Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2009
Financial Results; Provides 2010 Financial Guidance


    
    - Full-year 2009 revenues of $4.079 billion; Operating income of $303
    million

    - Full-year 2009 fully diluted earnings per share of $1.37 per share; 
    Fourth quarter results include ($0.17) per share primarily related to
    unfavorable contract adjustments impacting 737/747 accounting block
closure
    and lower CH-53K profitability

    - Cash and cash equivalents were $369 million at year-end

    - Total backlog of approximately $28.0 billion

    - 2010 Guidance:  Revenue between $4.0 - $4.2 billion and fully diluted
    earnings per share between $1.50 and $1.70 per share








    
</pre>
<p><location>WICHITA</location>, Kan., <chron>Feb. 4</chron> /CNW/ -- Spirit AeroSystems Holdings, Inc. (NYSE:   SPR) reported fourth quarter and full-year 2009 financial results reflecting fourth quarter revenue and earnings growth but an overall decline in full-year earnings.  Full-year 2009 ship set deliveries for large commercial aircraft increased from 2008 resulting in higher revenues, while full-year income declined as a result of charges recorded in the second quarter, unfavorable contract adjustments in the fourth quarter, and challenges on certain development programs.</p>
<p/>
<p>The current quarter results reflect a pre-tax <money>$34 million</money>, or <money>$0.17</money> per share, unfavorable cumulative catch-up adjustment charge associated with changes in contract profitability estimates.  These estimates related primarily to higher than forecasted costs on contract blocks completed in <chron>December 2009</chron> and higher than expected costs on the Sikorsky CH-53K program.</p>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Table 1.  Summary Financial Results (unaudited)                       
    -----------------------------------------------
    
</pre>
<p> </p>
<pre>
    
    ($ in millions,      4th Quarter               Twelve Months        
     except per share     -----------               -------------             
     data)                2009   2008    Change     2009    2008    Change    
    -----------------     ----   ----    ------     ----    ----    ------    
                                                                              
    Revenues            $1,078   $646      67%    $4,079  $3,772       8% 
    Operating Income       $85    $28     201%      $303    $406     (25%)
    Operating Income                                                          
     as a % of Revenues    7.9%   4.4%  350 BPS      7.4%   10.8%  (340) BPS  
    Net Income             $50    $20     153%      $192    $265     (28%)
    Net Income as a %                                                         
     of Revenues           4.6%   3.1%  150 BPS      4.7%    7.0%  (230) BPS  
    Earnings per Share                                                        
     (Fully Diluted)     $0.36  $0.14     157%     $1.37   $1.91     (28%)
    Fully Diluted                                                             
     Weighted Avg Share                                                       
     Count               140.2  139.2              139.8   139.2

    
</pre>
<p>Spirit's fourth quarter 2009 revenues increased to <money>$1.078 billion</money>, up 67 percent from the same period last year, primarily due to schedule recovery from the Machinists' strike at Boeing which negatively impacted fourth quarter 2008 deliveries.  Full-year 2009 revenues grew 8 percent to <money>$4.079 billion</money>, up from <money>$3.772 billion</money> in 2008 as total deliveries for large commercial aircraft increased in 2009.  (Table 1)</p>
<p/>
<p>Operating income increased to <money>$85 million</money> in the fourth quarter of 2009, up from <money>$28 million</money> in the same period a year ago, as current year deliveries to Boeing more than doubled following recovery from the 2008 Machinists' strike at Boeing. Full-year 2009 operating income decreased to <money>$303 million</money>, down from <money>$406 million</money> in 2008, due primarily to charges recorded in the second quarter and unfavorable contract adjustments in the fourth quarter of 2009.</p>
<p/>
<p>Fourth quarter net income was <money>$50 million</money>, or <money>$0.36</money> per fully diluted share compared to <money>$20 million</money>, or <money>$0.14</money> per fully diluted share, for the same period in 2008.  Full-year 2009 net income was <money>$192 million</money>, or <money>$1.37</money> per fully diluted share compared to <money>$265 million</money>, or <money>$1.91</money> per fully diluted share, for 2008.</p>
<p/>
<p>"For Spirit, 2009 financial results were disappointing.  In a year marked by continued strong demand for our core products and by important milestones, the company's profitability was well below our expectations.  During the year we encountered challenges on new programs and faced cost pressures on our core programs as we recovered from the IAM strike at Boeing early in the year and began transitioning resources between programs late in the year," said President and Chief Executive Officer <person>Jeff Turner</person>.  "Looking through the challenges, the core business continues to perform and we made progress on our development programs," Turner added.  Four of Spirit's new programs entered the flight test phase in the fourth quarter of 2009.  Programs now in the flight test development phase include the Boeing 787, the Gulfstream G250, the Gulfstream G650, and the Rolls-Royce BR725.  Additionally, we have two more programs scheduled to enter flight test this year.  "It's truly exciting to be a part of the progress our customers are making and to be a part of the next generation of large commercial and business jet products," Turner continued.</p>
<p/>
<p>"Our core business delivered a record number of ship sets to customers as we concluded our initial contract accounting blocks on the 737 and 747 programs.  While we made good progress over the last four years on improving costs and efficiencies, we didn't achieve all of the anticipated improvements in the current contract blocks as we began transitioning resources from declining volume programs to increasing volume programs.  Continued productivity improvement across the core business remains a high priority, as is a continued focus on execution and managing design evolution for new programs while meeting our customer requirements," Turner stated.</p>
<p/>
<p>"The long-term outlook for commercial aerospace remains attractive," Turner said, "placing our company in a strong competitive position to generate long-term value for our shareholders.  Over the next twenty-four months we will focus on improving profitability and successfully completing many of our development program efforts while driving long-term value for our customers, employees, and shareholders."</p>
<p/>
<p>Spirit's backlog at the end of the 2009 was <money>$28.0 billion</money>, down 1 percent for the quarter and 12 percent from year-end 2008, as 2009 Airbus and Boeing deliveries exceeded orders.  Spirit calculates its backlog based on contractual prices for products and volumes from the published firm order backlogs of Airbus and Boeing, along with firm orders from other customers.</p>
<p/>
<p>Spirit updated its contract profitability estimates during the fourth quarter of 2009, resulting in a pre-tax <money>$34 million</money> (<money>$0.17</money> per share) unfavorable cumulative catch-up adjustment.  Approximately <money>$26 million</money> pre-tax (<money>$0.13</money> per share) is mainly associated with the 737 and 747 contract accounting block closure adjustments.  Additionally, the Sikorsky CH-53K program, which is in the Systems Development and Demonstration (SDD) phase, accounted for <money>$8 million</money> (<money>$0.04</money> per share) of charge due to additional costs supporting a weight improvement plan.</p>
<p/>
<p>Cash flow from operations was <money>$197 million</money> for the fourth quarter and (<money>$14</money>) million for the full-year 2009, compared to <money>$64 million</money> for the fourth quarter and <money>$211 million</money> for the full-year 2008.  The company's cash flow shift is primarily driven by the combined change in customer advances and deferred revenue partially offset by lower net inventory values, increased accounts payable, and lower accounts receivable.  (Table 2)</p>
<p/>
<p> </p>
<p> </p>
<p>Table 2.  Cash Flow and Liquidity                                  </p>
<p> </p>
<pre>
    
                                 4th Quarter         Twelve Months       
                                 -----------         -------------     
    ($ in millions)             2009     2008       2009        2008 
    ---------------             ----     ----       ----        ---- 
                                                                       
    Cash Flow from Operations   $197      $64       ($14)       $211 
    Purchases of Property,                                             
     Plant & Equipment          ($70)    ($61)     ($228)      ($236)
                                                                       
                                                December 31, December 31, 
    Liquidity                                       2009        2008 
                                                    ----        ---- 
                                                                       
    Cash                                            $369        $217 
    Total Debt                                      $894        $588

    
</pre>
<p>Cash balances at the end of the year were <money>$369 million</money>, up <money>$152 million</money> from a year ago, largely reflecting the proceeds generated from the issuance of the <money>$300 million</money> senior unsecured notes in the third quarter of 2009, and receipt of planned non-recurring contract payments associated with our development programs, partially offset by continued investment in our new programs.  At the end of the fourth quarter of 2009, the company's <money>$729 million</money> revolving credit facility remained undrawn.  The facility will step down to <money>$409 million</money> in capacity in <chron>June 2010</chron>, with approximately <money>$17 million</money> of the credit facility reserved for financial letters of credit.  Debt balances at the end of the fourth quarter were <money>$894 million</money>, up <money>$306 million</money> from the end of 2008, reflecting the associated debt for the unsecured notes.</p>
<p/>
<p>The company's credit ratings remained unchanged at the end of the fourth quarter of 2009 with a BB rating at Standard & Poor's and a Ba3 rating at Moody's.</p>
<pre>
    

    2010 Outlook
    
</pre>
<p>Spirit revenue guidance for the full-year 2010 is expected to be between <money>$4.0</money> and <money>$4.2 billion</money> based on Boeing's 2010 delivery guidance of 460 - 465 aircraft; anticipated B787 deliveries; expected Airbus deliveries in 2010 of approximately 480 - 490 aircraft; internal Spirit forecasts for non-OEM production activity and other customers; and foreign exchange rates consistent with fourth quarter 2009 levels.</p>
<p/>
<p>Fully diluted earnings per share guidance for 2010 is expected to be between <money>$1.50</money> and <money>$1.70</money> per share reflecting margin headwind in the next contract accounting blocks driven by volume and model mix, increased depreciation expense, lower pension income, and increased interest expense.</p>
<p/>
<p>Cash flow from operations, less capital expenditures, is expected to be approximately (<money>$250</money>) million use of cash in the aggregate, with capital expenditures of approximately <money>$325 million</money>.  Capital expenditures in 2010 include approximately <money>$100 million</money> of tooling associated with the Airbus A350 XWB program.  Cash flow from operations, less capital expenditures, is expected to be significantly improved in 2011.  (Table 3)</p>
<p/>
<p>Risk to our financial guidance includes:  reduced demand for our core products; higher than forecasted costs to develop new programs; our ability to achieve anticipated productivity and cost improvements; resolution of certain 787 assertions; and labor negotiations.</p>
<p/>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Table 3.  Financial Outlook     2009 Actual       2010 Guidance
    ---------------------------     -----------       -------------
                                                              
    Revenues                       $4.1 billion      $4.0 - $4.2 billion
                                                              
    Earnings Per Share
     (Fully Diluted)                  $1.37          $1.50 - $1.70
                                                              
    Cash Flow From Operations     ($14) million*    
                                                              
    Capital Expenditures          $228  million*    
                                                              
    Customer Reimbursement        $115  million           N/A   
    ----------------------        -------------           ---   
                                                              
    * ($250M) with ~ $325 million of Capital Expenditures

    Cautionary Statement Regarding Forward-Looking Statements
    
</pre>
<p>This press release contains "forward-looking statements." Forward-looking statements reflect our current expectations or forecasts of future events.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "intend," "estimate," "believe," "project," "continue," "plan," "forecast," or other similar words, or the negative thereof, unless the context requires otherwise.  These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown.  Our actual results may vary materially from those anticipated in forward-looking statements.  We caution investors not to place undue reliance on any forward-looking statements.  Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: our ability to continue to grow our business and execute our growth strategy, including the timing and execution of new programs; our ability to perform our obligations and manage costs related to our new commercial and business aircraft development programs; reduction in the build rates of certain Boeing aircraft including, but not limited to, the B737 program, the B747 program, the B767 program and the B777 program, and build rates of the Airbus A320 and A380 programs, which could be negatively impacted by continuing weakness in the global economy and economic challenges facing commercial airlines, and by a lack of business and consumer confidence and the impact of continuing instability in the global financial and credit markets; declining business jet manufacturing rates and customer cancellations or deferrals as a result of the weakened global economy; the success and timely execution of key milestones such as first flight, certification, and delivery of Boeing's new B787 and Airbus' new A350 XWB (Xtra Wide-Body) aircraft programs, including receipt of necessary regulatory approvals and customer adherence to their announced schedules; our ability to enter into supply arrangements with additional customers and the ability of all parties to satisfy their performance requirements under existing supply contracts with Boeing and Airbus, our two major customers, and other customers and the risk of nonpayment by such customers; any adverse impact on Boeing's and Airbus' production of aircraft resulting from cancellations, deferrals or reduced orders by their customers or from labor disputes or acts of terrorism; any adverse impact on the demand for air travel or our operations from the outbreak of diseases such as the influenza outbreak caused by the H1N1 virus, avian influenza, severe acute respiratory syndrome or other epidemic or pandemic outbreaks; returns on pension plan assets and impact of future discount rate changes on pension obligations; our ability to borrow additional funds or refinance debt; competition from original equipment manufacturers and other aerostructures suppliers; the effect of governmental laws, such as U.S. export control laws, the Foreign Corrupt Practices Act, environmental laws and agency regulations, both in the U.S. and abroad; the cost and availability of raw materials and purchased components; our ability to successfully extend or renegotiate our primary collective bargaining contracts with our labor unions; our ability to recruit and retain highly skilled employees and our relationships with the unions representing many of our employees; spending by the U.S. and other governments on defense; the possibility that our cash flows and borrowing facilities may not be adequate for our additional capital needs or for payment of interest on and principal of our indebtedness; our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; the outcome or impact of ongoing or future litigation and regulatory actions; and our exposure to potential product liability and warranty claims.  These factors are not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that could impact our business.  Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</p>
<pre>
    

    Appendix

    Segment Results

    Fuselage Systems

    
</pre>
<p>Fuselage Systems segment revenues for the fourth quarter of 2009 were <money>$506.0 million</money>, up 75.6 percent over the same period last year, as deliveries in the prior year quarter were negatively impacted by the Machinists' strike at Boeing. Operating margin for the fourth quarter of 2009 was 11.5 percent which includes an unfavorable cumulative catch-up adjustment of <money>$21 million</money>.  The fourth quarter of 2008 realized an operating margin of 11.3 percent and an unfavorable cumulative catch-up adjustment of <money>$8 million</money>.</p>
<pre>
    

    Propulsion Systems

    
</pre>
<p>Propulsion Systems segment revenues for the fourth quarter of 2009 were <money>$257.9 million</money>, up 53.0 percent over the same period last year as deliveries in the prior year quarter were negatively impacted by the Machinists' strike at Boeing. Operating margin for the fourth quarter of 2009 was 9.8 percent, down from 12.6 percent in the fourth quarter of 2008, as an unfavorable cumulative catch-up adjustment of <money>$8 million</money> and lower aftermarket sales were realized during the quarter.  During the fourth quarter of 2008, the segment realized an unfavorable <money>$7 million</money> cumulative catch-up adjustment.</p>
<pre>
    

    Wing Systems

    
</pre>
<p>Wing Systems segment revenues for the fourth quarter of 2009 were <money>$311.5 million</money>, up 71.1 percent over the same period last year as increased deliveries to Airbus and Boeing more than offset fewer Hawker 850XP deliveries.  Operating margin for the fourth quarter of 2009 was 10.7 percent which includes an unfavorable cumulative catch-up adjustment of <money>$5 million</money>.  The fourth quarter of 2008 realized significantly lower operating margin of 4.1 percent largely due to an unfavorable cumulative catch-up adjustment of <money>$12 million</money>.</p>
<p/>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Table 4.  Segment Reporting        
                                                 
                             (unaudited)                   (unaudited)      
                             4th Quarter                  Twelve Months     
                        ------------------------     -----------------------
    ($ in millions)     2009     2008     Change     2009      2008   Change  
    ---------------     ----     ----     ------     ----      ----   ------  
                                                                              
    Segment Revenues                                                          
       Fuselage                                                               
        Systems        $506.0   $288.2     75.6%  $2,003.6  $1,758.4   13.9% 
       Propulsion                                                             
        Systems        $257.9   $168.6     53.0%  $1,030.0  $1,031.7   (0.2%)
       Wing Systems    $311.5   $182.1     71.1%  $1,024.4    $955.6    7.2% 
       All Other         $2.3     $7.2    (68.1%)    $20.5     $26.1  (21.5%)
                         ----     ----    -----      -----     -----  -----  
    Total Segment                                                             
     Revenues        $1,077.7   $646.1     66.8%  $4,078.5  $3,771.8    8.1% 
                                                                              
    Segment Earnings
     from Operations                                                        
       Fuselage                                                               
        Systems         $58.2    $32.6     78.5%    $287.6    $287.6    0.0% 
       Propulsion                                                             
        Systems         $25.4    $21.3     19.2%    $122.6    $162.2  (24.4%)
       Wing Systems     $33.4     $7.4    351.4%     $20.7     $99.7  (79.2%)
       All Other        ($0.4)    $0.2   (300.0%)    ($1.4)     $0.3 (566.7%)
                        -----     ----   ------      -----      ---- ------  
    Total Segment                                                             
     Operating                                                                
     Earnings          $116.6    $61.5     89.6%    $429.5    $549.8  (21.9%)
                                                                              
    Unallocated                                                               
     Corporate SG&A                                                           
     Expense           ($29.8)  ($32.0)    (6.9%)  ($122.7)  ($141.7) (13.4%)
    Unallocated                                                               
     Research &                                                               
     Development                                                              
     Expense            ($1.9)   ($1.3)    46.2%     ($3.5)    ($2.4)  45.8% 
                        -----    -----     ----      -----     -----   ----  
    Total Earnings                                                            
     from Operations    $84.9    $28.2    201.1%    $303.3    $405.7  (25.2%)
                                                                              
    Segment Operating
     Earnings as %
     of Revenues                                             
       Fuselage                                                               
        Systems          11.5%    11.3%      20 BPS   14.4%     16.4% (200)BPS
       Propulsion                                                             
        Systems           9.8%    12.6%    (280)BPS   11.9%     15.7% (380)BPS
       Wing Systems      10.7%     4.1%     660 BPS    2.0%     10.4% (840)BPS
       All Other        (17.4%)    2.8%  (2,020)BPS   (6.8%)     1.1% (790)BPS
                        -----      ---   ----------    ----      ---   -------
    Total Segment                                                             
     Operating                                                                
     Earnings as %                                                            
     of Revenues         10.8%     9.5%     130 BPS   10.5%     14.6% (410)BPS
                                                                              
    Total Operating                                                           
     Earnings as %                                                            
     of Revenues          7.9%     4.4%     350 BPS    7.4%     10.8% (340)BPS
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                   Spirit Ship Set Deliveries              
               (One Ship Set equals One Aircraft)          
                                                           
              2008 Spirit AeroSystems Deliveries           
                                                           
                 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2008
                 ------- ------- ------- ------- ----------
            B737      93      95      87      42        317
            B747       4       7       4       1         16
            B767       3       3       3       1         10
            B777      20      22      18       8         68
            B787       1       1       1       -          3
                     ---     ---     ---     ---        ---
           Total     121     128     113      52        414
                                                           
     A320 Family      95      95      90      87        367
        A330/340      24      21      23      22         90
            A380       4       2       4       6         16
                     ---     ---     ---     ---        ---
           Total     123     118     117     115        473
                                                           
    Hawker 850XP      15      24      24      28         91
                     ---     ---     ---     ---        ---
                                                           
    Total Spirit     259     270     254     195        978
                     ===     ===     ===     ===        ===
                                                           
                                                           
                                                           
              2009 Spirit AeroSystems Deliveries           
                                                           
                 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2009
                 ------- ------- ------- ------- ----------
            B737      74      96      93      87        350
            B747       3       1       3       4         11
            B767       3       3       3       3         12
            B777      21      21      21      19         82
            B787       2       2       2       5         11
                     ---     ---     ---     ---        ---
           Total     103     123     122     118        466
                                                           
     A320 Family     105     101      94     108        408
        A330/340      26      23      28      23        100
            A380       -       2       5       4         11
                     ---     ---     ---     ---        ---
           Total     131     126     127     135        519
                                                           
    Hawker 850XP      18      13       6       7         44
                     ---     ---     ---     ---        ---
                                                           
    Total Spirit     252     262     255     260      1,029
                     ===     ===     ===     ===      =====
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                          Spirit AeroSystems Holdings, Inc.                  
                    Condensed Consolidated Statements of Operations          
                                   (unaudited)
                                                                              
                        For the Three Months Ended For the Twelve Months Ended
                          ------------------------ ---------------------------
                          December 31, December 31, December 31,  December 31,
                             2009         2008         2009          2008
                          -----------  ----------- ------------   ------------
                                 ($ in millions, except per share data)       
                                                                            
    Net Revenues             $1,077.7      $646.1      $4,078.5     $3,771.8 
      Operating costs and                                                     
       expenses:                                                              
      Cost of sales             944.2       567.1       3,581.4      3,163.2 
      Selling, general and                                                   
       administrative            33.5        35.5         137.1        154.5 
      Research and development   15.1        15.3          56.7         48.4 
                                 ----        ----          ----         ---- 
        Total Operating Costs 
         and Expenses           992.8       617.9       3,775.2      3,366.1 
        Operating Income         84.9        28.2         303.3        405.7 
    Interest expense and                                                     
     financing fee amortization (14.5)       (9.7)        (43.6)       (39.2)
    Interest income               0.8         3.5           7.0         18.6 
    Other income, net             0.9        (2.1)          6.1         (1.2)
                                  ---        ----           ---         ---- 
        Income Before Income Taxes                                            
         and Equity in Net Income                                           
         of Affiliate            72.1        19.9         272.8        383.9 
    Income tax provision        (22.1)       (0.1)        (80.9)      (118.5)
                                -----        ----         -----       ------ 
        Income Before Equity in                                             
         Net Loss of Affiliate   50.0        19.8         191.9        265.4 
    Equity in net loss of                                                    
     affiliate                      -           -          (0.2)           - 
                                  ---         ---          ----          --- 
        Net Income              $50.0       $19.8        $191.7       $265.4 
                                =====       =====        ======       ====== 
                                                                             
    Earnings per share                                                    
    Basic                       $0.36       $0.14         $1.39        $1.94 
    Shares                      137.2       137.0         138.3        137.0 
                                                                           
    Diluted                     $0.36       $0.14         $1.37        $1.91 
    Shares                      140.2       139.2         139.8        139.2 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                       Spirit AeroSystems Holdings, Inc.                   
                     Condensed Consolidated Balance Sheets                 
                                  (unaudited)                              
    
</pre>
<p> </p>
<pre>
    
                                                  December 31,    December 31,
                                                     2009            2008     
                                                 ------------    ------------ 
                                                       ($ in millions)        
    Current assets                                                         
    Cash and cash equivalents                       $369.0          $216.5 
    Accounts receivable, net                         160.4           149.3 
    Current portion of long-term receivable              -           108.9 
    Inventory, net                                 2,206.9         1,882.0 
    Other current assets                             116.6            76.6 
                                                     -----            ---- 
        Total current assets                       2,852.9         2,433.3 
    Property, plant and equipment, net             1,279.3         1,068.3 
    Pension assets                                   171.2            60.1 
    Other assets                                     170.4           198.6 
                                                     -----           ----- 
        Total assets                              $4,473.8        $3,760.3 
                                                  ========        ======== 
    Current liabilities                                                    
    Accounts payable                                $441.3          $316.9 
    Accrued expenses                                 165.5           161.8 
    Current portion of long-term debt                  9.1             7.1 
    Advance payments, short-term                     237.4           138.9 
    Deferred revenue, short-term                     107.1           110.5 
    Other current liabilities                         21.8             8.1 
                                                      ----             --- 
        Total current liabilities                    982.2           743.3 
    Long-term debt                                   591.1           580.9 
    Bond payable, long-term                          293.6               - 
    Advance payments, long-term                      727.5           923.5 
    Deferred revenue and other deferred                                    
     credits                                          46.0            58.6 
    Pension/OPEB obligation                           62.6            47.3 
    Other liabilities                                197.0           109.2 
    Shareholders' equity                                                   
    Preferred stock, par value $0.01,                                      
     10,000,000 shares authorized, no                                      
     shares issued and outstanding                       -               - 
    Common stock, Class A par value $0.01,                                 
     200,000,000 shares authorized,                                        
     105,064,247 and 103,209,466 issued and                                
     outstanding, respectively                         1.0             1.0 
    Common stock, Class B par value $0.01,                                 
     150,000,000 shares authorized,                                        
     35,669,740 and 36,679,760 shares                                      
     issued and outstanding, respectively              0.4             0.4 
    Additional paid-in capital                       949.8           939.7 
    Noncontrolling interest                            0.5             0.5 
    Accumulated other comprehensive loss             (59.7)         (134.2)
    Retained earnings                                681.8           490.1 
                                                     -----           ----- 
        Total shareholders' equity                 1,573.8         1,297.5 
                                                   -------         ------- 
        Total liabilities and shareholders'                                
         equity                                   $4,473.8        $3,760.3 
                                                  ========        ======== 
    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
                         Spirit AeroSystems Holdings, Inc.                    
                  Condensed Consolidated Statements of Cash Flows             
                                    (unaudited)                               
                                                                              
                                                  For the Twelve Months Ended 
                                                  --------------------------- 
                                                  December 31,    December 31,
                                                      2009            2008    
                                                 -------------   -------------
                                                         ($ in millions)      
    Operating activities                                                      
    Net income                                       $191.7          $265.4 
    Adjustments to reconcile net income to net
     cash provided (used in) by      
     operating activities                                                     
         Depreciation expense                         123.0           122.4 
         Amortization expense                          10.8             9.4 
         Accretion of long-term receivable             (6.5)          (16.2)
         Employee stock compensation expense           10.1            15.7 
         Loss from the ineffectiveness of hedge                             
          contracts                                       -             0.4 
         Amortization of bond discount                  0.2               - 
        (Gain) loss from foreign currency                                     
         transactions                                  (4.5)            6.8 
         Loss on disposition of assets                  0.1             0.3 
         Deferred taxes                                28.7            (2.8)
         Pension and other post-retirement                                    
          benefits, net                                 2.2           (28.0)
         Grant income                                  (1.9)              - 
         Equity in net income of affiliate              0.2               - 
    Changes in assets and liabilities                                       
         Accounts receivable                           (8.2)           15.3 
         Inventory, net                              (320.7)         (570.0)
         Accounts payable and accrued                                       
          liabilities                                 125.7           (38.6)
         Advance payments                             (97.5)          341.4 
         Deferred revenue and other deferred                                
          credits                                     (14.8)           93.7 
         Other                                        (52.5)           (4.5)
                                                      -----            ---- 
            Net cash provided by (used in) operating                          
             activities                               (13.9)          210.7 
                                                      -----           ----- 
    Investing activities                                                      
    Purchase of property, plant and equipment        (228.2)         (235.8)
    Long-term receivable                              115.4           116.1 
    Other                                               0.4            (0.1)
                                                        ---            ---- 
            Net cash (used in) investing                                    
             activities                              (112.4)         (119.8)
                                                     ------          ------ 
    Financing activities                                                      
    Proceeds from revolving credit facility           300.0           175.0 
    Payments on revolving credit facility            (300.0)         (175.0)
    Proceeds from issuance of debt                      6.9            10.3 
    Proceeds from issuance of bonds                   293.4               - 
    Proceeds from government grants                     0.7            15.9 
    Principal payments of debt                         (7.6)          (15.9)
    Debt issuance and financing costs                 (17.3)           (6.8)
                                                      -----            ---- 
            Net cash provided by financing                                    
             activities                               276.1             3.5 
                                                      -----             --- 
    Effect of exchange rate changes on cash                                   
     and cash equivalents                               2.7           (11.3)
                                                        ---           ----- 
            Net increase (decrease) in cash and cash                          
             equivalents for the period               152.5            83.1 
    Cash and cash equivalents, beginning of                                   
     the period                                       216.5           133.4 
                                                      -----           ----- 
    Cash and cash equivalents, end of the                                     
     period                                          $369.0          $216.5 
                                                     ======          ======




    

For further information: For further information: Investor Relations, Alan Hermanson, +1-316-523-7040, or Media, Debbie Gann, +1-316-526-3910, both of Spirit AeroSystems Holdings, Inc. Web Site: http://www.spiritaero.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890