Attached files
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| 8-K - ROCKWELL COLLINS INC | v164436_8k.htm |
400
Collins Road NE
Cedar
Rapids, Iowa 52498
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EXHIBIT
99.1
News
Release
|
Rockwell
Collins reports fiscal year 2009 earnings per share of $3.73
|
o
|
Fiscal
year 2009 sales of $4.47 billion decreased 6% and earnings per share of
$3.73 decreased 10% from 2008
|
|
o
|
Fiscal
year 2009 results include a $21 million restructuring charge ($14 million
after-tax, or 9 cents per share)
|
|
o
|
Fiscal
year 2009 operating cash flow of $633 million increased 2 percent compared
to fiscal year 2008
|
CEDAR RAPIDS, Iowa (Nov. 3, 2009)
– Rockwell Collins, Inc. (NYSE: COL) today reported net income for the
fiscal year ended September 30, 2009 of $594 million, a decrease of $84 million,
or 12 percent from fiscal year 2008 net income of $678
million. Earnings per share decreased 10 percent to $3.73 compared to
earnings per share of $4.16 a year ago.
Fiscal
year 2009 revenues decreased approximately $300 million, or 6 percent, to $4.47
billion compared to revenues of $4.77 billion last year. Fiscal year
2009 total segment operating margin was 21.4 percent compared to 21.9 percent
last year.
For the
fiscal year 2009 fourth quarter, net income decreased $48 million, or 26
percent, to $134 million from $182 million last year. Earnings per
share declined 29 cents, or 26 percent, to $0.84 compared to earnings per share
of $1.13 for the same period a year ago. Results for the fourth
quarter of 2009 include a charge of $21 million ($14 million after-tax, or 9
cents per share) primarily related to the closing of the company’s San Jose,
California facility, asset impairments and other restructuring
activities. Results for the fourth quarter of 2008 include a benefit
related to a retroactive catch up for the renewal of the Federal R&D Tax
Credit, which, net of related incentive compensation cost, increased earnings
per share by about 8 cents. Excluding the impact of these items,
earnings per share would have declined 11%, from $1.05 in the fourth quarter of
2008 to $0.93 in the fourth quarter of 2009. Revenues in the quarter
decreased $87 million, or 7%, to $1.19 billion from revenues of $1.28 billion
last year.
“During a
year defined by significant challenges in the commercial aerospace environment,
our company continued to benefit from its structural balance and
diversification. Although our Commercial Systems business suffered
from a decline in revenues and profitability due to market circumstances beyond
our control, we were able to partially offset these impacts through the strength
of our Government Systems business which realized record levels of sales and
profitability,” said Chairman, President and Chief Executive Officer Clay
Jones. “The benefits of this balance, as well as our focus on
maximizing the efficiency of our operations, led to the company generating a
record level of operating cash flow during 2009. This strong
operating cash flow enabled us to continue investments in both acquisition and
organic growth opportunities.”
“Despite
continued economic uncertainty,” continued Jones, “we are beginning to see signs
of stabilization in our commercial markets. We believe conditions
will improve sequentially through 2010, and expect the first fiscal quarter will
be the low water mark of this cycle.”
Following
is a discussion of fiscal year 2009 fourth quarter sales and earnings for each
business segment.
Government
Systems
Government
Systems, which provides communication and electronic systems, products and
services for airborne and surface applications to the U.S. Department of
Defense, other government agencies, civil agencies, defense contractors and
foreign ministries of defense, achieved fourth quarter sales of $741 million, an
increase of $105 million, or 17 percent, compared to the $636 million reported
for the same period last year. Incremental sales from the
acquisitions of DataPath Inc. and SEOS Group Ltd. contributed a total of $66
million to Government Systems’ revenue growth.
Airborne
solutions’ sales increased $16 million, or 3%, to $475
million. Incremental sales from the acquisition of SEOS Group Ltd.
contributed $5 million to Airborne solutions’ revenue
growth. Organic sales increased $11 million, or 2%, due primarily to
higher sales of head-down displays for F-15 aircraft and increased Unmanned
Aerial Vehicle (UAV) control systems revenues. Surface solutions’
sales increased $89 million, or 50%, to $266 million. Incremental
sales from the acquisition of DataPath, Inc. contributed $61 million to Surface
solutions’ revenue growth. Organic sales increased $28 million, or
16%, as higher sales from a United Kingdom Ministry of Defence precision
targeting system program, increased revenue from the Joint Tactical Radio System
(JTRS) program and higher Joint Precision Approach and Landing System (JPALS)
program revenue were partially offset by lower sales from Defense Advanced GPS
Receiver (DAGR) and Ground-Based GPS Receiver Application Module (GB-GRAM)
products.
Government
Systems’ fourth quarter operating earnings increased 27% to $159 million,
resulting in an operating margin of 21.5%, compared to operating earnings of
$125 million, or an operating margin of 19.7%, for the same period last
year. The increase in operating earnings and margin were primarily
due to higher sales and lower employee incentive compensation costs, partially
offset by an increase in research and development costs.
Commercial
Systems
Commercial
Systems, which provides aviation electronics systems, products and services to
air transport, business and regional aircraft manufacturers and airlines
worldwide, achieved fourth quarter sales of $449 million, a decrease of $192
million, or 30%, compared to sales of $641 million reported for the same period
last year.
Sales
related to aircraft OEMs decreased $113 million, or 34%, to $220 million,
primarily as a result of reduced production rates at business jet
OEMs. Aftermarket sales decreased $60 million, or 23%, to $205
million due primarily to lower retrofit and spares sales and reduced avionics
service and support revenues for both airlines and business jet
operators. Sales of wide-body in-flight entertainment products and
systems decreased $19 million, or 44%, to $24 million compared to the prior year
period.
Commercial
Systems’ fourth quarter operating earnings decreased to $71 million, resulting
in an operating margin of 15.8%, compared to operating earnings of $144 million,
or an operating margin of 22.5%, for the same period a year ago. The
decrease in operating earnings was due primarily to lower sales volumes, which
were partially offset by reduced research and development expenses, lower
employee incentive compensation costs and other cost savings.
Corporate
and Financial Highlights
General
corporate expenses that are not allocated to the company’s business segments
decreased $8 million, or 44%, to $10 million during the fourth quarter of fiscal
year 2009 due to lower employee incentive compensation costs and other cost
containment initiatives. The company’s effective income tax rate of
29.5% for the fourth quarter of fiscal year 2009 was higher than the rate of
24.5% for the prior year period due primarily to the retroactive catch up for
renewal of the Federal R&D Tax Credit in the fourth quarter of fiscal year
2008.
Utilizing
the strength of its balance sheet and operating cash flow, during fiscal year
2009 the company continued executing on a capital deployment strategy targeted
at enhancing shareowner value.
|
§
|
Cash
deployed for acquisitions totaled $146 million for the purchases of
DataPath, Inc., a global leader in creating satellite-based communication
networks and SEOS Group Ltd., a leading global supplier of highly
realistic visual display solutions for commercial and military
simulators.
|
|
§
|
Dividends
paid to shareowners in 2009 totaled $152 million, and the company deployed
$153 million to repurchase 3.9 million shares of its common
stock. During the fourth quarter, the company’s board of
directors increased the share repurchase authorization by $200 million and
as of the 2009 fiscal year end the company had $209 million of authorized
share repurchases remaining.
|
|
§
|
Contributions
made to the company’s defined benefit pension plans totaled $139 million
including a $50 million contribution made during the company’s fourth
quarter.
|
-2-
Fiscal
Year 2010 Outlook
The
following table is a complete summary of the company’s fiscal year 2010
financial guidance, which is unchanged from the financial guidance initially
provided on September 17, 2009:
|
▪
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Total
sales
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$4.6
Bil. to $4.8 Bil.
|
|
▪
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Total
segment operating margins
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18.5%
to 19.5%
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||
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▪
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Earnings
per share(1)
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$3.35
to $3.55
|
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▪
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Cash
flow from operations(2)
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$600
Mil. to $700 Mil.
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||
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▪
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Research
& development costs
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$870
Mil. to $900 Mil.
|
|
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||
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▪
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Capital
expenditures
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about
$135 Mil.
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||
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(1)
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Based
on an expected effective income tax rate in the range of 30% to
31%. The projected effective tax rate assumes the Federal
Research and Development Tax Credit (Federal R&D Tax Credit) is
available for the entire fiscal year, although legislation extending the
Federal R&D Tax Credit beyond December 31, 2009 has yet to be
enacted.
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|
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(2)
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Projected
cash provided by operating activities range accommodates a qualified
defined benefit pension plan contribution of $98 million that was made in
the first week of the company’s fiscal year
2010.
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|
Fourth
Quarter Business Highlights
US Air Force selected Rockwell
Collins KC-135 Block 45 upgrade program. The U.S. Air Force
selected Rockwell Collins for the Engineering, Manufacturing and Development
(EMD) phase of the KC-135 Block 45 cockpit upgrade program. During the EMD
phase, the company will modernize two prototype KC-135 refueling tanker flight
decks, establishing the production baseline for 415 additional KC-135 aircraft
expected to receive the Block 45 upgrade.
Rockwell Collins delivered Ground
Soldier Ensemble prototypes. Rockwell Collins, together with its
teammate Elbit Systems of America, created a full soldier system prototype that
improves upon combat-proven displays and navigation systems originally developed
for the Land Warrior program, and incorporates superior video processing, mass
storage, computing and information assurance capabilities.
Rockwell Collins introduced the
MicroDAGR GPS receiver. The MicroDAGR provides dismounted
soldiers with real-time position, navigation, moving maps and timing information
on a full-color touch screen display, and is small enough to be worn on the
wrist, attached to a lanyard or placed in a pocket.
Brazilian Ministry of Defense
selected Rockwell Collins to provide SATCOM
terminals. Rockwell Collins, through its Swedish subsidiary
(formerly SWE-DISH Satellite Systems AB), was chosen by the Ministry of Defense
of Brazil to provide suitcase satellite communication (SATCOM) terminals.
SWE-DISH Satellite Systems AB, and its parent company DataPath Inc., were
acquired by Rockwell Collins in May 2009.
Rockwell Collins Pro Line Fusion
underwent first customer test flight on Global Express
XRS. Pro Line FusionTM ,
Rockwell Collins’ next-generation avionics system for business and regional
aircraft, has successfully completed the first customer test flight on a
Bombardier Global Express XRS aircraft. Rockwell Collins serves as the avionics
systems integrator for the Global Vision flight deck on Bombardier's Global
Express XRS and Global 5000 aircraft.
China Southern Airlines selected
Rockwell Collins avionics. China Southern Airlines selected
Rockwell Collins to provide its MultiScan™ weather radar, GLU-920 Multi-Mode
Receiver (MMR) and advanced sensors for 10 Airbus A330 aircraft, with deliveries
scheduled to start March 2010.
-3-
Three Twenty Holdings, Ltd. selected
Rockwell Collins avionics for 25 new A320 aircraft. Three
Twenty Holdings, Ltd. selected a full suite of Rockwell Collins avionics,
including the MultiScan™ Hazard Detection System, for installation on 25 new
A320 aircraft. Deliveries began in September 2009.
Mesaba signed sixteen-year Dispatch
service agreement with Rockwell Collins. Mesaba Airlines, a
Northwest/Delta operator, selected Rockwell Collins to provide avionics service
and support for its fleet of 41 CRJ900 and 19 CRJ200 aircraft. Under
a 16 year Dispatch agreement, Rockwell Collins will provide Mesaba with avionics
component repairs and inventory that is pre-positioned at multiple service
locations.
Conference
Call and Webcast Details
Rockwell
Collins Chairman, President and CEO Clay Jones and Senior Vice President and CFO
Patrick Allen will conduct an earnings conference call at 9:00 a.m. Eastern Time
on November 3, 2009. Individuals may listen to the call and view
management’s supporting slide presentation on the Internet at www.rockwellcollins.com. Listeners
are encouraged to go to the Investor Relations portion of the web site at least
15 minutes prior to the call to download and install any necessary
software. The call will be available for replay on the Internet at
www.rockwellcollins.com
through December 5, 2009.
Rockwell
Collins is a pioneer in the development and deployment of innovative
communication and aviation electronic solutions for both commercial and
government applications. Our expertise in flight deck avionics, cabin
electronics, mission communications, information management, and simulation and
training is delivered by nearly 20,000 employees, and a global service and
support network that crosses 27 countries. To find out more, please visit www.rockwellcollins.com.
This
press release contains statements, including certain projections and business
trends, that are forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
from those projected as a result of certain risks and uncertainties, including
but not limited to the financial condition of our customers (including major
U.S. airlines); the health of the global economy, including potential
deterioration in the currently volatile economic and financial market
conditions; delays related to the award of domestic and international contracts;
the continued support for military transformation and modernization programs;
potential adverse impact of oil prices on the commercial aerospace industry; the
impact of the global war on terrorism and declining defense budgets on
government military procurement expenditures and budgets; changes in domestic
and foreign government spending, budgetary and trade policies adverse to our
businesses; market acceptance of our new and existing technologies, products and
services; reliability of and customer satisfaction with our products and
services; favorable outcomes on or potential cancellation or restructuring of
contracts, orders or program priorities by our customers; customer bankruptcies
and profitability; recruitment and retention of qualified personnel; regulatory
restrictions on air travel due to environmental concerns; effective negotiation
of collective bargaining agreements by us and our customers; performance of our
suppliers and subcontractors; risks inherent in development and fixed price
contracts, particularly the risk of cost overruns; risk of significant reduction
to air travel or aircraft capacity beyond our forecasts; our ability to execute
to our internal performance plans such as our productivity improvement and cost
reduction initiatives; achievement of our acquisition and related integration
plans; continuing to maintain our planned effective tax rates; risk that
legislation extending the Federal Research & Development Tax Credit beyond
December 31, 2009 is not passed during this fiscal year; our ability to develop
contract compliant systems and products on schedule and within anticipated cost
estimates; risk of fines and penalties related to noncompliance with export
control regulations; risk of asset impairments; our ability to win new business
and convert those orders to sales within the fiscal year in accordance with our
annual operating plan; and the uncertainties of the outcome of litigation, as
well as other risks and uncertainties, including but not limited to those
detailed herein and from time to time in our Securities and Exchange Commission
filings. These forward-looking statements are made only as of the date
hereof and the company assumes no obligation to update any forward-looking
statement.
|
Media
Contact:
|
Investor
Contact:
|
|
Pam
Tvrdy
|
Dan
Swenson
|
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319.295.0591
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319.295.7575
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pjtvrdy@rockwellcollins.com
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investorrelations@rockwellcollins.com
|
-4-
ROCKWELL
COLLINS, INC.
SEGMENT
SALES AND EARNINGS INFORMATION
(Unaudited)
(in
millions, except per share amounts)
|
Three
Months Ended
|
Years
Ended
|
|||||||||||||||
|
Sept.
30
|
Sept.
30
|
|||||||||||||||
|
2009
|
2008
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2009
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2008
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|||||||||||||
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Sales
|
||||||||||||||||
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Government
Systems
|
$ | 741 | $ | 636 | $ | 2,579 | $ | 2,366 | ||||||||
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Commercial
Systems
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449 | 641 | 1,891 | 2,403 | ||||||||||||
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Total
sales
|
$ | 1,190 | $ | 1,277 | $ | 4,470 | $ | 4,769 | ||||||||
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Segment
operating earnings
|
||||||||||||||||
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Government
Systems
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$ | 159 | $ | 125 | $ | 602 | $ | 486 | ||||||||
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Commercial
Systems
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71 | 144 | 353 | 560 | ||||||||||||
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Total
segment operating earnings
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230 | 269 | 955 | 1,046 | ||||||||||||
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Interest
expense
|
(6 | ) | (6 | ) | (18 | ) | (21 | ) | ||||||||
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Stock-based
compensation
|
(3 | ) | (4 | ) | (18 | ) | (19 | ) | ||||||||
|
General
corporate, net
|
(10 | ) | (18 | ) | (31 | ) | (53 | ) | ||||||||
|
Restructuring
and asset impairment charges (1)
|
(21 | ) | - | (21 | ) | - | ||||||||||
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Income
before income taxes
|
190 | 241 | 867 | 953 | ||||||||||||
|
Income
tax provision (2)(3)
|
(56 | ) | (59 | ) | (273 | ) | (275 | ) | ||||||||
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Net
income
|
$ | 134 | $ | 182 | $ | 594 | $ | 678 | ||||||||
|
Diluted
earnings per share
|
$ | .84 | $ | 1.13 | $ | 3.73 | $ | 4.16 | ||||||||
|
Weighted
average diluted shares outstanding
|
159.2 | 160.6 | 159.4 | 162.9 | ||||||||||||
The
company operates on a 52/53 week fiscal year ending on the Friday closest to
September 30. For ease of presentation September 30 is utilized to
represent the fiscal year end date. 2009 was a 52 week fiscal year
and the fourth quarter of 2009 was a 13 week quarter. 2008 was a 53
week fiscal year and the fourth quarter of 2008 was a 14 week
quarter.
(1) Represents
severance and asset impairment charges primarily related to the company’s plans
to reduce workforce and close its San Jose, California facility and relocate
engineering, service and production work to other locations.
(2) The
company’s effective income tax rate for the fourth quarter of fiscal year 2009
was 29.5% compared to 24.5% for the fourth quarter of fiscal year
2008. The lower effective income tax rate in the fiscal year 2008
fourth quarter was primarily due to the recognition of approximately an 8
percentage point tax benefit related to the renewal of the Federal R&D Tax
Credit which was retroactive to January 1, 2008 as a result of legislation
signed into law during that quarter.
(3) The
company’s effective income tax rate for fiscal year 2009 was 31.5% compared to
28.9% for the same period a year ago. The effective income tax rate
for fiscal year 2008 reflects the benefit related to the favorable resolution of
certain tax settlements.
Use of Non-GAAP Financial
Information
The
non-GAAP earnings per share information included and reconciled to GAAP in the
3rd
paragraph of this press release is believed to be useful to investors’
understanding and assessment of our ongoing operations. These
non-GAAP earnings per share results are intended to clarify the impact that the
2009 restructuring charge and the 2008 tax-related items had on our
year-over-year comparative results.
-5-
The
following tables summarize total sales by product category and Commercial
Systems’ sales by type of product or service for the three months and years
ended September 30, 2009 and 2008 (unaudited, in millions):
|
Three
Months Ended
|
Years
Ended
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|||||||||||||||
|
Sept.
30
|
Sept.
30
|
|||||||||||||||
|
2009
|
2008
|
2009
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2008
|
|||||||||||||
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Government
Systems’ sales by product category:
|
||||||||||||||||
|
Airborne
solutions
|
$ | 475 | $ | 459 | $ | 1,761 | $ | 1,662 | ||||||||
|
Surface
solutions
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266 | 177 | 818 | 704 | ||||||||||||
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Total
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$ | 741 | $ | 636 | $ | 2,579 | $ | 2,366 | ||||||||
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Commercial
Systems’ sales by product category:
|
||||||||||||||||
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Wide-body
in-flight entertainment products
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$ | 24 | $ | 43 | $ | 85 | $ | 142 | ||||||||
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All
other air transport aviation electronics
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239 | 287 | 901 | 1,115 | ||||||||||||
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Total
air transport aviation electronics
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263 | 330 | 986 | 1,257 | ||||||||||||
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Business
and regional aviation electronics
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186 | 311 | 905 | 1,146 | ||||||||||||
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Total
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$ | 449 | $ | 641 | $ | 1,891 | $ | 2,403 | ||||||||
|
Commercial
Systems’ sales by type of product or service:
|
||||||||||||||||
|
Original
equipment
|
$ | 220 | $ | 333 | $ | 970 | $ | 1,269 | ||||||||
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Aftermarket
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205 | 265 | 836 | 992 | ||||||||||||
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Wide-body
in-flight entertainment products
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24 | 43 | 85 | 142 | ||||||||||||
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Total
Commercial Systems sales
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$ | 449 | $ | 641 | $ | 1,891 | $ | 2,403 | ||||||||
Wide-body
in-flight entertainment (Wide-body IFE) products relate to sales of twin-aisle
IFE products and systems to customers in the air transport aviation electronics
market. Ongoing air transport aviation electronics relate to all
other air transport sales, including service and support sales for installed
Wide-body IFE products. The company has separated out its Wide-body
IFE products sales to reflect the company’s decision in 2005 to shift research
and development resources away from these products.
-6-
ROCKWELL
COLLINS, INC.
SUMMARY
BALANCE SHEET
(Unaudited)
(in
millions)
|
Sept. 30,
|
Sept.
30,
|
|||||||
|
2009
|
2008
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 235 | $ | 175 | ||||
|
Receivables,
net
|
913 | 950 | ||||||
|
Inventories
|
943 | 970 | ||||||
|
Current
deferred income taxes
|
154 | 139 | ||||||
|
Other
current assets
|
117 | 104 | ||||||
|
Total
current assets
|
2,362 | 2,338 | ||||||
|
Property
|
719 | 680 | ||||||
|
Goodwill
and intangible assets
|
964 | 807 | ||||||
|
Long-term
deferred income taxes
|
371 | 144 | ||||||
|
Other
assets
|
229 | 175 | ||||||
|
Total
assets
|
$ | 4,645 | $ | 4,144 | ||||
|
Liabilities
and shareowners’ equity
|
||||||||
|
Short-term
debt
|
$ | - | $ | 287 | ||||
|
Accounts
payable
|
366 | 419 | ||||||
|
Compensation
and benefits
|
199 | 295 | ||||||
|
Advance
payments from customers
|
349 | 308 | ||||||
|
Product
warranty costs
|
217 | 226 | ||||||
|
Other
current liabilities
|
228 | 205 | ||||||
|
Total
current liabilities
|
1,359 | 1,740 | ||||||
|
Long-term
debt, net
|
532 | 228 | ||||||
|
Retirement
benefits
|
1,254 | 600 | ||||||
|
Other
liabilities
|
208 | 168 | ||||||
|
Shareowners'
equity
|
1,292 | 1,408 | ||||||
|
Total
liabilities and shareowners’ equity
|
$ | 4,645 | $ | 4,144 | ||||
-7-
ROCKWELL
COLLINS, INC.
CONDENSED
CASH FLOW INFORMATION
(Unaudited)
(in
millions)
|
Years
Ended
|
||||||||
|
Sept.
30
|
||||||||
|
2009
|
2008
|
|||||||
|
Operating
Activities:
|
||||||||
|
Net
income
|
$ | 594 | $ | 678 | ||||
|
Adjustments
to arrive at cash provided by operating activities:
|
||||||||
|
Restructuring
and asset impairment charge
|
21 | - | ||||||
|
Depreciation
|
114 | 106 | ||||||
|
Amortization
of intangible assets
|
30 | 23 | ||||||
|
Stock-based
compensation
|
18 | 19 | ||||||
|
Compensation
and benefits paid in common stock
|
63 | 65 | ||||||
|
Tax
benefit from the exercise of stock options
|
2 | 8 | ||||||
|
Excess
tax benefit from stock-based compensation
|
(2 | ) | (8 | ) | ||||
|
Deferred
income taxes
|
88 | 73 | ||||||
|
Pension
plan contributions
|
(139 | ) | (14 | ) | ||||
|
Changes
in assets and liabilities, excluding effects of
acquisitions
|
||||||||
|
and
foreign currency adjustments:
|
||||||||
|
Receivables
|
39 | (68 | ) | |||||
|
Inventories
|
12 | (176 | ) | |||||
|
Accounts
payable
|
(63 | ) | 26 | |||||
|
Compensation
and benefits
|
(122 | ) | (10 | ) | ||||
|
Advance
payments from customers
|
15 | 4 | ||||||
|
Income
taxes
|
- | (67 | ) | |||||
|
Other
assets and liabilities
|
(37 | ) | (39 | ) | ||||
|
Cash
Provided by Operating Activities
|
633 | 620 | ||||||
|
Investing
Activities:
|
||||||||
|
Property
additions
|
(153 | ) | (171 | ) | ||||
|
Acquisition
of businesses, net of cash acquired
|
(146 | ) | (105 | ) | ||||
|
Acquisition
of intangible assets
|
(2 | ) | (8 | ) | ||||
|
Proceeds
from disposition of property
|
- | 1 | ||||||
|
Other
investing activities
|
(1 | ) | (1 | ) | ||||
|
Cash
Used for Investing Activities
|
(302 | ) | (284 | ) | ||||
|
Financing
Activities:
|
||||||||
|
Purchases
of treasury stock
|
(153 | ) | (576 | ) | ||||
|
Cash
dividends
|
(152 | ) | (129 | ) | ||||
|
(Decrease)
increase in short-term borrowings
|
(287 | ) | 287 | |||||
|
Increase
in long-term borrowings
|
296 | - | ||||||
|
Proceeds
from exercise of stock options
|
19 | 17 | ||||||
|
Excess
tax benefit from stock-based compensation
|
2 | 8 | ||||||
|
Cash
Used for Financing Activities
|
(275 | ) | (393 | ) | ||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
4 | 1 | ||||||
|
Net
Change in Cash and Cash Equivalents
|
60 | (56 | ) | |||||
|
Cash
and Cash Equivalents at Beginning of Period
|
175 | 231 | ||||||
|
Cash
and Cash Equivalents at End of Period
|
$ | 235 | $ | 175 | ||||
# #
#
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