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<SEC-DOCUMENT>0000217346-06-000014.txt : 20060126
<SEC-HEADER>0000217346-06-000014.hdr.sgml : 20060126
<ACCEPTANCE-DATETIME>20060126080057
ACCESSION NUMBER:		0000217346-06-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060126
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060126
DATE AS OF CHANGE:		20060126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXTRON INC
		CENTRAL INDEX KEY:			0000217346
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		IRS NUMBER:				050315468
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05480
		FILM NUMBER:		06551411

	BUSINESS ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014212800

	MAIL ADDRESS:	
		STREET 1:		40 WESTMINSTER ST
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN TEXTRON INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eightk.htm
<TEXT>
<html>

<head>
<title>New Page 1</title>
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<body>

<b>
<p ALIGN="RIGHT">&nbsp;</p>
<p ALIGN="CENTER">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<font SIZE="6">
<p ALIGN="CENTER">FORM 8&#45;K</p>
</font><font SIZE="4">
<p ALIGN="CENTER">CURRENT REPORT<br>
</font>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</p>
</b>
<p ALIGN="CENTER">Date of Report (Date of earliest event reported): January 26,
2006</p>
<b><font SIZE="6">
<p ALIGN="CENTER">TEXTRON INC.</p>
</font></b>
<p ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</p>
<div align="center">
  <center>
<table CELLSPACING="1"  CELLPADDING="1" WIDTH="708">
  <tr>
    <td WIDTH="175" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Delaware</td>
    <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="307" VALIGN="TOP">
      <p ALIGN="CENTER">I&#45;5480</td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="174" VALIGN="TOP">
      <p ALIGN="JUSTIFY">05&#45;0315468</td>
  </tr>
  <tr>
    <td WIDTH="175" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(State
      of</td>
    <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="307" VALIGN="TOP">
      <p ALIGN="CENTER">(Commission File Number.)</td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="174" VALIGN="TOP">
      <p ALIGN="JUSTIFY">(IRS Employer</td>
  </tr>
  <tr>
    <td WIDTH="175" VALIGN="TOP">
      <p ALIGN="JUSTIFY">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporation)</td>
    <td WIDTH="13" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="307" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="174" VALIGN="TOP">
      <p ALIGN="JUSTIFY">Identification Number)</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="JUSTIFY">&nbsp;</p>
<p ALIGN="CENTER">40 Westminster Street, Providence, Rhode Island 02903<br>
(Address of principal executive offices)<br>
<br>
<br>
&nbsp;Registrant&#39;s telephone number, including area code:
(401) 421&#45;2800</p>
<p>Check the appropriate box below if the Form 8&#45;K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):</p>
<p>[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)</p>
<p>[ ] Soliciting material pursuant to Rule 14a&#45;12 under the Exchange
Act (17 CFR 240.14a&#45;12)</p>
<p>[ ] Pre&#45;commencement communications pursuant to Rule 14d&#45;2(b)
under the Exchange Act (17 CFR 240.14d&#45;2(b))</p>
<p>[ ] Pre&#45;commencement communications pursuant to Rule
13e&#45;4(c)) under the Exchange Act (17 CFR 240.13e&#45;4(c))</p>
<table CELLSPACING="1"  CELLPADDING="1" WIDTH="646">
  <tr>
    <td WIDTH="11%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="89%" VALIGN="TOP">
          <b>
          <p ALIGN="JUSTIFY">Item
          2.02&#160;&#160;&#160;&#160;&#160;Results of
          Operations and Financial Condition</p>
          </b>
      <p ALIGN="JUSTIFY">&nbsp;&#160;&#160;&#160;&#160;On
      January 26, 2006, Textron Inc. (&quot;Textron&quot;) issued a press
      release announcing its financial results for the fiscal year and quarter
      ended December 31, 2005. This press release is attached hereto as Exhibit
      99 and is incorporated herein by reference.<br>
      <br>
      <b>Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements
      and Exhibits</p>
      </b>
      <blockquote>
        <p ALIGN="JUSTIFY">(c)&#160;&#160;&#160;&#160;&#160;Exhibits</p>
      <p ALIGN="JUSTIFY">The following exhibits are filing herewith:</p>
      <p ALIGN="JUSTIFY">99&#160;&#160;&#160;&#160;&#160;Press
      release dated January 26, 2006</p>
      </blockquote>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<p ALIGN="CENTER">SIGNATURES</p>
<p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>
<div align="center">
  <center>
<table CELLSPACING="1"  CELLPADDING="1" WIDTH="552">
  <tr>
    <td WIDTH="192" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="346" VALIGN="TOP">
      <p>TEXTRON INC.</td>
  </tr>
  <tr>
    <td WIDTH="192" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="346" VALIGN="TOP">
      <p>(Registrant)</td>
  </tr>
</table>
  </center>
</div>
<p>&nbsp;Date: January 26, 2006</p>
<div align="center">
  <center>
<table CELLSPACING="1"  CELLPADDING="1" WIDTH="590">
  <tr>
    <td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="63%" VALIGN="TOP" COLSPAN="2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">
      <p>By:</td>
    <td WIDTH="56%" VALIGN="TOP"><u>
      <p>s/Michael D. Cahn</u></td>
  </tr>
  <tr>
    <td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP">
      <p>Michael D. Cahn</td>
  </tr>
  <tr>
    <td WIDTH="37%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="56%" VALIGN="TOP">
      <p>Senior Associate General Counsel&#45;Securities and Assistant
      Secretary</td>
  </tr>
</table>
  </center>
</div>
<p ALIGN="CENTER">EXHIBIT INDEX</p>
<p ALIGN="JUSTIFY">&nbsp;<u>Exhibit No</u>.&#160;&#160;&#160;&#160;&#160;<u>Exhibit</p>
</u>
<p ALIGN="JUSTIFY">99&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press
release dated January 26, 2006</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>pressrelease.htm
<TEXT>
<html>

<head>
<title>New Page 1</title>
</head>

<body>

<table CELLSPACING="1"  CELLPADDING="1" WIDTH="775">
  <tr>
    <td WIDTH="158" VALIGN="TOP" HEIGHT="23"><b><font FACE="Verdana" SIZE="5" COLOR="#7f7f7f">
      <p>TEXTRON</font></b></td>
    <td WIDTH="603" VALIGN="TOP" COLSPAN="2" HEIGHT="23"><b><font FACE="Verdana" COLOR="#7f7f7f">
      <p ALIGN="RIGHT">Exhibit 99</font></b></td>
  </tr>
  <tr>
    <td WIDTH="158" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="304" VALIGN="TOP"><b><font FACE="Verdana" SIZE="1" COLOR="#7f7f7f">
      <p>Corporate Communications<br>
      Department</font></b></td>
    <td WIDTH="293" VALIGN="TOP"><b><font FACE="Verdana" SIZE="6" COLOR="#7f7f7f">
      <p ALIGN="RIGHT">&nbsp;</p>
      <p ALIGN="RIGHT">NEWS Release</font></b></td>
  </tr>
</table>
<table CELLSPACING="1"  CELLPADDING="1" WIDTH="727">
  <tr>
    <td WIDTH="326" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p>Investor Contacts:<br>
      </font></b><font FACE="Verdana" SIZE="2">Doug Wilburne &#45;
      401&#45;457&#45;3606<br>
      Bill Pitts &#45; 401&#45;457&#45;2502</p>
      </font></td>
    <td WIDTH="387" VALIGN="TOP"><font FACE="Verdana" SIZE="2" COLOR="#7f7f7f">
      <p ALIGN="RIGHT"><br>
      <b>FOR IMMEDIATE RELEASE</b></font></td>
  </tr>
  <tr>
    <td WIDTH="326" VALIGN="TOP"><b><font FACE="Verdana" SIZE="2">
      <p><br>
      Media Contact:</font></b><font FACE="Verdana" SIZE="2"><br>
      Karen Gordon &#45; 401&#45;457&#45;2362</font></td>
    <td WIDTH="387" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td VALIGN="TOP" COLSPAN="2" HEIGHT="54" width="719"><b><font FACE="Verdana">
      <p ALIGN="CENTER">Textron Reports Strong Fourth Quarter and
      Full&#45;Year Financial Results</p>
      </font></b><font FACE="Verdana">
      <p ALIGN="CENTER">Delivers 4Q Earnings from Continuing Operations of $1.25
      per Share&nbsp;<br>
 and Annual Revenue Growth of 20%</p>
      <p ALIGN="CENTER">Board Increases Dividend and Authorizes New 12 Million
      Share Repurchase Plan</p>
      <p ALIGN="CENTER">Company Provides 2006 Guidance</p>
      <b>
      <p ALIGN="CENTER"></b></font></td>
  </tr>
</table>
<b><font FACE="Verdana" SIZE="2">
<p>Providence, Rhode Island &#45; January 26, 2006</font></b><font FACE="Verdana" SIZE="2">
&#45; Reporting increases in both revenues and earnings per share from
continuing operations, Textron Inc. (NYSE: TXT) today posted strong fourth
quarter and full&#45;year 2005 results. The company also provided its
outlook for 2006, reflecting an expansion in earnings per share from continuing
operations of 30 to 35 percent.
</p>
<p>&quot;Excellent revenue growth combined with the continued execution of our
transformation efforts drove robust performance in 2005,&quot; said Textron
Chairman, President and CEO Lewis Campbell. &quot;We delivered exceptional
revenue growth last year, and &#45;&#45;more importantly
&#45;&#45; we are well positioned for further growth and performance
improvements for 2006 and beyond. This will continue to bolster the
competitiveness and earnings power of our businesses,&quot; Campbell added.
</p>
<p>Textron reported fourth quarter 2005 earnings per share from continuing
operations of $1.25 per share compared to $0.86 per share in the fourth quarter
2004. Including discontinued operations, fourth quarter 2005 net income was
$0.88 per share, compared to $0.89 per share a year ago. Revenue in the fourth
quarter was $2.7 billion, up 14.7 percent from a year ago.</p>
<p>Full&#45;year 2005 income from continuing operations was $3.78 per share,
compared to $2.68 per share a year ago. Including discontinued operations,
full&#45;year 2005 net income was $1.49 per share, compared to $2.61 per
share for full&#45;year 2004.</p>
<p>Full&#45;year 2005 revenues were $10.0 billion, up from $8.3 billion in
2004, reflecting revenue growth of 20 percent. Manufacturing cash flow from
continuing operations for the full&#45;year 2005 was $894 million, resulting
in free cash flow of $546 million. For the year, return on invested capital
reached 13.2 percent, up 260 basis points from the prior year.</p>
<p>As a result of the company&#39;s plan to sell its Fastening Systems
business, the segment was classified as a discontinued operation during the
quarter and results of this segment are reported accordingly.</p>
<p>During the quarter Textron recorded $53 million in after&#45;tax charges
in discontinued operations related to Fastening Systems, primarily for deferred
foreign translation losses, employee retirement plan curtailment losses and
deal&#45;related costs that were incurred during the quarter. Historical
results from 2001 through 2005 have been recast to reflect the reclassification
and are available for downloading on Textron&#39;s investor relations
homepage at </font><font face="Verdana" size="2">www.textron.com</font>.<font FACE="Verdana" SIZE="2"><br>
<br>
<br>
<b>Board Authorizes Increase to Dividend and New Share Repurchase Program</p>
</b>
<p>Textron&#39;s Board of Directors has authorized a $0.15 per share
increase in the company&#39;s annualized Common Stock dividend, from $1.40
per share to $1.55 per share. Textron&#39;s Board of Directors also
authorized a new, 12 million share repurchase program. This program replaces the
company&#39;s previous 12 million share repurchase program authorized
October 20, 2004, which has been fully exercised.</p>
<p>&quot;The increase in Textron&#39;s dividend and repurchasing
authorization reflects the Board of Directors&#39; confidence in the
company&#39;s strong outlook for generating cash from operations and the
redeployment of cash anticipated upon the expected sale of the Fastening Systems
business&quot;, said Campbell.</p>
<b>
<p>Outlook </b><i>(All outlook amounts are expressed in terms of continuing
operations.)</p>
</i>
<p>Textron expects full&#45;year 2006 revenues will be up about eight
percent, while earnings per share from continuing operations are expected to be
between $4.90 and $5.10. First quarter earnings per share from continuing
operations are expected to be between $1.00 and $1.10.</p>
<p>The company&#39;s outlook is based on a projected, average,
fully&#45;diluted share count of about 131 million shares and reflects
approximately two to four percent in earnings dilution from the expected
Fastening Systems disposition. The company&#39;s 2006 earnings outlook also
reflects a year&#45;over&#45;year increase in non&#45;cash,
after&#45;tax pension costs of $0.28 per share and an increase in research
and development expenses of $0.40 per share. The company adopted the accounting
for expensing stock options in 2005.</p>
<p>Textron expects full&#45;year 2006 manufacturing cash flow from
continuing operations will be about one billion dollars. Free cash flow is
expected to be in the range of $550 &#45; $600 million, with capital
expenditures of about $410 million.</p>
<b>
<p>Fourth Quarter Segment Results</p>
<p>Bell</p>
</b>
<p>Bell segment revenues increased $215 million due to higher revenue in the
U.S. Government business, partially offset by lower revenue in the commercial
business, while profit was up $53 million.<br>
<br>
The increase in U.S. Government revenue was primarily due to higher
V&#45;22 revenue, higher volume of armored security vehicles, the benefit
from the acquisition of US Helicopter, higher spares and service volume and
revenue associated with the armed reconnaissance helicopter.<br>
<br>
Commercial revenues decreased primarily due to lower international military
sales. This decrease was partially offset by higher commercial helicopter sales.
</p>
<p>Segment profit increased in both the commercial and U.S. Government
businesses. Commercial profit increased primarily due to a gain on the sale of
Bell&#39;s interest in the AB139 commercial helicopter and reimbursements
from a risk sharing partner, which were partially offset by a charge for a
program to retire additional crankshafts that we have chosen to implement as a
precautionary measure. The increased profit in the U.S. Government business was
largely due to higher V&#45;22 volume.<br>
<br>
Backlog at Bell Helicopter was $2.8 billion at the end of the fourth quarter.
Government backlog was lower by $275 million from the end of last year largely
due to V&#45;22 completions, while commercial backlog increased $244
million, or 70%. Bell has orders for the new 429 Global Ranger worth
approximately $685 million, which are not yet included in backlog.<br>
<b>
<br>
<br>
Cessna
</p>
</b>
<p>Cessna segment revenues and profit increased $111 million and $13 million,
respectively.<br>
<br>
Revenues and profits increased primarily as a result of higher volume of
Citation Jets, higher pricing and growth in aftermarket revenues.
</p>
<p>Continued strength in orders led to a further increase in backlog of $296
million during the quarter, yielding an ending backlog of $6.3 billion to
unaffiliated customers, plus an additional $571 million for CitationShares.</p>
<b>
<p>Industrial</p>
</b>
<p>Industrial segment revenues decreased $19 million primarily due to lower
sales volume at E&#45;Z&#45;GO and Jacobsen and unfavorable foreign
exchange, partially offset by higher volume at Greenlee and higher pricing.</p>
<p>Segment profit decreased $31 million primarily due to inflation, unfavorable
cost performance and lower volume, partially offset by higher pricing.</p>
<b>
<p>Finance</p>
</b>
<p>Finance segment revenues increased $40 million, while profits increased $7
million.
</p>
<p>Revenues increased primarily as a result of higher finance charges. The
increase in finance charges was largely due to the higher interest rate
environment and higher average finance receivables.</p>
<p>The profit increase was primarily due to higher net interest margin
principally due to receivable portfolio growth and improved portfolio
performance, which was partially offset by higher selling and administrative
expense.</p>
<b>
<p>Conference Call Information</p>
</b>
<p>Textron will host a conference call today, January 26, 2006, at 9:00 a.m.
Eastern time to discuss its results and outlook. The call will be available via
webcast at www.textron.com or by direct dial at (888) 428&#45;4480 in the
U.S. or (612) 288&#45;0318 outside of the U.S. (request the Textron Earnings
Conference).</p>
<p>The call will be recorded and available for playback beginning at 12:30 p.m.
Eastern time on Thursday, January 26, 2006 by dialing (320) 365&#45;3844;
Access Code: 794251.</p>
<b>
<p>About Textron</p>
</b>
<p>Textron Inc. is a $10 billion multi&#45;industry company with 46,000
employees operating in 36 countries. The company leverages its global network of
aircraft, industrial and finance businesses to provide customers with innovative
solutions and services. Textron is known around the world for its powerful
brands such as Bell Helicopter, Cessna Aircraft, Jacobsen, Kautex, Lycoming,
E&#45;Z&#45;GO and Greenlee, among others.&#160; More information is
available at www.textron.com.</p>
<p ALIGN="CENTER">###</p>
</font><font FACE="Verdana" SIZE="1">
<p>Forward&#45;looking Information: Certain statements in this report and
other oral and written statements made by Textron from time to time are
forward&#45;looking statements, including those that discuss strategies,
goals, outlook or other non&#45;historical matters; or project revenues,
income, returns or other financial measures. These forward&#45;looking
statements speak only as of the date on which they are made, and we undertake no
obligation to update or revise any forward&#45;looking statements. These
forward&#45;looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those contained in the
statements, including the following: [a] changes in worldwide economic and
political conditions that impact interest and foreign exchange rates; [b] the
interruption of production at Textron facilities or Textron&#39;s customers
or suppliers; [c] Textron&#39;s ability to perform as anticipated and to
control costs under contracts with the U.S. Government; [d] the U.S.
Government&#39;s ability to unilaterally modify or terminate its contracts
with Textron for the Government&#39;s convenience or for Textron&#39;s
failure to perform, to change applicable procurement and accounting policies,
and, under certain circumstances, to suspend or debar Textron as a contractor
eligible to receive future contract awards; [e] changes in national or
international funding priorities and government policies on the export and
import of military and commercial products; [f] the adequacy of cost estimates
for various customer care programs including servicing warranties; [g] the
ability to control costs and successful implementation of various cost reduction
programs; [h] the timing of certifications of new aircraft products; [i] the
occurrence of slowdowns or downturns in customer markets in which Textron
products are sold or supplied or where Textron Financial offers financing; [j]
changes in aircraft delivery schedules or cancellation of orders; [k] the impact
of changes in tax legislation; [l] the extent to which Textron is able to pass
raw material price increases through to customers or offset such price increases
by reducing other costs; [m]Textron&#39;s ability to offset, through cost
reductions, pricing pressure brought by original equipment manufacturer
customers; [n] Textron&#39;s ability to realize full value of receivables
and investments in securities; [o] the availability and cost of insurance; [p]
increases in pension expenses related to lower than expected asset performance
or changes in discount rates; [q] Textron Financial&#39;s ability to
maintain portfolio credit quality; [r] Textron Financial&#39;s access to
debt financing at competitive rates; [s] uncertainty in estimating contingent
liabilities and establishing reserves to address such contingencies; [t]
performance of acquisitions; [u] the efficacy of research and development
investments to develop new products; [v] bankruptcy or other financial problems
at major suppliers or customers that could cause disruptions in
Textron&#39;s supply chain or difficulty in collecting amounts owed by such
customers; and [w] Textron&#39;s ability to execute planned dispositions.</p>
</font><b><font SIZE="1">
<p ALIGN="CENTER">TEXTRON INC.<br>
REVENUES AND INCOME BY BUSINESS SEGMENT (a)<br>
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2005 AND JANUARY 1, 2005<br>
</font></b><font SIZE="1">(Dollars in millions except per share amounts)<br>
(Unaudited)
</p>
</font>
<div align="center">
  <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="739">
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="32%" VALIGN="MIDDLE" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">Three Months Ended</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="30%" VALIGN="MIDDLE" COLSPAN="5" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">Twelve Months Ended</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE" HEIGHT="5"><b><u><font SIZE="1">
      <p>REVENUES</font></u></b></td>
    <td WIDTH="15%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">December 31, 2005</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="14%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">January 1, 2005</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5" style="border-left-style: solid">
      <p></p>
    </td>
    <td WIDTH="15%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">December 31, 2005</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="5">
      <p></p>
    </td>
    <td WIDTH="13%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="5" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="1">
      <p ALIGN="CENTER">January 1, 2005</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">805</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">590</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">2,881</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">2,254</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">967</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">856</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">3,480</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">2,473</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">744</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">763</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">3,054</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">3,046</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">2,516</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">2,209</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">9,415</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">7,773</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>FINANCE</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">185</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">145</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">628</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">545</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">2,701</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">2,354</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">10,043</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">8,318</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><u><font SIZE="1">
      <p>PROFIT</font></u></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>MANUFACTURING:</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Bell</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">121</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">68</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">368</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">$</font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">250</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Cessna</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">132</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">119</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">457</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">267</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Industrial</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">16</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">47</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">150</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">194</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">269</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">234</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">975</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">711</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>FINANCE</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">51</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">44</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">171</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">139</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p>Segment profit</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">320</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">278</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">1,146</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">850</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Special charges (b)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(21)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(21)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(118)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(59)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Corporate expenses and other, net</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(54)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(49)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(199)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right">(157)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Interest expense, net</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(21)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(22)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(90)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(94)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Income from continuing operations<br>
      &#160;&#160;&#160;&#160;&#160;before income taxes</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="13%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      224</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      186</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="12%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      739</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT">&nbsp;</p>
      <p ALIGN="RIGHT">&nbsp;</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><font SIZE="1">
      <p ALIGN="RIGHT"><br>
      </font></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 20" align="right"><br>
      540</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Income taxes</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(56)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(66)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(223)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(165)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p>Income from continuing operations</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">168</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">120</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">516</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">375</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Discontinued operations, net of income taxes (c)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(50)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">5</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(313)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(10)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE" HEIGHT="15"><b><font SIZE="1">
      <p>Net income</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">118</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">125</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15" style="border-left-style: solid">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">203</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" HEIGHT="15" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">365</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p>Earnings per share:</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p>Income from continuing operations</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">1.25</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">0.86</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">3.78</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">2.68</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><font SIZE="1">
      <p>Discontinued operations, net of income taxes (c)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(0.37)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">0.03</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(2.29)</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 20" align="right">(0.07)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE"><b><font SIZE="1">
      <p>Net income</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="13%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">0.88</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">0.89</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-left-style: solid">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">1.49</font></b></td>
    <td WIDTH="2%" VALIGN="MIDDLE">&nbsp;</td>
    <td WIDTH="2%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="11%" VALIGN="MIDDLE" style="border-bottom-style: solid"><b><font SIZE="1">
      <p style="margin-right: 20" align="right">2.61</font></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="MIDDLE" HEIGHT="17"><font SIZE="1">
      <p>Average diluted shares outstanding</font></td>
    <td WIDTH="15%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="17" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 20" align="right">134,300,000</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="17">
      <p></p>
    </td>
    <td WIDTH="14%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="17" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 20" align="right">139,704,000</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="17">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="17" style="border-left-style: solid">
      <p></p>
    </td>
    <td WIDTH="15%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="17" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 20" align="right">136,446,000</font></td>
    <td WIDTH="2%" VALIGN="MIDDLE" HEIGHT="17">
      <p></p>
    </td>
    <td WIDTH="13%" VALIGN="MIDDLE" COLSPAN="2" HEIGHT="17" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 20" align="right">140,169,000</font></td>
  </tr>
</table>
      </center>
    </div>
<blockquote>
  <font SIZE="1">
  <p>(a)&nbsp;&nbsp;&nbsp; On December 7, 2005, Textron&#39;s Board of Directors approved a plan
  to sell the Fastening Systems segment. As a result, the Fastening Systems
  segment was reclassified to discontinued<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operations in the fourth quarter of
  2005. All periods presented have been recast to conform to this presentation.</p>
  <p>(b)&nbsp;&nbsp;&nbsp; The items included in special charges are summarized in the table below:
  </p>
  </blockquote>
</font>
    <div align="center">
      <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="530">
  <tr>
    <td WIDTH="258" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="103" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">Three Months Ended</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="117" VALIGN="TOP" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">Twelve Months Ended</font></td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="45" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2005</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="37" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2004</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2005</font></td>
    <td WIDTH="7" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2004</font></td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP"><font SIZE="1">
      <p>Collins & Aikman investment (charges) gains</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="45" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="37" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#45;</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="52" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91)</font></td>
    <td WIDTH="7" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="51" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp;&nbsp; 12&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP"><font SIZE="1">
      <p>Collins & Aikman lease impairment and other charges</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="45" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">(21)</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="37" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">&#45;</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="52" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">&nbsp; (21)</font></td>
    <td WIDTH="7" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="51" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 4" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP"><font SIZE="1">
      <p>Restructuring charges</font></td>
    <td WIDTH="6" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="45" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 4" align="right">&#45;</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="37" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 4" align="right">(21)</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 4" align="right">&nbsp;&nbsp; (6)</font></td>
    <td WIDTH="7" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="51" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 4" align="right">(71)</font></td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP" HEIGHT="8">
      <p></p>
    </td>
    <td WIDTH="6" VALIGN="TOP" HEIGHT="8">
      <p></p>
    </td>
    <td WIDTH="45" VALIGN="TOP" HEIGHT="8" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="8">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="37" VALIGN="TOP" HEIGHT="8" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="8">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="52" VALIGN="TOP" HEIGHT="8" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="7" VALIGN="TOP" HEIGHT="8">
      <p style="margin-right: 4" align="right"></p>
    </td>
    <td WIDTH="51" VALIGN="TOP" HEIGHT="8" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p style="margin-right: 4" align="right"></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="258" VALIGN="TOP"><font SIZE="1">
      <p>Total special charges</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="45" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp; (21)</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="37" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 4" align="right">$ (21)</font></td>
    <td WIDTH="9" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp; (118)</font></td>
    <td WIDTH="7" VALIGN="TOP">
      <p style="margin-right: 4" align="right">&nbsp;</p>
    </td>
    <td WIDTH="51" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 4" align="right">$&nbsp;&nbsp;&nbsp;&nbsp; (59)</font></td>
  </tr>
</table>
      </center>
    </div>
<blockquote>
  <font SIZE="1">
  <p>(c)&nbsp;&nbsp;&nbsp; Discontinued operations by segment are summarized in the table below:
  </p>
</font>
  </blockquote>
    <div align="center">
      <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="787">
  <tr>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="253" VALIGN="BOTTOM" COLSPAN="7" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">Three Months Ended</font></td>
    <td WIDTH="8" VALIGN="BOTTOM" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="270" VALIGN="BOTTOM" COLSPAN="7" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">Twelve Months Ended</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="122" VALIGN="BOTTOM" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2005</font></td>
    <td WIDTH="6" VALIGN="BOTTOM">&nbsp;</td>
    <td WIDTH="117" VALIGN="BOTTOM" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2004</font></td>
    <td WIDTH="8" VALIGN="BOTTOM">&nbsp;</td>
    <td WIDTH="122" VALIGN="BOTTOM" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2005</font></td>
    <td WIDTH="9" VALIGN="BOTTOM">&nbsp;</td>
    <td WIDTH="127" VALIGN="BOTTOM" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">2004</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="50" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">After&#45;Tax</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="52" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">EPS</font></td>
    <td WIDTH="6" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="51" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">After&#45;Tax</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="46" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">EPS</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="53" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">After&#45;Tax</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="48" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">EPS</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="52" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">After&#45;Tax</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="54" VALIGN="TOP" HEIGHT="9" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="CENTER">EPS</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p>Fastening Systems</font></td>
    <td WIDTH="50" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp; (53)</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="52" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p ALIGN="RIGHT" style="margin-right: 10">$ (0.39)</font></td>
    <td WIDTH="6" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="51" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="46" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</font></td>
    <td WIDTH="8" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="53" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp; (358)</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="48" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p ALIGN="right" style="margin-right: 10">$ (2.63)</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="52" VALIGN="TOP" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</font></td>
    <td WIDTH="9" VALIGN="TOP" HEIGHT="11">
      <p></p>
    </td>
    <td WIDTH="54" VALIGN="MIDDLE" HEIGHT="11"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP"><font SIZE="1">
      <p>Industrial</font></td>
    <td WIDTH="50" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 10" align="right">6</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP"><font SIZE="1">
      <p ALIGN="right" style="margin-right: 10">0.04</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 10" align="right">5</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="46" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 10" align="right">0.03</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="53" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 10" align="right">48</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="48" VALIGN="TOP"><font SIZE="1">
      <p ALIGN="right" style="margin-right: 10">0.36</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP"><font SIZE="1">
      <p style="margin-right: 10" align="right">(10)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="54" VALIGN="MIDDLE"><font SIZE="1">
      <p style="margin-right: 10" align="right">(0.07)</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP"><font SIZE="1">
      <p>Finance</font></td>
    <td WIDTH="50" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">(3)</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="RIGHT" style="margin-right: 10">(0.02)</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">&#45;</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="46" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">&#45;</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="53" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">(3)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="48" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p ALIGN="right" style="margin-right: 10">(0.02)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">&#45;</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="54" VALIGN="MIDDLE" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="1">
      <p style="margin-right: 10" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="226" VALIGN="TOP"><font SIZE="1">
      <p>Discontinued operations, net of income taxes</font></td>
    <td WIDTH="50" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp; (50)</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p ALIGN="RIGHT" style="margin-right: 10">$ (0.37)</font></td>
    <td WIDTH="6" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="51" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="46" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$ 0.03</font></td>
    <td WIDTH="8" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="53" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp; (313)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="48" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p ALIGN="right" style="margin-right: 10">$ (2.29)</font></td>
    <td WIDTH="9" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="52" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$&nbsp;&nbsp; (10)</font></td>
    <td WIDTH="9" VALIGN="BOTTOM">&nbsp;</td>
    <td WIDTH="54" VALIGN="BOTTOM" style="border-bottom-style: solid"><font SIZE="1">
      <p style="margin-right: 10" align="right">$ (0.07)</font></td>
  </tr>
</table>
      </center>
    </div>
<font SIZE="1">
</font><b><font SIZE="2">
<p ALIGN="CENTER">TEXTRON INC.<br>
Condensed Consolidated Balance Sheets<br>
</font></b><font SIZE="3">(In millions)<br>
    (Unaudited)</p>
</font>
    <div align="center">
      <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="679">
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="3">
      <p ALIGN="CENTER">December 31,<br>
      2005</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font SIZE="3">
      <p ALIGN="CENTER">January 1,<br>
      2005</font></b></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><b><font SIZE="3">
      <p>Assets</font></b></td>
    <td WIDTH="16%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Cash and cash equivalents</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#160;786</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&nbsp;&nbsp;&nbsp;
      &#160;&#160;&#160;&#160;&#160;570</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Accounts receivable, net</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;891</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;843</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Inventories</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,712</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,536</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Other current assets</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;464</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;515</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Net property, plant and equipment</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,574</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,513</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Other assets</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,509</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,527</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Assets of discontinued operations</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,122</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,633</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Textron Finance assets</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,441</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,738</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Assets</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;16,499</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;15,875</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><b><font SIZE="3">
      <p>Liabilities and Shareholders&#39; Equity</font></b></td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Current portion of long&#45;term debt and short&#45;term debt</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&nbsp;&nbsp;&nbsp;&nbsp;
      &#160;275</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&nbsp;&nbsp;&nbsp;&nbsp;
      &#160;&#160;&#160;&#160;&#160;420</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Other current liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,426</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,210</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Other liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,026</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,020</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Long&#45;term debt</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,659</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,350</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Liabilities of discontinued operations</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;446</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;520</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Textron Finance liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,391</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,703</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Liabilities</font></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;13,223</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;12,223</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="16%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP">
      <p style="margin-right: 20" align="right">&nbsp;</p>
    </td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><font SIZE="3">
      <p>Total Shareholders&#39; Equity</font></td>
    <td WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,276</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="15%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,652</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP" HEIGHT="16"><font SIZE="3">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
      Liabilities and Shareholders&#39; Equity</font></td>
    <td WIDTH="16%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;16,499</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
      <p></p>
    </td>
    <td WIDTH="15%" VALIGN="TOP" HEIGHT="16" style="border-bottom-style: solid"><font SIZE="3">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;15,875</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="16">
      <p></p>
    </td>
  </tr>
</table>
      </center>
    </div>
<b><font FACE="Verdana" SIZE="3">
<p ALIGN="CENTER">Textron Inc.<br>
Calculation of Free Cash Flow<br>
(Dollars in millions)</p>
</font></b>
    <div align="center">
      <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="612" HSPACE="12">
  <tr>
    <td WIDTH="69%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p align="center">&nbsp;</p>
    </td>
    <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p align="center">2005<br>
      Actual</font></b></td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p align="center">&nbsp;</p>
    </td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p align="center">2004<br>
      Actual</font></b></td>
  </tr>
  <tr>
    <td WIDTH="69%" VALIGN="TOP" HEIGHT="32"><b><font FACE="Verdana" SIZE="1">
      <p>Net cash provided by operating activities of continuing operations</font></b></td>
    <td WIDTH="3%" VALIGN="BOTTOM" HEIGHT="32"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="14%" VALIGN="BOTTOM" HEIGHT="32"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">894</font></b></td>
    <td WIDTH="3%" VALIGN="BOTTOM" HEIGHT="32"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="BOTTOM" HEIGHT="32"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">973</font></b></td>
  </tr>
  <tr>
    <td WIDTH="69%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Less: capital
      expenditures</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (356)</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(238)</font></td>
  </tr>
  <tr>
    <td WIDTH="69%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Plus: proceeds on
      sale of property, plant and equipment</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="14%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">23</font></td>
    <td WIDTH="3%" VALIGN="TOP">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">38</font></td>
  </tr>
  <tr>
    <td WIDTH="69%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Less: capital
      expenditures financed through capital leases</font></td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="14%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(15)</font></td>
    <td WIDTH="3%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0">&nbsp;</td>
    <td WIDTH="12%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(44)</font></td>
  </tr>
  <tr>
    <td WIDTH="69%" VALIGN="TOP" HEIGHT="32" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p><a NAME="OLE_LINK1">Free cash flow</a></font></b></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="32" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="14%" VALIGN="TOP" HEIGHT="32" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">546</font></b></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="32" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="RIGHT">$</font></b></td>
    <td WIDTH="12%" VALIGN="TOP" HEIGHT="32" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">729</font></b></td>
  </tr>
</table>
      </center>
    </div>
<blockquote>
  <b><font FACE="Verdana" SIZE="3">
  <p ALIGN="CENTER">2004 and 2005 Full Year Return on Invested Capital<br>
  (Dollars in millions)</p>
  </blockquote>
  </font></b>
    <div align="center">
      <center>
<table  CELLSPACING="1" CELLPADDING="1" WIDTH="888">
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>ROIC Income</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2005</font></b></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p ALIGN="CENTER">2004</font></b></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">GAAP
      net income</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">203</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p>$</font></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">365</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Eliminations, net of
      taxes</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Charges
      related to Textron Fastening Systems</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">346</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Charges/(gains)
      related to other discontinued operations</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(45)</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Charges
      related to 2004 restructuring</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">114</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Charges/(gains)
      related to Collins & Aikman</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">112</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(12)</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Charges(gains)
      related to transaction with Bell Agusta Aerospace Corporation</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(30)</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Income tax related to
      above items</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(13)</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">4</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Amortization
      of intangible assets, net of taxes</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">2</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Interest
      expense, net of taxes</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">58</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">60</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">ROIC
      Income</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">633</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p>$</font></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">534</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14">
      <p style="margin-right: 20" align="right"></p>
    </td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14">
      <p style="margin-right: 20" align="right"></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>Invested Capital</font></b></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14">
      <p style="margin-right: 20" align="right"></p>
    </td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14">
      <p style="margin-right: 20" align="right"></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Average
      shareholders&#39; equity</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3,464</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p>$</font></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">3,671</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Average
      adjustment to shareholders&#39; equity related to 2005 charges/(gains)
      excluding CTA in equity</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">166</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#45;</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Average
      Textron Manufacturing debt</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,872</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">1,909</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;</font></b><font FACE="Verdana" SIZE="1">Average
      cash and cash equivalents of Textron Manufacturing</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(711)</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">(546)</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Average Invested
      Capital</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><b><font FACE="Verdana" SIZE="1">
      <p>$</font></b></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">4,791</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p>$</font></td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid; border-bottom-width: 1.0"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">5,034</font></td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="9">
      <p style="margin-right: 20" align="right"></p>
    </td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="9">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="9">
      <p style="margin-right: 20" align="right"></p>
    </td>
  </tr>
  <tr>
    <td WIDTH="72%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p>&#160;&#160;&#160;&#160;&#160;Return on invested
      capital</font></td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;13.2%</font></td>
    <td WIDTH="3%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid">
      <p></p>
    </td>
    <td WIDTH="2%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid">
      <p></p>
    </td>
    <td WIDTH="11%" VALIGN="TOP" HEIGHT="14" style="border-bottom-style: solid"><font FACE="Verdana" SIZE="1">
      <p style="margin-right: 20" align="right">&#160;&#160;&#160;&#160;&#160;10.6%</font></td>
  </tr>
</table>

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