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unisys 2001_4Q

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  • 1. UNISYS CORPORATION CONSOLIDATED STATEMENT OF INCOME EXCLUDING SPECIAL ITEMS* (Millions, except per share data) Three Months Year Ended December 31 Ended December 31 ------------------ ------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Revenue $1,556.9 $1,677.8 $6,018.1 $6,092.0 -------- -------- -------- -------- Costs and expenses Cost of revenue 1,114.7 1,038.4 4,371.0 3,980.7 Selling, general and administrative 288.7 342.5 1,073.1 1,243.0 Research and development 79.3 75.7 303.9 306.6 -------- -------- -------- -------- 1,482.7 1,456.6 5,748.0 5,530.3 -------- -------- -------- -------- Operating income 74.2 221.2 270.1 561.7 Interest expense 20.0 22.1 70.0 79.8 Other income (expense), net (2.9) (3.1) 29.7 33.4 -------- -------- -------- -------- Income before income taxes 51.3 196.0 229.8 515.3 Provision for income taxes 16.9 66.8 75.9 175.1 -------- -------- -------- -------- Net income $34.4 $129.2 $153.9 $340.2 ======== ======== ======== ======== Diluted earnings per share $ .11 $ .41 $ .48 $ 1.07 ======== ======== ======== ======== * Special Items: These results exclude charges for cost reductions and related actions as well as extraordinary items in both 2001 and 2000. In addition, 2000 results exclude low-margin commodity business that the company has de-emphasized.
  • 2. UNISYS CORPORATION SUPPLEMENTAL SUMMARY EXCLUDING SPECIAL ITEMS (Millions) Elimi- Total nations Services Technology -------- -------- -------- ---------- Three Months Ended December 31, 2001 ------------------ Customer revenue $1,556.9 $1,132.9 $424.0 Intersegment ($96.4) 22.0 74.4 -------- -------- -------- -------- Total revenue $1,556.9 ($96.4) $1,154.9 $498.4 ======== ======== ======== ======== Gross profit percent 28.4% 20.8% 43.1% ======== ======== ======== Operating profit percent 4.8% 3.0% 10.3% ======== ======== ======== Three Months Ended December 31, 2000 ------------------ Customer revenue $1,677.8 $1,128.7 $549.1 Intersegment ($104.9) 17.6 87.3 -------- -------- -------- -------- Total revenue $1,677.8 ($104.9) $1,146.3 $636.4 ======== ======== ======== ======== Gross profit percent 38.1% 24.8% 56.4% ======== ======== ======== Operating profit percent 13.2% 3.4% 27.7% ======== ======== ======== Year Ended December 31, 2001 ------------------ Customer revenue $6,018.1 $4,444.6 $1,573.5 Intersegment ($363.4) 73.8 289.6 -------- -------- -------- -------- Total revenue $6,018.1 ($363.4) $4,518.4 $1,863.1 ======== ======== ======== ======== Gross profit percent 27.4% 19.7% 43.0% ======== ======== ======== Operating profit percent 4.5% 2.1% 11.6% ======== ======== ======== Year Ended December 31, 2000 ------------------ Customer revenue $6,092.0 $4,226.3 $1,865.7 Intersegment ($424.5) 72.8 351.7 -------- -------- -------- -------- Total revenue $6,092.0 ($424.5) $4,299.1 $2,217.4 ======== ======== ======== ======== Gross profit percent 34.7% 23.3% 51.1% ======== ======== ======== Operating profit percent 9.2% 1.8% 20.7% ======== ======== ========
  • 3. UNISYS CORPORATION CONSOLIDATED STATEMENT OF INCOME (Millions, except per share data) Three Months Year Ended December 31 Ended December 31 ------------------ ------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Revenue $1,556.9 $1,928.3 $6,018.1 $6,885.0 -------- -------- -------- -------- Costs and expenses Cost of revenue 1,278.5 1,334.0 4,534.8 4,795.9 Selling, general and administrative 371.9 404.6 1,156.3 1,328.7 Research and development 106.9 95.8 331.5 333.6 -------- -------- -------- -------- 1,757.3 1,834.4 6,022.6 6,458.2 -------- -------- -------- -------- Operating income (loss) (200.4) 93.9 (4.5) 426.8 Interest expense 20.0 22.1 70.0 79.8 Other income (expense), net (4.6) (4.5) 28.0 32.0 -------- -------- -------- -------- Income (loss) before income taxes (225.0) 67.3 (46.5) 379.0 Provision for income taxes (55.6) 28.2 3.4 134.2 -------- -------- -------- -------- Income (loss) before extraordinary items (169.4) 39.1 (49.9) 244.8 Extraordinary items 0.0 0.0 (17.2) (19.8) -------- -------- -------- -------- Net income (loss) ($169.4) $39.1 ($67.1) $225.0 ======== ======== ======== ======== Earnings (loss) per share Basic Before extraordinary items ($ .53) $ .12 ($ .16) $ .78 Extraordinary items .00 .00 (.05) (.06) -------- -------- -------- -------- Total ($ .53) $ .12 ($ .21) $ .72 ======== ======== ======== ======== Diluted Before extraordinary items ($ .53) $ .12 ($ .16) $ .77 Extraordinary items .00 .00 (.05) (.06) -------- -------- -------- -------- Total ($ .53) $ .12 ($ .21) $ .71 ======== ======== ======== ======== Shares used in the per share computations (thousands): Basic 320,100 315,040 318,207 313,115 ======== ======== ======== ======== Diluted 320,100 316,986 318,207 316,651 ======== ======== ======== ========
  • 4. UNISYS CORPORATION CONSOLIDATED BALANCE SHEET (Millions) December 31, December 31, 2001 2000 ---------- ---------- Assets Current assets Cash and cash equivalents $325.9 $378.0 Accounts and notes receivable, net 1,093.7 1,247.4 Inventories Parts and finished equipment 201.6 249.4 Work in process and materials 144.2 176.1 Deferred income taxes 342.6 460.6 Other current assets 96.1 75.5 ---------- ---------- Total 2,204.1 2,587.0 ---------- ---------- Properties 1,445.0 1,400.6 Less accumulated depreciation 910.8 890.7 ---------- ---------- Properties, net 534.2 509.9 ---------- ---------- Investments at equity 212.3 225.8 Software, net of accumulated amortization 287.9 296.7 Prepaid pension cost 1,221.0 1,063.0 Deferred income taxes 747.8 583.6 Goodwill 159.0 186.3 Other assets 402.8 261.0 ---------- ---------- Total $5,769.1 $5,713.3 ========== ========== Liabilities and stockholders' equity Current liabilities Notes payable $78.9 $209.5 Current maturities of long-term debt 2.2 16.8 Accounts payable 694.9 847.7 Other accrued liabilities 1,312.5 1,278.8 Income taxes payable 234.6 288.3 ---------- ---------- Total 2,323.1 2,641.1 ---------- ---------- Long-term debt 745.0 536.3 Other liabilities 588.3 349.8 Stockholders' equity Common stock 3.2 3.2 Accumulated deficit (896.5) (829.4) Other capital 3,712.8 3,656.0 Accumulated other comprehensive loss (706.8) (643.7) ---------- ---------- Stockholders' equity 2,112.7 2,186.1 ---------- ---------- Total $5,769.1 $5,713.3 ========== ==========
  • 5. UNISYS CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Millions) Year Ended December 31 ----------------- 2001 2000 ------ ------ Cash flows from operating activities Income (loss) before extraordinary items ($49.9) $244.8 Add (deduct) items to reconcile income (loss) before extraordinary items to net cash provided by operating activities: Extraordinary items (17.2) (19.8) Depreciation 140.2 135.6 Amortization: Marketable software 145.5 115.5 Goodwill 16.5 21.8 (Increase) decrease in deferred income taxes, net (44.4) 85.6 Decrease in receivables, net 72.3 158.2 Decrease (increase) in inventories 79.7 (52.5) (Decrease) in accounts payable and other accrued liabilities (143.6) (140.0) (Decrease) in income taxes payable (58.0) (62.8) Increase (decrease) in other liabilities 245.6 (2.5) (Increase) in other assets (238.4) (69.2) Other 54.1 5.2 ------- ------- Net cash provided by operating activities 202.4 419.9 ------- ------- Cash flows from investing activities Proceeds from investments 3,028.7 790.4 Purchases of investments (3,009.0) (716.7) Investment in marketable software (136.8) (152.4) Capital additions of properties (199.4) (198.3) Purchases of businesses (9.1) (13.9) Proceeds from sales of properties .0 20.0 ------- ------- Net cash used for investing activities (325.6) (270.9) ------- ------- Cash flows from financing activities Proceeds from issuance of long-term debt 536.5 .0 Payments of long-term debt (370.8) (448.0) Net (reduction in) proceeds from short-term borrowings (127.7) 179.6 Proceeds from employee stock plans 33.6 51.1 ------- ------- Net cash provided by (used for) financing activities 71.6 (217.3) ------- ------- Effect of exchange rate changes on cash and cash equivalents (.5) (17.7) ------- ------- Decrease in cash and cash equivalents (52.1) (86.0) Cash and cash equivalents, beginning of period 378.0 464.0 ------- ------- Cash and cash equivalents, end of period $325.9 $378.0 ======= =======