...decrease from the same previous-year period. Net income was $86 million, up 9 percent from the second quarter of 2011. Adjusted operating income grew 12 percent, to $148 million, and adjusted operating margin increased 180 basis points to 10.7 percent from the same period in 2011, due to productivity improvements and lower pension costs. Adjusted earnings were $0.46 per share, unchanged from the second quarter of 2011. During the second quarter, Exelis secured $1.2 billion in new orders, and announced more than $300 million in contract awards for electronic warfare equipment from U.S. and international customers, further solidifying the company’s role as a leader in this global market.

In early July, Exelis completed the acquisition of Space Computer Corporation (SCC), a Los Angeles, Calif., company focused on information-processing software and solutions associated with advanced hyper-spectral sensor systems. SCC became part of the company’s C4ISR Electronics and Systems business, enhancing the ability for Exelis to provide geospatial solutions from sensors to decisions for its customers. The company also continued to diversify outside of the U.S. federal government market with sales of its Symphony airport management solution to several customers, including the Metropolitan Washington Airports Authority, as well as delivery of the imaging system for the GeoEye-2 satellite. Exelis continued to add to its international portfolio, delivering a coastal surveillance radar system to the Swedish government and securing a $54 million foreign military sales contract for defensive aircraft electronics. To read the entire financial report, access this direct link.