Cessna Finishes Strong in 2003

January 29, 2004

Wichita, KS - January 29, 2004 - Cessna Aircraft Company's 2003 deliveries totaled 842: 197 Citations, 57 Caravans and 588 Single Engine Piston Aircraft. Sales revenues totaled $2.3 billion and the year-end order backlog is $4.4 billion.

According to Cessna's President and CEO Jack J. Pelton, "We expected 2003 to be a challenging year and it was. In spite of the adverse 2003 economic conditions, the Cessna team showed tremendous flexibility in responding to the necessary reduction in production schedules. Our cost structure has been adjusted by implementing a number of efficiency improvements in our manufacturing processes. We can be proud of our 2003 accomplishments, and are confident that our planned 2004 delivery schedule is stable.

"In response to our customers' needs, Cessna introduced several new models and model upgrades in 2003. The Citation XLS, Citation X interior and options upgrades, and G1000 glass-cockpit avionics on Skylanes and Stationairs were announced in October. These announcements, in combination with the available bonus depreciation provided under the Jobs Creation and Workers Assistance Act, have boosted our new order intake.

"We delivered the 4,000th Citation in 2003. As the Citation fleet grows, we are intensifying our industry leading commitment to customer service programs. New Citation Service Centers are being constructed in Wichita, Kansas, and Orlando, Florida. Both facilities will open in 2004. One of Cessna's most successful after-market programs in 2003 was RVSM modification. Cessna's Total Solution RVSM program encompasses everything from service bulletins to the required GMU verification test flight. To date, Cessna's company-owned and authorized Citation Service Centers have modified 1,970 Citation with RVSM solutions. This is more RVSM upgrades than any other manufacturer.

"To maintain our industry leadership, we will remain focused on new product development. In 2003, the Citation Sovereign team achieved preliminary FAA type certification, and full type certification is expected in the first quarter of 2004. The Citation Mustang program remains on schedule and fabrication of the detail parts has begun."

Many milestones will be achieved in 2004: full type certification and customer deliveries of the Citation Sovereign, XLS, CJ3, and G1000 equipped Skylane and Stationair; delivery of the 5,000th single engine piston aircraft since restart of single engine piston aircraft production; and the Wichita and Orlando Citation Service Centers will commence full operation in their new facilities.

Cessna Aircraft Company is a subsidiary of Textron Inc. (NYSE: TXT). Textron is a $10 billion multi-industry company with more than 43,000 employees in 40 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, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com. More information about Cessna Aircraft Company is available at www.cessna.com.

For additional information or questions about the general aviation industry, contact the General Aviation Manufacturers Association (GAMA) at 202-393-1500 or www.GAMA.aero.

Connect with Textron IR

David Rosenberg, Vice President, Investor Relations
(401) 457-2288
Kyle Williams, Manager, Investor Relations
(401) 457-2288

Email Alert

Enter your Email *
Mailing Lists *

Enter the code shown above.