UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C., 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date Of Report (Date Of Earliest Event Reported): 04/27/2004
ROCKWELL COLLINS, INC.
(Exact Name of Registrant as Specified in its Charter)
Commission File Number: 001-16445
| DE | 522314475 | |
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
400 Collins Road NE
Cedar Rapids, IA 52498
(Address of Principal Executive Offices, Including Zip Code)
319-295-1000
(Registrant’s Telephone Number, Including Area Code)
Item 7. Financial statements and exhibits
99.1 Press release of Registrant dated April 27, 2004.
Item 12. Results of Operations and Financial Condition
Registrant’s press release dated April 27, 2004, regarding Rockwell Collins second quarter results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. This press release presents certain cash provided by operating activities information.
Cash provided by operating activities is a measure prescribed by Generally Accepted Accounting Principles (GAAP). We included a reference to cash provided by operating activities, excluding the impact of a pension contribution, in our press release. We believe this additional information is useful to investors regarding the financial performance of our company because it recognizes that this pension contribution was a voluntary payment and a significant item when compared to the same period from the prior year.
Signature(s)
Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.
| ROCKWELL COLLINS, INC. | ||||||||
| Date: April 27, 2004. | By: | /s/ Gary R. Chadick | ||||||
| Gary R. Chadick | ||||||||
| Senior Vice President, General Counsel & Secretary | ||||||||
ROCKWELL COLLINS, INC.
SEGMENT SALES AND EARNINGS INFORMATION
(Unaudited)
(in millions, except per share amounts)
| Three Months Ended March 31 |
Six Months Ended March 31 |
|||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
| Sales |
||||||||||||||||
| Government Systems |
$ | 377 | $ | 296 | $ | 688 | $ | 552 | ||||||||
| Commercial Systems |
342 | 322 | 659 | 627 | ||||||||||||
| Total sales |
$ | 719 | $ | 618 | $ | 1,347 | $ | 1,179 | ||||||||
| Segment operating earnings |
||||||||||||||||
| Government Systems |
$ | 69 | $ | 55 | $ | 132 | $ | 103 | ||||||||
| Commercial Systems |
46 | 39 | 88 | 71 | ||||||||||||
| Total segment operating earnings |
115 | 94 | 220 | 174 | ||||||||||||
| Interest expense |
(2 | ) | (1 | ) | (4 | ) | (2 | ) | ||||||||
| Earnings from corporate-level equity affiliate |
1 | 1 | 1 | 2 | ||||||||||||
| General corporate, net |
(12 | ) | (10 | ) | (18 | ) | (20 | ) | ||||||||
| Income before income taxes |
102 | 84 | 199 | 154 | ||||||||||||
| Income tax provision |
(31 | ) | (25 | ) | (60 | ) | (46 | ) | ||||||||
| Net income |
$ | 71 | $ | 59 | $ | 139 | $ | 108 | ||||||||
| Diluted earnings per share |
$ | 0.39 | $ | 0.33 | $ | 0.77 | $ | 0.60 | ||||||||
| Average diluted shares outstanding |
181.1 | 179.6 | 180.2 | 180.3 | ||||||||||||
ROCKWELL COLLINS, INC.
SUMMARY BALANCE SHEET
(Unaudited)
(in millions)
| March 31, 2004 |
September 30, 2003 | |||||
| Assets |
||||||
| Cash |
$ | 67 | $ | 66 | ||
| Receivables |
560 | 525 | ||||
| Inventories |
674 | 618 | ||||
| Current deferred income taxes |
179 | 178 | ||||
| Income taxes receivable |
12 | 17 | ||||
| Other current assets |
30 | 23 | ||||
| Total current assets |
1,522 | 1,427 | ||||
| Property |
397 | 401 | ||||
| Goodwill and intangible assets |
569 | 440 | ||||
| Other assets |
308 | 323 | ||||
| Total assets |
$ | 2,796 | $ | 2,591 | ||
| Liabilities and shareowners’ equity |
||||||
| Short-term debt |
$ | 66 | $ | 42 | ||
| Accounts payable |
193 | 198 | ||||
| Compensation and benefits |
192 | 216 | ||||
| Income taxes payable |
25 | 3 | ||||
| Product warranty costs |
146 | 144 | ||||
| Other current liabilities |
317 | 298 | ||||
| Total current liabilities |
939 | 901 | ||||
| Long-term debt |
205 | — | ||||
| Retirement benefits |
702 | 824 | ||||
| Other liabilities |
23 | 33 | ||||
| Shareowners’ equity |
927 | 833 | ||||
| Total liabilities and shareowners’ equity |
$ | 2,796 | $ | 2,591 | ||
ROCKWELL COLLINS, INC.
CONDENSED CASH FLOW INFORMATION
(Unaudited)
(in millions)
| Six Months Ended March 31 |
||||||||
| 2004 |
2003 |
|||||||
| Operating Activities: |
||||||||
| Net income |
$ | 139 | $ | 108 | ||||
| Adjustments to arrive at cash provided by operating activities: |
||||||||
| Depreciation |
46 | 44 | ||||||
| Amortization of intangible assets |
9 | 6 | ||||||
| Pension plan contributions |
(128 | ) | (3 | ) | ||||
| Deferred income taxes |
22 | 8 | ||||||
| Tax benefit from the exercise of stock options |
5 | 2 | ||||||
| Changes in assets and liabilities, excluding effects of acquisitions and foreign currency adjustments: |
||||||||
| Receivables |
1 | 64 | ||||||
| Inventories |
(54 | ) | (25 | ) | ||||
| Accounts payable |
(20 | ) | (33 | ) | ||||
| Income taxes |
29 | (9 | ) | |||||
| Compensation and benefits |
2 | (6 | ) | |||||
| Other assets and liabilities |
(17 | ) | (28 | ) | ||||
| Cash Provided by Operating Activities |
34 | 128 | ||||||
| Investing Activities: |
||||||||
| Acquisition of businesses, net of cash acquired |
(126 | ) | 2 | |||||
| Property additions |
(32 | ) | (27 | ) | ||||
| Proceeds from the disposition of property |
1 | 4 | ||||||
| Acquisition of intangible assets |
(11 | ) | — | |||||
| Investment in equity affiliates |
— | (5 | ) | |||||
| Cash Used for Investing Activities |
(168 | ) | (26 | ) | ||||
| Financing Activities: |
||||||||
| Proceeds from issuance of long-term debt |
198 | — | ||||||
| Net increase in short-term borrowings |
24 | 4 | ||||||
| Purchase of treasury stock |
(73 | ) | (91 | ) | ||||
| Cash dividends |
(32 | ) | (32 | ) | ||||
| Proceeds from exercise of stock options |
22 | 10 | ||||||
| Cash Provided by (Used for) Financing Activities |
139 | (109 | ) | |||||
| Effect of exchange rate changes on cash |
(4 | ) | (1 | ) | ||||
| Net Change in Cash |
1 | (8 | ) | |||||
| Cash at Beginning of Period |
66 | 49 | ||||||
| Cash at End of Period |
$ | 67 | $ | 41 | ||||
Exhibit Index
| Exhibit No. |
Description | |
| EX-99.1 | PRESS RELEASE |