Northrop Grumman Innovation Systems, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - Northrop Grumman Innovation Systems, Inc.	atk10152013x8-k.htm

Exhibit 99.1

BUSHNELL

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands)



	Three months ended June 30						Six months ended June 30
	2013^FN			2012^FN			2013^FN			2012^FN
Sales	$	141,261		$	120,562		$	264,775		$	214,766
Cost of sales	78,731			64,836			144,954			114,012
Gross margin	62,530			55,726			119,821			100,754
Operating expenses:
Distribution and other product costs	12,581			10,958			24,066			20,147
Selling and marketing	21,750			20,516			43,995			38,738
General and administrative	6,403			5,685			12,728			10,757
Depreciation and amortization	8,139			8,049			15,741			14,886
Foreign currency (gains) losses	(644		)	959			(248		)	(170		)
Other operating	2,422			2,288			1,611			3,379
Total operating expenses	50,651			48,455			97,893			87,737
Operating Income	11,879			7,271			21,928			13,017
Interest expense	12,545			12,463			24,944			22,275
Loss before income taxes	(666		)	(5,192		)	(3,016		)	(9,258		)
Income tax benefit	(368		)	(1,885		)	(1,848		)	(1,496		)
Net loss	$	(298	)	$	(3,307	)	$	(1,168	)	$	(7,762	)

FN - Bushnell results for the three months and six months ended June 30, 2013 and 2012 are preliminary and subject to SAS 100 review.

BUSHNELL

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands)



	Three months ended March 31
	2013^FN			2012^FN
Sales	$	123,514		$	94,204
Cost of sales	66,223			49,176
Gross margin	57,291			45,028
Operating expenses:
Distribution and other product costs	11,485			9,189
Selling and marketing	22,245			18,221
General and administrative	6,325			5,072
Depreciation and amortization	7,602			6,837
Foreign currency (gains) losses	396			(1,129		)
Other operating	(811		)	1,091
Total operating expenses	47,242			39,281
Operating Income	10,049			5,747
Interest expense	12,399			9,812
Loss before income taxes	(2,350		)	(4,065		)
Income tax expense (benefit)	(1,480		)	389
Net loss	$	(870	)	$	(4,454	)

FN - Bushnell results for the three months ended March 31, 2013 and 2012 are preliminary and subject to SAS 100 review.

BUSHNELL

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands)



	Year ended December 31, 2012

Sales	$	521,972
Cost of sales	288,871
Gross margin	233,101
Operating expenses:
Distribution and other product costs	44,390
Selling and marketing	83,530
General and administrative	21,795
Depreciation and amortization	30,959
Foreign currency gains	(857		)
Other operating	5,404
Total operating expenses	185,221
Operating Income	47,880
Interest expense	51,895
Loss before income taxes	(4,015		)
Income tax benefit	(1,999		)
Net loss	$	(2,016	)

BUSHNELL

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in thousands)



	June 30, 2013^FN
Assets	June 30, 2013^FN
Current assets
Cash	$	22,155
Accounts receivable, less allowances of $17,389 as of June 30, 2013	114,967
Inventories, net	162,123
Prepaids and other current assets	13,025
Deferred tax assets	14,271
Total Current assets	326,541
Property, Plant, and equipment, net	28,823
Goodwill	190,432
Intangibles, net	301,996
Debt issue costs and other assets, net	4,783
Total assets	852,575

Liabilities and Partnership Equity
Current Liabilities:
Borrowings under revolving credit agreements	55,004
Accounts payable	76,119
Accrued expenses	31,342
Current portion of long-term debt	4,909
Total current liabilities	167,374
Long-term debt, net of current portion	544,931
Other liabilities	6,826
Deferred tax liabilities	88,944
Total liabilities	808,075

Partnership equity:
Partnership units (authorized 131,929,000 units; issued 131,920,000 as of June 30, 2013	130,980
Accumulated deficit	(87,174		)
Accumulated other comprehensive income	694
Total partnership equity	44,500
Total liabilities and partnership equity	$	852,575

FN - Bushnell balance sheet information as of June 30, 2013 is preliminary and subject to SAS 100 review.

Northrop Grumman Innovation Systems, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 15, 2013