268 million driven by higher product deliveries for the Bombardier Global platform and increased sales of avionics to air transport OEMs resulting from higher aircraft production rates. Aftermarket sales increased $6 million, or 3%, to $214 million primarily driven by increased service and support sales partially offset by the absence of Project Liberty spares delivered in same period last year.
 
Commercial Systems fourth quarter operating earnings increased $22 million, or 28%, to $101 million, resulting in an operating margin of 19.5%, compared to operating earnings of $79 million, and an operating margin of 16.7%, for the same period a year ago. The increase in operating earnings and margin was primarily attributable to higher sales volume, partially offset by higher company-funded research and development and selling, general and administrative expenses.
 
Government Systems
 
Government Systems provides a broad range of electronic products, systems and services to customers including the U.S. Department of Defense, state and local governments, other government agencies, civil agencies, defense contractors and foreign ministries of defense around the world. Beginning in the fourth quarter of fiscal year 2011, Government Systems sales have been reclassified into Avionics, Communication products, Surface solutions and Navigation products to provide enhanced clarity of the sales drivers of the business.  Presentation of sales by the new product categories has been provided for certain prior periods in the Supplemental Information table of this press release.
 
Sales in the fourth quarter of 2011 were $779 million, a decrease of $19 million, or 2%, compared to the $798 million reported for the same period last year. Avionics sales increased $4 million, or 1%, from the fourth quarter of 2010 due to increased sales for the KC-46A tanker and the E-6 aircraft upgrade programs, offset by a decline resulting from the completion of deliveries for the KC-135 GATM program. Communication product sales declined by $14 million, or 7%, primarily due to the completion of deliveries last year for two satellite communication upgrade programs. Surface solutions sales increased $2 million, or 2%, resulting from increased deliveries of public safety vehicle systems and increased revenue for the Common Range Integrated Instrumentation System program, partially offset by two programs terminated for convenience in the third quarter. Sales of Navigation products decreased by $11 million, or 12%, primarily driven by fewer deliveries of Defense Advanced GPS Receiver products.
 
Government Systems fourth quarter operating earnings increased $1 million to $170 million, resulting in an operating margin of 21.8%, compared to operating earnings of $169 million, and an operating margin of 21.2%, for the same period last year. The increase in operating earnings and margin was primarily the result of improved operating efficiency partially offset by lower sales.
 
 
2

 
 
Corporate and Financial Highlights
 
General corporate expenses that are not allocated to the company's business segments were $14 million for the fourth quarter of 2011 compared to $18 million in the same period last year.  The reduction was primarily driven by lower pension expenses. During the fourth quarter of 2011, the company recorded a restructuring charge of $27 million ($17 million after income taxes), or $0.11 per share, related to certain asset impairment charges, facility rationalization and employee severance costs.
 
The company's effective income tax rate was 27.9% for the fourth quarter of 2011 compared to a rate of 32.1% for the same period last year. The lower tax rate was primarily driven by the extension of the Federal Research and Development Tax Credit and the increased benefit from the Domestic Manufacturing Deduction.
 
The company repurchased 0.9 million shares of its common stock in the fourth quarter of 2011 at a total cost of $48 million and in September the company's Board of Directors increased the share repurchase authorization by $700 million. The company also paid dividends on its common stock totaling $36 million, or 24 cents per share.
 

Discontinued Operations
 
During the fourth quarter of 2011, the company sold the Rollmet product line for a pre-tax gain of $27 million ($17 million after income taxes). The divestiture and related gain on sale has been accounted for as a discontinued operation for all periods presented. Certain prior period amounts have been reclassified to conform to the current year presentation.  For the three and twelve months ended September 30, 2010, Commercial Systems sales have been reduced by $11 million and $34 million, respectively, and Commercial Systems operating earnings have been reduced by $2 million and $6 million, respectively.
 
Fiscal Year 2012 Outlook
 
The following table is a complete summary of the company's fiscal year 2012 financial guidance, which is unchanged from the original issuance on September 15, 2011:
 
 
Total sales
$4.9 Bil. to $5.0 Bil.

 
Total segment operating margins
20.5% to 21.5%

 
Earnings per share from continuing operations
$4.40 to $4.60

 
Cash flow from operations
$625 Mil. to $725 Mil.

 
Research & development costs
About $900 Mil.

 
Capital expenditures
About $150 Mil.
 
Business Highlights
 
Rockwell Collins Pro Line Fusion® and Primary Flight Control Computer selected for Bombardier Global 7000 and Global 8000 Jets
Rockwell Collins’ Pro Line Fusion avionics system and Primary Flight Control Computer were selected for the Bombardier Global 7000 and Global 8000 aircraft, both of which feature the Global Vision flight deck.
 
Rockwell Collins Ascend™ Aircraft Information Manager installed and certified
Rockwell Collins Ascend Aircraft Information Manager gives operators of aircraft equipped with Pro Line 4™ or Pro Line 21™ the ability to securely, automatically and wirelessly transfer data to and from their aircraft. This software was installed and certified for the first time on a Dassault Falcon 50EX. Through the Ascend Aircraft Information Manager subscription service, these systems create a wireless link between the aircraft and ground stations around the world to automatically transfer information to and from the Ascend Data Center.
 
Rockwell Collins to bring advanced capabilities of Pro Line Fusion® avionics to turboprops and light jets, debuting on King Air aircraft
Rockwell Collins announced its industry-leading Pro Line Fusion integrated avionics system is now available for turboprops and light jet aircraft. This latest configuration of Pro Line Fusion includes the industry’s first touch-control primary flight displays, integrated head-up synthetic vision, and autonomous backup flight control modes. Additional features include MultiScan™ weather threat detection and full integration with Ascend flight information solutions. The initial launch will be as a retrofit display option from Hawker Beechcraft Global Customer Support (GCS) for Pro Line 21-equipped King Air aircraft.
 
Data Link Solutions was awarded a $24 million contract to deliver MIDS-LVTs to U.S. and coalition forces
Data Link Solutions, a joint venture between Rockwell Collins and BAE Systems, was awarded a $24 million contract from the U.S. Navy Space and Naval Warfare Systems Command to provide Link 16 terminals to U.S. and coalition forces. These Multifunctional Information Distribution System-Low Volume Terminals (MIDS-LVTs) provide real-time data communications, situational awareness, navigation and digital voice, all in a jam-resistant, crypto-secured package. Link 16 is the tactical data exchange network used by the U.S., NATO, and its allies.
 
 
3

 
Rockwell Collins introduced new SATCOM SWE-DISH CCT200 Fly-Away terminal
Rockwell Collins introduced the CCT200 Fly-Away fully integrated terminal including the unique modular design of the CommuniCaseTM Technology (CCT) concept, which results in a more flexible and reliable offering than previously available. The compact and easily transported CCT200 Fly-Away extends the highly successful CCT product family with improved data throughput, higher link availability and operates within a wider satellite footprint. The CCT’s flexibility provides easily interchangeable components in the field to establish a new system configuration.
 
Rockwell Collins announced innovative new single-aisle IFE system with PAVES™ 3
Rockwell Collins unveiled PAVES3 – the industry’s most versatile single-aisle in-flight entertainment (IFE) system that features a scalable high-definition in-seat solution designed for maximum reliability. PAVES 3 is the only single-aisle digital IFE system to offer customizable cabin configurations. Airlines can select from a variety of overhead and in-seat monitor combinations throughout the aircraft. The HD on-demand, in-seat solution maximizes passenger and operator satisfaction with a vast range of innovative features powered by a robust operating system.
 
Rockwell Collins selected by Inmarsat GX to be exclusive Ka broadband satcom terminal provider for commercial aviation
Rockwell Collins signed an agreement with Inmarsat, the leading provider of global mobile satellite communications services and will play a major role in bringing global broadband connectivity to business, commercial air transport and government aircraft. Under terms of the agreement in principle, Rockwell Collins will be the sole lead for the development, production and distribution of user terminals and provide service for future Inmarsat Global Xpress (GX) aeronautical services to the aviation industry. Inmarsat and Rockwell Collins have entered into negotiations that are expected to lead to definitive agreements by December 2011.
 
MAV6 selected Rockwell Collins for Blue Devil Block II program
Rockwell Collins was selected to play a key role on the U.S. Air Force Blue Devil Block II unmanned aerial system by providing a full suite of systems that will enable the 335-foot-long airship to provide persistent surveillance for the military.  The U.S. Air Force awarded the $86.2 million Blue Devil Block II development contract to MAV6, a defense technology company, who chose Rockwell Collins to equip the airship with a flight control system, vehicle control system and radios. In addition, Rockwell Collins’ networking solutions will provide real-time, ad hoc communications capability for the program.
 
Conference Call and Webcast Details
 
Rockwell Collins Chairman, President and CEO Clay Jones and Senior Vice President and CFO Patrick Allen will conduct an earnings conference call at 9:00 a.m. Eastern Time on October 28, 2011. Individuals may listen to the call and view management's supporting slide presentation on the Internet at www.rockwellcollins.com. Listeners are encouraged to go to the Investor Relations portion of the web site at least 15 minutes prior to the call to download and install any necessary software. The call will be available for replay on the Internet at www.rockwellcollins.com through December 28, 2011.
 
Rockwell Collins is a pioneer in the development and deployment of innovative communication and aviation electronics solutions for both commercial and government applications. Our expertise in flight deck avionics, cabin electronics, mission communications, information management and simulation and training is delivered by 20,000 employees through a global service and support network that crosses 27 countries. To find out more, please visit www.rockwellcollins.com.
 
 
4

 
 
This press release contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the financial condition of our customers, including bankruptcies; the health of the global economy, including potential deterioration in economic and financial market conditions; the rate of recovery of the commercial aftermarket; the impacts of earthquakes or similar natural disasters, including potential supply shortages and other economic impacts; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; delays related to the award of domestic and international contracts; the continued support for military transformation and modernization programs; potential adverse impact of oil prices on the commercial aerospace industry; the impact of terrorist events on the commercial aerospace industry; potential declining defense budgets resulting from budget deficits in the U.S. and abroad; impact from the delay in the resolution of program funding in the 2012 U.S. defense budget; changes in domestic and foreign government spending, budgetary, procurement and trade policies adverse to our businesses; market acceptance of our new and existing technologies, products and services; reliability of and customer satisfaction with our products and services; favorable outcomes on or potential cancellation or restructuring of contracts, orders or program priorities by our customers; recruitment and retention of qualified personnel; regulatory restrictions on air travel due to environmental concerns; effective negotiation of collective bargaining agreements by us and our customers; performance of our customers and subcontractors; risks inherent in development and fixed-price contracts, particularly the risk of cost overruns; risk of significant reduction to air travel or aircraft capacity beyond our forecasts; our ability to execute to our internal performance plans such as our productivity and quality improvements and cost reduction initiatives; achievement of our acquisition and related integration plans; continuing to maintain our planned effective tax rates; our ability to develop contract compliant systems and products on schedule and within anticipated cost estimates; risk of fines and penalties related to noncompliance with laws and regulations including export control and environmental regulations; risk of asset impairments; our ability to win new business and convert those orders to sales within the fiscal year in accordance with our annual operating plan; and the uncertainties of the outcome of lawsuits, claims and legal proceedings, as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no obligation to update any forward-looking statement.
 
Media Contact:
Investor Contact:
Pam Tvrdy
Steve Buesing
319.295.0591
319.295.7575
pjtvrdy@rockwellcollins.com
investorrelations@rockwellcollins.com
 
 
5

 
 
ROCKWELL COLLINS, INC.
SEGMENT SALES AND EARNINGS INFORMATION
(Unaudited)
(in millions, except per share amounts)
 
Results for the company's Rollmet business are reported as discontinued operations for all periods presented. Rollmet was previously reported in the Commercial Systems segment.
 
 
Three Months Ended
 
Years Ended
 
September 30
 
September 30
 
2011
 
2010
 
2011
 
2010
Sales
             
Government Systems
$
779
   
$
798
   
$
2,813
   
$
2,861
 
Commercial Systems
517
   
473
   
1,993
   
1,770
 
Total sales
$
1,296
   
$
1,271
   
$
4,806
   
$
4,631
 
               
Segment operating earnings
             
Government Systems
$
170
   
$
169
   
$
592
   
$
606
 
Commercial Systems
101
   
79
   
381
   
287
 
Total segment operating earnings
271
   
248
   
973
   
893
 
               
Interest expense
(5
)
 
(5
)
 
(19
)
 
(20
)
Stock-based compensation
(6
)
 
(7
)
 
(24
)
 
(24
)
General corporate, net
(14
)
 
(18
)
 
(48
)
 
(54
)
Restructuring and asset impairment charges
(27
)
 
   
(27
)
 
1
 
                       
Income from continuing operations before income taxes
219
   
218
   
855
   
796
 
                       
Income tax expense
(61
)
 
(70
)
 
(240
)
 
(239
)
               
Income from continuing operations
158
   
148
   
615
   
557
 
Income from discontinued operations, net of taxes
17
   
2
   
19
   
4
 
                               
Net income
$
175
   
$
150
   
$
634
   
$
561
 
               
Diluted earnings per share:
             
Continuing operations
$
1.02
   
$
0.93
   
$
3.94
   
$
3.50
 
Discontinued operations
0.11
   
0.01
   
0.12
   
0.02
 
Diluted earnings per share
$
1.13
   
$
0.94
   
$
4.06
   
$
3.52
 
               
Weighted average diluted shares outstanding
155.0
   
159.0
   
156.1
   
159.2
 

 
6

 

The following tables summarize sales by product category and by type of product or service for the three and twelve months ended September 30, 2010 and 2011 (unaudited, in millions):
 
 
Three Months Ended
 
Years Ended
 
September 30
 
September 30
 
2011
 
2010
 
2011
 
2010
Government Systems sales by product category:
             
Avionics
$
414
   
$
410
   
$
1,434
   
$
1,389
 
Communication products
188
   
202
   
698
   
749
 
Surface solutions
97
   
95
   
377
   
408
 
Navigation products
80
   
91
   
304
   
315
 
Total Government Systems sales
$
779
   
$
798
   
$
2,813
   
$
2,861
 
               
Commercial Systems sales by product category:
             
Air transport aviation electronics:
             
Original equipment
$
126
   
$
114
   
$
499
   
$
439
 
Aftermarket1
112
   
108
   
431
   
380
 
Wide-body in-flight entertainment products and services2
35
   
34
   
119
   
145
 
Total air transport aviation electronics
273
   
256
   
1,049
   
964
 
               
Business and regional aviation electronics:
             
Original equipment
142
   
117
   
557
   
466
 
Aftermarket
102
   
100
   
387
   
340
 
Total business and regional aviation electronics
244
   
217
   
944
   
806
 
Total Commercial Systems sales
$
517
   
$
473
   
$
1,993
   
$
1,770
 
               
Commercial Systems sales by type of product or service:
             
Total original equipment
$
268
   
$
231
   
$
1,056
   
$
905
 
Total aftermarket1
214
   
208
   
818
   
720
 
Wide-body in-flight entertainment products and services2
35
   
34
   
119
   
145
 
Total Commercial Systems sales
$
517
   
$
473
   
$
1,993
   
$
1,770
 
 
1 For the three and twelve months ended September 30, 2010, air transport aviation electronics aftermarket sales have been reduced by $11 million and $34 million, respectively, to reflect the impact of classifying Rollmet as a discontinued operation.
 
2 For the three and twelve months ended September 30, 2010, $23 million and $95 million have been reclassified from air transport aftermarket sales to wide-body in-flight entertainment products and services to conform to current year presentation. Reclassified amounts relate to revenue from twin-aisle IFE services and support activities.
 
 
7

 
 
The following table summarizes total Research & Development expenses by segment and funding type for the three and twelve months ended September 30, 2011 and 2010 (unaudited, dollars in millions):
 
 
Three Months Ended
 
Years Ended
 
September 30
 
September 30
 
2011
 
2010
 
2011
 
2010
Research and Development Expense:
             
Customer-funded:
             
Government Systems
$
124
   
$
119
   
$
460
   
$
437
 
Commercial Systems
20
   
22
   
90
   
79
 
Total Customer-funded
144
   
141
   
550
   
516
 
               
Company-funded:
             
Government Systems
34
   
33
   
116
   
115
 
Commercial Systems
64
   
58
   
239
   
230
 
Total Company-funded
98
   
91
   
355
   
345
 
                               
Total Research and Development Expense
$
242
   
$
232
   
$
905
   
$
861
 
               
Percent of Total Sales
18.7
%
 
18.3
%
 
18.8
%
 
18.6
%
 
 
8

 
 
ROCKWELL COLLINS, INC.
SUMMARY BALANCE SHEET
(Unaudited)
(in millions)
 
 
September 30
 
2011
 
2010
Assets
     
Cash and cash equivalents
$
530
   
$
435
 
Receivables, net
969
   
1,024
 
Inventories, net
1,195
   
1,004
 
Current deferred income taxes
106
   
129
 
Other current assets
89
   
97
 
Total current assets
2,889
   
2,689
 
       
Property
754
   
707
 
Goodwill
780
   
766
 
Intangible assets
308
   
306
 
Long-term deferred income taxes
448
   
389
 
Other assets
210
   
207
 
Total assets
$
5,389
   
$
5,064
 
       
Liabilities and equity
     
Short-term debt
$
   
$
24
 
Accounts payable
485
   
420
 
Compensation and benefits
324
   
259
 
Advance payments from customers
269
   
324
 
Product warranty costs
148
   
183
 
Other current liabilities
269
   
242
 
Total current liabilities
1,495
   
1,452
 
       
Long-term debt, net
528
   
525
 
Retirement benefits
1,633
   
1,420
 
Other liabilities
205
   
181
 
Equity
1,528
   
1,486
 
Total liabilities and equity
$
5,389
   
$
5,064
 
 
 
9

 
 
ROCKWELL COLLINS, INC.
CONDENSED CASH FLOW INFORMATION
(Unaudited)
(in millions)
 
 
Year Ended September 30
 
2011
 
2010
Operating Activities:
     
Net income
$
634
   
$
561
 
Adjustments to arrive at cash provided by operating activities:
     
Restructuring and asset impairment charge (adjustment)
27
   
(1
)
Gain on sale of business
(27
)
 
 
Depreciation
105
   
112
 
Amortization of intangible assets
36
   
37
 
Stock-based compensation expense
24
   
24
 
Compensation and benefits paid in common stock
68
   
64
 
Excess tax benefit from stock-based compensation
(7
)
 
(17
)
Deferred income taxes
93
   
86
 
Pension plan contributions
(113
)
 
(110
)
Changes in assets and liabilities, excluding effects of acquisitions and foreign
currency adjustments:
     
Receivables
49
   
(32
)
Inventories
(247
)
 
(96
)
Accounts payable
58
   
43
 
Compensation and benefits
61
   
64
 
Advance payments from customers
(55
)
 
(25
)
Product warranty costs
(35
)
 
(34
)
Income taxes
59
   
48
 
Other assets and liabilities
(73
)
 
(13
)
Cash Provided by Operating Activities
657
   
711
 
       
Investing Activities:
     
Property additions
(152
)
 
(109
)
Acquisition of businesses, net of cash acquired
(17
)
 
(96
)
Acquisition of intangible assets
(4
)
 
(7
)
Proceeds from business divestiture
44
   
 
Cash provided to customer
(237
)
 
 
Collection of cash provided to customer
237
   
 
Purchase of short-term investments
   
(21
)
Proceeds from sale of short-term investments
20
   
 
Proceeds from the disposition of property
14
   
1
 
Other investing activities
3
   
 
Cash Used for Investing Activities
(92
)
 
(232
)
       
Financing Activities:
     
Purchases of treasury stock
(328
)
 
(183
)
Cash dividends
(148
)
 
(151
)
Repayment of short-term borrowings
(24
)
 
 
Proceeds from the exercise of stock options
22
   
38
 
Excess tax benefit from stock-based compensation
7
   
17
 
Cash Used for Financing Activities
(471
)
 
(279
)
       
Effect of exchange rate changes on cash and cash equivalents
1
   
 
       
Net Change in Cash and Cash Equivalents
95
   
200
 
Cash and Cash Equivalents at Beginning of Period
435
   
235
 
Cash and Cash Equivalents at End of Period
$
530
   
$
435
 
 
 
10

 
 
ROCKWELL COLLINS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
 
Beginning in the fourth quarter of fiscal year 2011, Government Systems sales have been reclassified into four product categories to provide enhanced clarity of the sales drivers of the business.  The following tables provide Government Systems sales revised to conform to the current year presentation for the years ended September 30, 2009, 2010 and 2011, as well as the four quarters of fiscal year 2010 and 2011:
 
   
Three Months Ended
   
(in millions)
 
Dec. 31, 2010
 
Mar. 31, 2011
 
Jun. 30, 2011
 
Sept. 30, 2011
 
Full Year 2011
Government Systems sales by product category:
                   
Avionics
 
$
315
   
$
352
   
$
353
   
$
414
   
$
1,434
 
Communication products
 
156
   
190
   
164
   
188
   
698
 
Surface solutions
 
106
   
92
   
82
   
97
   
377
 
Navigation products
 
73
   
82
   
69
   
80
   
304
 
Government Systems sales
 
$
650
   
$
716
   
$
668
   
$
779
   
$
2,813
 
 
   
Three Months Ended
   
(in millions)
 
Dec. 31, 2009
 
Mar. 31, 2010
 
Jun. 30, 2010
 
Sept. 30, 2010
 
Full Year 2010
Government Systems sales by product category:
                   
Avionics
 
303
   
331
   
345
   
410
   
1,389
 
Communication products
 
164
   
197
   
186
   
202
   
749
 
Surface solutions
 
78
   
94
   
141
   
95
   
408
 
Navigation products
 
71
   
71
   
82
   
91
   
315
 
Government Systems sales
 
$
616
   
$
693
   
$
754
   
$
798
   
$
2,861
 
 
(in millions)
 
Full Year 2009
Government Systems sales by product category:
   
Avionics
 
$
1,315
 
Communication products
 
541
 
Surface solutions
 
370
 
Navigation products
 
353
 
Government Systems sales
 
$
2,579
 
 
 
11