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Previous: HAVERTY FURNITURE COMPANIES INC, 10-K, 1998-03-24 |
Next: FIDELITY COURT STREET TRUST, 497J, 1998-03-24 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended January 3, 1998
Commission File Number 1-5480
Textron Inc.
(Exact name of registrant as specified in charter)
Delaware 05-0315468
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
40 Westminster Street, Providence, R.I. 02903
(401) 421-2800
(Address and telephone number of principal executive offices)
______________
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange on
Title of Class Which Registered
Common Stock - par value $.125; (163,142,742 shares New York Stock Exchange
outstanding at March 6, 1998); Pacific Stock Exchange
Preferred Stock Purchase Rights Chicago Stock Exchange
$2.08 Cumulative Convertible Preferred Stock, New York Stock Exchange
Series A - no par value
$1.40 Convertible Preferred Dividend Stock, Series B New York Stock Exchange
(preferred only as to dividends) - no par value
8.75% Debentures due July 1, 2022 New York Stock Exchange
7.92% Trust Preferred Securities of Subsidiary Trust New York Stock Exchange
(and Textron Guaranty with respect thereto)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has
been subject to such filing requirements for the past 90
days. Yes X . No .
Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
The aggregate market value of voting stock held by
non-affiliates of the registrant is $12,025,454,250 as of
March 6, 1998.
Portions of Textron's Annual Report to
Shareholders for the fiscal year ended January 3, 1998
are incorporated by reference in Parts I and II of this
Report. Portions of Textron's Proxy Statement for its
Annual Meeting of Shareholders to be held on April 22, 1998
are incorporated by reference in Part III of this Report.
<PAGE>
Textron Inc. is amending the electronic filing of its
Annual Report on Form 10-K
because of a discrepancy in the first electronic filing. Exhibit
27 was not included in the dissemination file due to a
misplaced end submission tag in the filing.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Numbers are restated for the fiscal years ended December 28, 1996 and
December 30, 1995.
</LEGEND>
<S> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> JAN-03-1998 DEC-28-1996 DEC-30-1995
<PERIOD-END> JAN-03-1998 DEC-28-1996 DEC-30-1995
<CASH> 87 47 99
<SECURITIES> 0 0 0
<RECEIVABLES> 11,732 11,304 10,671
<ALLOWANCES> 315 293 270
<INVENTORY> 1,349 1,192 1,284
<CURRENT-ASSETS> 0 0 0
<PP&E> 3,687 3,203 3,060
<DEPRECIATION> 1,827 1,664 1,652
<TOTAL-ASSETS> 18,610 18,235 23,172
<CURRENT-LIABILITIES> 0 0 0
<BONDS> 10,496 10,346 10,249
<COMMON> 24 12 12
0 0 0
13 14 15
<OTHER-SE> 3,191 3,157 3,385
<TOTAL-LIABILITY-AND-EQUITY> 18,610 18,235 23,172
<SALES> 8,333 7,179 6,468
<TOTAL-REVENUES> 10,544 9,274 9,973
<CGS> 6,836 5,837 5,294
<TOTAL-COSTS> 7,115 6,112 6,626
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 256 230 169
<INTEREST-EXPENSE> 726 731 813
<INCOME-PRETAX> 948 827 813
<INCOME-TAX> 364 322 321
<INCOME-CONTINUING> 558 482 479
<DISCONTINUED> 0 (229) 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 558 253 479
<EPS-PRIMARY> 3.38 1.51 2.82
<EPS-DILUTED> 3.29 1.47 2.77
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> JAN-03-1998 JAN-03-1998 JAN-03-1998
<PERIOD-END> MAR-29-1997 JUN-28-1997 SEP-27-1997
<CASH> 140 161 89
<SECURITIES> 0 0 0
<RECEIVABLES> 0 0 0
<ALLOWANCES> 0 0 0
<INVENTORY> 1,373 1,416 1,435
<CURRENT-ASSETS> 0 0 0
<PP&E> 3,459 3,483 3,516
<DEPRECIATION> 1,758 1,802 1,803
<TOTAL-ASSETS> 18,689 18,795 18,517
<CURRENT-LIABILITIES> 0 0 0
<BONDS> 10,563 10,628 10,309
<COMMON> 12 24 24
0 0 0
14 14 13
<OTHER-SE> 3,189 3,182 3,252
<TOTAL-LIABILITY-AND-EQUITY> 18,689 18,795 18,517
<SALES> 2,021 4,138 6,088
<TOTAL-REVENUES> 2,551 5,218 7,726
<CGS> 1,656 3,386 4,975
<TOTAL-COSTS> 1,726 3,523 5,183
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 64 127 190
<INTEREST-EXPENSE> 183 363 546
<INCOME-PRETAX> 216 463 693
<INCOME-TAX> 85 180 266
<INCOME-CONTINUING> 125 270 408
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 125 270 408
<EPS-PRIMARY> .75 1.63 2.46
<EPS-DILUTED> .73 1.59 2.40
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-28-1996 DEC-28-1996 DEC-28-1996
<PERIOD-END> MAR-30-1996 JUN-29-1996 SEP-28-1996
<CASH> 71 184 169
<SECURITIES> 0 0 0
<RECEIVABLES> 10,736 0 0
<ALLOWANCES> 274 0 0
<INVENTORY> 1,368 1,471 1,303
<CURRENT-ASSETS> 0 0 0
<PP&E> 2,999 3,298 3,106
<DEPRECIATION> 1,630 1,830 1,633
<TOTAL-ASSETS> 17,383 18,354 18,035
<CURRENT-LIABILITIES> 0 0 0
<BONDS> 9,886 10,278 10,219
<COMMON> 12 12 12
0 0 0
15 15 14
<OTHER-SE> 3,200 3,254 3,061
<TOTAL-LIABILITY-AND-EQUITY> 17,383 18,354 18,035
<SALES> 1,700 3,567 5,289
<TOTAL-REVENUES> 2,214 4,598 6,846
<CGS> 1,393 2,913 4,308
<TOTAL-COSTS> 1,463 3,052 4,516
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 53 107 166
<INTEREST-EXPENSE> 183 366 549
<INCOME-PRETAX> 184 400 607
<INCOME-TAX> 72 156 237
<INCOME-CONTINUING> 109 234 354
<DISCONTINUED> (74) (74) (229)
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 35 160 125
<EPS-PRIMARY> .21 .95 .74
<EPS-DILUTED> .20 .93 .73
</TABLE>
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