WICHITA, Kan., Feb. 9, 2012 /PRNewswire/ -- Spirit AeroSystems
Holdings, Inc. (NYSE: SPR) reported fourth quarter and full-year
2011 financial results reflecting strong revenue growth on higher
ship set deliveries and solid core operating performance. Full-year
net income decreased primarily due to charges recorded on
development programs in 2011, including net pre-tax $50 million, or ($0.25) per share, of forward loss charges in the
fourth quarter.
Spirit's fourth quarter 2011 revenues were $1.219 billion, up from $1.071 billion for the same period of 2010 as the
company benefited from higher production deliveries during the
quarter.
Table 1. Summary Financial
Results (unaudited)
|
|
|
|
|
|
4th
Quarter
|
|
Twelve
Months
|
|
|
($ in millions, except per share
data)
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|
|
|
|
|
|
|
|
|
Revenues
|
$1,219
|
$1,071
|
14%
|
$4,864
|
$4,172
|
17%
|
|
Operating Income
|
$102
|
$96
|
7%
|
$356
|
$357
|
(0%)
|
|
Operating Income as a % of
Revenues
|
8.4%
|
9.0%
|
(60)
BPS
|
7.3%
|
8.6%
|
(130)
BPS
|
|
Net Income
|
$60
|
$62
|
(2%)
|
$192
|
$219
|
(12%)
|
|
Net Income as a % of
Revenues
|
5.0%
|
5.8%
|
(80)
BPS
|
4.0%
|
5.2%
|
(120)
BPS
|
|
Earnings per Share (Fully
Diluted)
|
$0.42
|
$0.44
|
(5%)
|
$1.35
|
$1.55
|
(13%)
|
|
Fully Diluted Weighted Avg Share
Count
|
142.3
|
141.8
|
|
142.3
|
141.0
|
|
|
|
|
|
|
|
|
|
Operating income for the fourth quarter 2011 was $102 million, compared to $96 million for the same period in 2010,
primarily driven by increased production volumes, partially offset
by the charges recorded on development programs. Net income for the
quarter was $60 million, or
$0.42 per fully diluted share,
compared to $62 million, or
$0.44 per fully diluted share, in the
same period of 2010. (Table 1)
Revenue for the full-year 2011 increased 17 percent to
$4.864 billion. Operating
income for the full-year was $356
million. Full-year net income decreased 12 percent to
$192 million, or $1.35 per fully diluted share, compared to
$219 million, or $1.55 per fully diluted share in 2010.
"In 2011 our core businesses generated strong operating
performance while we successfully executed increased rates across
the business. While the year was challenging for some of our
development programs, it also marked many important milestones
including finalizing the go-forward plan on the 787 program;
Boeing's decision to pursue the 737 MAX, where Spirit will play a
significant role; certification and delivery of the 787 and 747-8
Freighter programs; and progress in the developmental phase of the
A350, G650 and G280 programs," said President and Chief Executive
Officer Jeff Turner. "The
global demand for the current and next generation of large
commercial airplanes is expanding as we continue to execute well in
our established businesses."
"We delivered over two-hundred and eighty end products to our
customers in the fourth quarter, representing a 14 percent increase
over 2010. Among these was the delivery of our first
production composite panels for the A350 fuselage from our
Kinston, NC facility to our St.
Nazaire, France facility where
they were successfully joined in the quarter and recently delivered
to the customer," Turner added.
"With the strong long-term global outlook for commercial
aerospace, our unique competitive position and our strong financial
profile, we are well-positioned to generate long-term value for our
shareholders. As we move into 2012, our priorities will be
execution, investing in our core programs, improving profitability,
as well as developing, supporting certification, and transitioning
new programs to initial production," Turner concluded.
Spirit's backlog at the end of the fourth quarter of 2011
increased by over 5 percent to $32
billion as orders exceeded deliveries. Spirit calculates its
backlog based on contractual prices for products and volumes from
the published firm order backlogs of Airbus and Boeing, along with
firm orders from other customers.
Spirit updated its contract profitability estimates during the
fourth quarter of 2011, resulting in a net pre-tax $21 million, or $0.10 per share, favorable cumulative catch-up
adjustment primarily associated with productivity and efficiency
improvements in the 737 contract block completed in the fourth
quarter of 2011. In comparison, Spirit recognized a net pre-tax
$10 million unfavorable cumulative
catch-up adjustment for the fourth quarter of 2010.
Additionally, the company recorded forward loss charges on the
G280 program of an additional pre-tax ($29)
million, or ($0.14) per share,
driven by the new manufacturing plan and higher forecasted assembly
and supply chain costs; the 747-8 program of pre-tax ($18) million, or ($0.09) per share, due to manufacturing cost
growth; and the A350 non-recurring wing program of pre-tax
($3) million, or ($0.02) per share, associated with engineering
change cost growth.
Cash flow from operations was a $128
million source of cash for the fourth quarter of 2011,
compared to a $364 million source of
cash for the fourth quarter of 2010. (Table 2)
Table 2. Cash Flow and
Liquidity
|
|
|
|
|
|
4th
Quarter
|
Twelve
Months
|
|
($ in millions)
|
2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
|
Cash Flow from
Operations
|
$128
|
$364
|
($48)
|
$125
|
|
Purchases of Property, Plant
& Equipment
|
($86)
|
($105)
|
($250)
|
($288)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
Liquidity
|
|
|
2011
|
2010
|
|
|
|
|
|
|
|
Cash
|
|
|
$178
|
$482
|
|
Total Debt
|
|
|
$1,201
|
$1,197
|
|
|
|
|
|
|
Cash balances at the end of the year were $178 million, down $304
million from a year ago reflecting the increase in inventory
associated with increased production rates and continuing
investments in new programs. At the end of 2011, the company's
$650 million revolving credit
facility was undrawn. Approximately $20 million of the credit facility is reserved
for financial letters of credit. Debt balances at the end of
the fourth quarter were $1.201
billion.
The company's credit rating remains unchanged at the end of the
fourth quarter 2011 with a BB rating, stable outlook by Standard
& Poor's and a Ba2 rating, stable outlook by Moody's Investor
Services.
Financial Outlook
Spirit revenue guidance for the full-year 2012 is expected to be
between $5.2 – $5.4 billion based on Boeing's 2012 delivery
guidance of 585 to 600 aircraft; expected B787 ship set deliveries;
expected Airbus deliveries in 2012 of approximately 570 aircraft;
internal Spirit forecasts for other customer production activities;
expected non-production revenues; and foreign exchange rates
consistent with those in 2011.
Fully diluted earnings per share guidance for 2012 is expected
to be between $2.00 - $2.15 per
share, reflecting continued growth and solid execution in core
programs and transitioning new programs to early stages of
production.
Cash flow from operations, less capital expenditures, is
expected to be greater than $50
million, with capital expenditures of approximately
$250 million.
The effective tax rate for 2012 is forecasted to be between 31
and 32 percent assuming the U.S. Research Tax Credit is extended.
(Table 3)
Risk to our financial guidance includes, among other factors:
787 delivery volumes; higher than forecast non-recurring and
recurring costs on our development programs; mid-range business jet
market risks; and our ability to achieve anticipated productivity
and cost improvements.
Table 3. Financial
Outlook
|
2011
Actual
|
|
2012
Guidance
|
|
|
|
|
|
|
Revenues
|
$4.9
billion
|
|
$5.2 - $5.4
billion
|
|
|
|
|
|
|
Earnings Per Share (Fully
Diluted)
|
$1.35
|
|
$2.00 -
$2.15
|
|
|
|
|
|
|
Effective Tax
Rate
|
31.0%
|
|
31% -
32%*
|
|
|
|
|
|
|
Cash Flow from
Operations
|
($48)
million
|
|
>$300
million
|
|
|
|
|
|
|
Capital
Expenditures
|
$250
million
|
|
~$250
million
|
|
|
|
|
|
* Effective tax rate guidance, among other factors, assumes
the benefit attributable to the extension of the U.S. research tax
credit (Assumes ~1.25% benefit)
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. Forward-looking
statements reflect our current expectations or forecasts of future
events. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "will,"
"should," "expect," "anticipate," "intend," "estimate," "believe,"
"project," "continue," "plan," "forecast," or other similar words,
or the negative thereof, unless the context requires otherwise.
These statements reflect management's current views with respect to
future events and are subject to risks and uncertainties, both
known and unknown. Our actual results may vary materially from
those anticipated in forward-looking statements. We caution
investors not to place undue reliance on any forward-looking
statements. Important factors that could cause actual results to
differ materially from those reflected in such forward-looking
statements and that should be considered in evaluating our outlook
include, but are not limited to, the following: our ability to
continue to grow our business and execute our growth strategy,
including the timing, execution and profitability of new programs;
our ability to perform our obligations and manage costs related to
our new commercial and business aircraft development programs and
the related recurring production; margin pressures and the
potential for additional forward-losses on aircraft development
programs; our ability to accommodate, and the cost of
accommodating, announced increases in the build rates of certain
aircraft, including, but not limited to, the Boeing B737, B747,
B767 and B777 programs, and the Airbus A320 and A380 programs; the
effect on business and commercial aircraft demand and build rates
of the following factors: continuing weakness in the global economy
and economic challenges facing commercial airlines, a lack of
business and consumer confidence, and the impact of continuing
instability in global financial and credit markets, including, but
not limited to, any failure to avert a sovereign debt crisis
in Europe; customer cancellations
or deferrals as a result of global economic uncertainty; the
success and timely execution of key milestones such as deliveries
of Boeing's new B787 and first flight, certification and first
delivery of Airbus' new A350 XWB aircraft programs, receipt of
necessary regulatory approvals, and customer adherence to their
announced schedules; our ability to enter into profitable supply
arrangements with additional customers; the ability of all parties
to satisfy their performance requirements under existing supply
contracts with Boeing and Airbus, our two major customers, and
other customers and the risk of nonpayment by such customers; any
adverse impact on Boeing's and Airbus' production of aircraft
resulting from cancellations, deferrals or reduced orders by their
customers or from labor disputes or acts of terrorism; any adverse
impact on the demand for air travel or our operations from the
outbreak of diseases or epidemic or pandemic outbreaks; returns on
pension plan assets and impact of future discount rate changes on
pension obligations; our ability to borrow additional funds or
refinance debt; competition from original equipment manufacturers
and other aerostructures suppliers; the effect of governmental
laws, such as U.S. export control laws and U.S. and foreign
anti-bribery laws such as the Foreign Corrupt Practices Act and
United Kingdom Bribery Act, environmental laws and agency
regulations, both in the U.S. and abroad; the cost and availability
of raw materials and purchased components; our ability to
successfully extend or renegotiate our primary collective
bargaining contracts with our labor unions; our ability to recruit
and retain highly skilled employees and our relationships with the
unions representing many of our employees; spending by the U.S. and
other governments on defense; the possibility that our cash flows
and borrowing facilities may not be adequate for our additional
capital needs or for payment of interest on and principal of our
indebtedness; our exposure under our existing senior secured
revolving credit facility to higher interest payments should
interest rates increase substantially; the effectiveness of our
interest rate and foreign currency hedging programs; the outcome or
impact of ongoing or future litigation, claims and regulatory
actions; and our exposure to potential product liability and
warranty claims. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of
the date hereof, and new factors may emerge or changes to the
foregoing factors may occur that could impact our business. As with
any projection or forecast, these statements are inherently
susceptible to uncertainty and changes in circumstances. Except to
the extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. You should review carefully the
sections captioned "Risk Factors" in our 2010 Form 10-K filed
February 22, 2011 for a more complete
discussion of these and other factors that may affect our
business.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the fourth quarter of 2011
were $582 million, up 12 percent from
the same period last year, primarily driven by increased production
volumes. Operating margin for the fourth quarter of 2011 was
16.6 percent as compared to 13.1 percent during the same period of
2010. In the fourth quarter of 2011 the segment realized a
favorable pre-tax $17 million
cumulative catch-up adjustment primarily associated with
productivity and efficiency improvements in the 737 contract block
completed in the fourth quarter of 2011. Additionally, the segment
recorded a pre-tax ($12) million
forward loss on the 747-8 program due to manufacturing cost
growth.
Propulsion Systems
Propulsion Systems segment revenues for the fourth quarter of
2011 were $322 million, up 22 percent
from the same period last year, largely driven by increased
production volumes. Operating margin for the fourth quarter
of 2011 was 16.3 percent as compared to 15.2 percent in the fourth
quarter of 2010. In the fourth quarter of 2011 the segment realized
a favorable pre-tax $6 million
cumulative catch-up adjustment primarily associated with
productivity and efficiency improvements in the 737 contract block
completed in the fourth quarter of 2011.
Wing Systems
Wing Systems segment revenues for the fourth quarter of 2011
were $314 million, up 9 percent from
the same period last year, primarily driven by increased production
volumes. Operating margin for the fourth quarter of 2011 was (2.6)
percent as compared to 9.7 percent during the same period of 2010.
In the fourth quarter of 2011 the segment recorded an unfavorable
net pre-tax ($2) million cumulative
catch-up adjustment. Additionally, the segment recorded a pre-tax
($29) million additional forward loss
on the G280 program driven by the new manufacturing plan and higher
forecasted assembly and supply chain costs, a pre-tax ($6) million forward loss on the 747-8 program
due to manufacturing cost growth, and a pre-tax ($3) million forward loss on the A350
non-recurring wing program associated with engineering change cost
growth.
Table 4. Segment
Reporting
|
(unaudited)
|
(unaudited)
|
|
|
4th
Quarter
|
Twelve
Months
|
|
($ in millions)
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|
|
|
|
|
|
|
|
|
Segment Revenues
|
|
|
|
|
|
|
|
Fuselage
Systems
|
$582.3
|
$519.1
|
12.2%
|
$2,425.0
|
$2,035.1
|
19.2%
|
|
Propulsion
Systems
|
$321.7
|
$262.8
|
22.4%
|
$1,221.5
|
$1,061.8
|
15.0%
|
|
Wing Systems
|
$313.6
|
$287.7
|
9.0%
|
$1,207.8
|
$1,067.4
|
13.2%
|
|
All Other
|
$1.3
|
$1.5
|
|
$9.5
|
$8.1
|
|
|
Total Segment
Revenues
|
$1,218.9
|
$1,071.1
|
13.8%
|
$4,863.8
|
$4,172.4
|
16.6%
|
|
|
|
|
|
|
|
|
|
Segment Earnings from
Operations
|
|
|
|
|
|
|
|
Fuselage
Systems
|
$96.8
|
$67.9
|
42.6%
|
$318.5
|
$292.3
|
9.0%
|
|
Propulsion
Systems
|
$52.3
|
$39.9
|
31.1%
|
$194.1
|
$137.5
|
41.2%
|
|
Wing Systems
|
($8.3)
|
$27.9
|
(129.7%)
|
$0.5
|
$101.0
|
(99.5%)
|
|
All Other
|
($0.5)
|
$0.5
|
|
$1.3
|
($1.8)
|
|
|
Total Segment Operating
Earnings
|
$140.3
|
$136.2
|
3.0%
|
$514.4
|
$529.0
|
(2.8%)
|
|
|
|
|
|
|
|
|
|
Unallocated Corporate SG&A
Expense
|
($37.7)
|
($35.6)
|
5.9%
|
($145.5)
|
($139.7)
|
4.2%
|
|
Unallocated Research &
Development Expense
|
($0.2)
|
($1.4)
|
(85.7%)
|
($1.9)
|
($3.6)
|
(47.2%)
|
|
Unallocated Cost of
Sales
|
$0.0
|
($3.3)
|
(100.0%)
|
($10.9)
|
($28.7)
|
(62.0%)
|
|
Total Earnings from
Operations
|
$102.4
|
$95.9
|
6.8%
|
$356.1
|
$357.0
|
(0.3%)
|
|
|
|
|
|
|
|
|
|
Segment Operating Earnings as %
of Revenues
|
|
|
|
|
|
|
|
Fuselage
Systems
|
16.6%
|
13.1%
|
350
BPS
|
13.1%
|
14.4%
|
(130)
BPS
|
|
Propulsion
Systems
|
16.3%
|
15.2%
|
110
BPS
|
15.9%
|
12.9%
|
300
BPS
|
|
Wing Systems
|
(2.6%)
|
9.7%
|
(1,230) BPS
|
0.0%
|
9.5%
|
(950)
BPS
|
|
All Other
|
(38.5%)
|
33.3%
|
|
13.7%
|
(22.2%)
|
|
|
Total Segment Operating Earnings
as % of Revenues
|
11.5%
|
12.7%
|
(120)
BPS
|
10.6%
|
12.7%
|
(210)
BPS
|
|
|
|
|
|
|
|
|
|
Total Operating Earnings as % of
Revenues
|
8.4%
|
9.0%
|
(60)
BPS
|
7.3%
|
8.6%
|
(130)
BPS
|
|
|
|
|
|
|
|
|
Spirit Ship
Set Deliveries
|
|
(One Ship
Set equals One Aircraft)
|
|
|
|
|
|
|
|
|
2010 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
Total
2010
|
|
B737
|
94
|
96
|
93
|
89
|
372
|
|
B747
|
3
|
1
|
2
|
4
|
10
|
|
B767
|
3
|
4
|
3
|
5
|
15
|
|
B777
|
21
|
18
|
14
|
14
|
67
|
|
B787
|
5
|
4
|
4
|
3
|
16
|
|
Total
|
126
|
123
|
116
|
115
|
480
|
|
|
|
|
|
|
|
|
A320 Family
|
102
|
95
|
75
|
96
|
368
|
|
A330/340
|
25
|
23
|
5
|
19
|
72
|
|
A380
|
1
|
5
|
7
|
5
|
18
|
|
Total
|
128
|
123
|
87
|
120
|
458
|
|
|
|
|
|
|
|
|
Business/Regional
Jet*
|
6
|
7
|
7
|
11
|
31
|
|
|
|
|
|
|
|
|
Total Spirit
|
260
|
253
|
210
|
246
|
969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
Total
2011
|
|
B737
|
93
|
97
|
95
|
92
|
377
|
|
B747
|
4
|
3
|
4
|
6
|
17
|
|
B767
|
5
|
6
|
6
|
6
|
23
|
|
B777
|
16
|
22
|
21
|
19
|
78
|
|
B787
|
6
|
7
|
5
|
7
|
25
|
|
Total
|
124
|
135
|
131
|
130
|
520
|
|
|
|
|
|
|
|
|
A320 Family
|
103
|
91
|
103
|
106
|
403
|
|
A330/340
|
18
|
26
|
24
|
25
|
93
|
|
A380
|
6
|
5
|
7
|
6
|
24
|
|
Total
|
127
|
122
|
134
|
137
|
520
|
|
|
|
|
|
|
|
|
Business/Regional
Jet
|
10
|
13
|
12
|
14
|
49
|
|
|
|
|
|
|
|
|
Total Spirit
|
261
|
270
|
277
|
281
|
1,089
|
|
|
|
|
|
|
|
* Previously included
Hawker-Beechcraft products only. Now includes Spirit deliveries
associated with business and regional jets.
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
|
December 31,
2011
|
|
December 31,
2010
|
|
December 31,
2011
|
|
December 31,
2010
|
|
|
|
($ in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$
|
1,218.9
|
$
|
1,071.1
|
$
|
4,863.8
|
$
|
4,172.4
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
1,066.5
|
|
918.7
|
|
4,312.1
|
|
3,607.9
|
|
Selling, general and
administrative
|
|
41.4
|
|
40.1
|
|
159.9
|
|
156.0
|
|
Research and
development
|
|
8.6
|
|
16.4
|
|
35.7
|
|
51.5
|
|
|
Total operating
costs and expenses
|
|
1,116.5
|
|
975.2
|
|
4,507.7
|
|
3,815.4
|
|
|
Operating
income
|
|
102.4
|
|
95.9
|
|
356.1
|
|
357.0
|
|
Interest expense and financing
fee amortization
|
|
(15.9)
|
|
(18.5)
|
|
(77.5)
|
|
(59.1)
|
|
Interest income
|
|
0.1
|
|
0.1
|
|
0.3
|
|
0.3
|
|
Other income (expense),
net
|
|
1.4
|
|
(0.1)
|
|
1.4
|
|
(0.4)
|
|
|
Income before
income taxes and equity in net loss of affiliate
|
|
88.0
|
|
77.4
|
|
280.3
|
|
297.8
|
|
Income tax provision
|
|
(27.3)
|
|
(15.4)
|
|
(86.9)
|
|
(78.2)
|
|
|
Income before
equity in net
loss of
affiliate
|
|
60.7
|
|
62.0
|
|
193.4
|
|
219.6
|
|
Equity in net loss of
affiliate
|
|
(0.3)
|
|
(0.1)
|
|
(1.0)
|
|
(0.7)
|
|
|
Net
income
|
$
|
60.4
|
$
|
61.9
|
$
|
192.4
|
$
|
218.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.43
|
$
|
0.44
|
$
|
1.36
|
$
|
1.56
|
|
Shares
|
|
139.4
|
|
138.4
|
|
139.2
|
|
137.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
0.42
|
$
|
0.44
|
$
|
1.35
|
$
|
1.55
|
|
Shares
|
|
142.3
|
|
141.8
|
|
142.3
|
|
141.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(unaudited)
|
|
|
|
December 31,
2011
|
|
December 31,
2010
|
|
|
|
($ in
millions)
|
|
Current assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
177.8
|
$
|
481.6
|
|
Accounts receivable,
net
|
|
267.2
|
|
200.2
|
|
Inventory, net
|
|
2,630.9
|
|
2,507.9
|
|
Other current assets
|
|
79.9
|
|
105.0
|
|
Total current
assets
|
|
3,155.8
|
|
3,294.7
|
|
Property, plant and equipment,
net
|
|
1,615.7
|
|
1,470.0
|
|
Pension assets
|
|
118.8
|
|
172.4
|
|
Other assets
|
|
152.1
|
|
164.9
|
|
Total
assets
|
$
|
5,042.4
|
$
|
5,102.0
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable
|
$
|
559.4
|
$
|
443.5
|
|
Accrued expenses
|
|
224.3
|
|
219.6
|
|
Current portion of long-term
debt
|
|
48.9
|
|
9.5
|
|
Advance payments,
short-term
|
|
8.8
|
|
169.4
|
|
Deferred revenue,
short-term
|
|
28.5
|
|
302.6
|
|
Other current
liabilities
|
|
43.6
|
|
19.5
|
|
Total current
liabilities
|
|
913.5
|
|
1,164.1
|
|
Long-term debt
|
|
1,152.0
|
|
1,187.3
|
|
Advance payments,
long-term
|
|
655.9
|
|
655.2
|
|
Deferred revenue and other
deferred credits
|
|
34.7
|
|
29.0
|
|
Pension/OPEB
obligation
|
|
84.2
|
|
72.5
|
|
Other liabilities
|
|
237.4
|
|
183.0
|
|
Equity
|
|
|
|
|
|
Preferred stock, par value
$0.01, 10,000,000 shares authorized, no shares
issued
|
|
-
|
|
-
|
|
Common stock, Class A par
value $0.01, 200,000,000 shares authorized, 118,560,926 and
107,201,314 issued, respectively
|
|
1.2
|
|
1.1
|
|
Common stock, Class B par
value $0.01, 150,000,000 shares authorized, 24,304,717 and
34,897,388 shares issued, respectively
|
|
0.2
|
|
0.3
|
|
Additional paid-in
capital
|
|
995.9
|
|
983.6
|
|
Accumulated other comprehensive
loss
|
|
(126.2)
|
|
(75.3)
|
|
Retained earnings
|
|
1,093.1
|
|
900.7
|
|
Total shareholders’
equity
|
|
1,964.2
|
|
1,810.4
|
|
Noncontrolling
interest
|
|
0.5
|
|
0.5
|
|
Total
equity
|
|
1,964.7
|
|
1,810.9
|
|
Total liabilities
and equity
|
$
|
5,042.4
|
$
|
5,102.0
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the
Twelve Months Ended
|
|
|
|
December 31,
2011
|
|
December 31,
2010
|
|
|
|
($ in
millions)
|
|
Operating
activities
|
|
|
|
|
|
Net income
|
$
|
192.4
|
$
|
218.9
|
|
Adjustments to reconcile net
income to net cash (used in) operating activities
|
|
|
|
|
|
Depreciation
expense
|
|
129.2
|
|
115.3
|
|
Amortization
expense
|
|
10.5
|
|
12.7
|
|
Employee stock
compensation expense
|
|
11.2
|
|
28.8
|
|
Bad debt
expense
|
|
1.4
|
|
-
|
|
Excess tax
benefits from share-based payment arrangements
|
|
(1.3)
|
|
(5.0)
|
|
Loss on
disposition of assets
|
|
1.0
|
|
0.7
|
|
Loss from foreign
currency transactions
|
|
1.0
|
|
4.8
|
|
Deferred
taxes
|
|
21.6
|
|
48.5
|
|
Long-term tax
(benefit) provision
|
|
(6.1)
|
|
(9.7)
|
|
Pension and other
post-retirement benefits, net
|
|
(9.6)
|
|
(8.9)
|
|
Grant
income
|
|
(5.4)
|
|
(3.1)
|
|
Equity in net loss
of affiliate
|
|
1.0
|
|
0.7
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
Accounts
receivable
|
|
(66.3)
|
|
(41.6)
|
|
Inventory,
net
|
|
(121.6)
|
|
(300.3)
|
|
Accounts payable
and accrued liabilities
|
|
100.2
|
|
26.9
|
|
Advance
payments
|
|
(159.9)
|
|
(140.3)
|
|
Deferred revenue
and other deferred credits
|
|
(265.9)
|
|
181.8
|
|
Other
|
|
118.9
|
|
(5.1)
|
|
Net
cash (used in) operating activities
|
|
(47.7)
|
|
125.1
|
|
Investing
activities
|
|
|
|
|
|
Purchase of property, plant and
equipment
|
|
(249.7)
|
|
(288.1)
|
|
Other
|
|
0.5
|
|
(0.3)
|
|
Net
cash (used in) investing activities
|
|
(249.2)
|
|
(288.4)
|
|
Financing
activities
|
|
|
|
|
|
Proceeds from revolving credit
facility
|
|
30.0
|
|
150.0
|
|
Payments on revolving credit
facility
|
|
(30.0)
|
|
(150.0)
|
|
Proceeds from issuance of
bonds
|
|
|
|
300.0
|
|
Principal payments of
debt
|
|
(8.0)
|
|
(9.6)
|
|
Debt issuance and financing
costs
|
|
0.4
|
|
(18.0)
|
|
Excess tax benefits from
share-based payment arrangements
|
|
1.3
|
|
5.0
|
|
Net
cash (used in) provided by financing activities
|
|
(6.3)
|
|
277.4
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
|
(0.6)
|
|
(1.5)
|
|
Net
decrease in cash and cash equivalents for the period
|
|
(303.8)
|
|
112.6
|
|
Cash and cash equivalents,
beginning of the period
|
|
481.6
|
|
369.0
|
|
Cash and cash equivalents, end
of the period
|
$
|
177.8
|
$
|
481.6
|
|
|
|
|
|
|
On the web: http://www.spiritaero.com
SOURCE Spirit AeroSystems Holdings, Inc.