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Exelis Announces Third-quarter 2013 Financial Results

Exelis (NYSE: XLS) today reported third-quarter 2013 revenue of $1.1 billion, compared to $1.4 billion in the third quarter of 2012. Operating income was $133 million and net income was $0.41 per diluted share, compared to $143 million and $0.47 per diluted share during the same period in 2012. Orders received in the third quarter of 2013 totaled $2 billion, a 48 percent improvement from the third quarter of 2012. Orders benefited from significant funded orders for Middle East region programs in the Information and Technical Services segment.

Highlights from the quarter include announced awards of more than $140 million in communication systems and night vision equipment for international customers and low rate initial production orders totaling $60 million for carriage and release systems for the F-35 Lightning II. Also announced during the quarter was the delivery of an integrated, super-spectral payload to DigitalGlobe for the WorldView-3 satellite.

“During the third quarter, we demonstrated success in utilizing our installed base to drive strategic new orders,” said Exelis CEO and President David F. Melcher. “In spite of complex economic pressures, our customers continue to value our ability to deliver mission critical and affordable products and services. We continue to proactively align our business to the dynamic market environment and enable future investment in our strategic growth platforms.”

Segment Results

C4ISR Electronics and Systems

C4ISR Electronics and Systems third-quarter 2013 revenue was $498 million, compared to $611 million during the same period in 2012, mainly due to decreased domestic sales of counter-IED products and legacy night vision equipment, partially offset by sales of Spiral Enhanced Night Vision Goggles and classified programs. Segment operating income for the quarter was $69 million, versus $84 million for the third quarter of 2012, primarily driven by volume declines and increased pension expense partially offset by cost cutting initiatives.

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