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Exelis Reports Fourth-quarter And Full-year 2012 Financial Results; Provides 2013 Outlook

Information and Technical Services

Information and Technical Services fourth-quarter 2012 revenue was $758 million, a decrease of 2 percent from the same period in 2011. Full-year revenue for the segment was $3 billion, up 0.4 percent from 2011, driven by strength in the NASA SCNS contract and several Afghanistan programs, offset by lower revenue on the TSE Bridge and APS-5 Kuwait programs. Fourth-quarter adjusted operating income was $49 million, up 6 percent from the fourth quarter of 2011. Full-year 2012 adjusted operating income was $224 million, 33 percent higher than 2011 due to program performance and operational efficiencies.

2013 Guidance

         
Sales       $5.0 billion - $5.1 billion
Operating Margin       9.4% - 9.8%
Earnings Per Share       $1.45 - $1.55
Free Cash Flow       > $225 million
     

Guidance for 2013 does not assume any significant disruption or shutdown of government operations resulting from sequestration.

The company’s 2013 financial guidance includes $60 million to $70 million of projected restructuring expense, an expected impact of approximately $0.18 per share at the midpoint of earnings guidance. FAS pension expense for the year is projected in the range of $90 million - $100 million, at the midpoint an increase of approximately $63 million from the prior year with an expected impact of approximately $0.21 per share at the midpoint of earnings guidance. The company anticipates generating free cash flow in excess of $225 million after making pension contributions in the range of $145 million to $160 million.

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