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unisys 2002_4Q

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unisys 2002_4Q unisys 2002_4Q Document Transcript

  • UNISYS CORPORATION CONSOLIDATED STATEMENT OF INCOME (Millions, except per share data) Three Months Year Ended December 31 Ended December 31 ------------------ ------------------ 2002 2001 2002 2001 -------- -------- -------- -------- Revenue $1,552.8 $1,556.9 $5,607.4 $6,018.1 -------- -------- -------- -------- Costs and expenses Cost of revenue 1,061.1 1,278.5 3,918.9 4,534.8 Selling, general and administrative 259.8 371.9 992.0 1,156.3 Research and development 80.7 106.9 273.3 331.5 -------- -------- -------- -------- 1,401.6 1,757.3 5,184.2 6,022.6 -------- -------- -------- -------- Operating income (loss) 151.2 (200.4) 423.2 (4.5) Interest expense 13.3 20.0 66.5 70.0 Other income (expense), net (5.0) (4.6) (23.9) 28.0 -------- -------- -------- -------- Income (loss) before income taxes 132.9 (225.0) 332.8 (46.5) Provision for income taxes 43.8 (55.6) 109.8 3.4 -------- -------- -------- -------- Income (loss) before extraordinary item 89.1 (169.4) 223.0 (49.9) Extraordinary item 0.0 0.0 0.0 (17.2) -------- -------- -------- -------- Net income (loss) $89.1 ($169.4) $223.0 ($67.1) ======== ======== ======== ======== Earnings (loss) per share Basic Before extraordinary item $ .27 ($ .53) $ .69 ($ .16) Extraordinary item .00 .00 .00 (.05) -------- -------- -------- -------- Total $ .27 ($ .53) $ .69 ($ .21) ======== ======== ======== ======== Diluted Before extraordinary item $ .27 ($ .53) $ .69 ($ .16) Extraordinary item .00 .00 .00 (.05) -------- -------- -------- -------- Total $ .27 ($ .53) $ .69 ($ .21) ======== ======== ======== ======== Shares used in the per share computations (thousands): Basic 325,726 320,100 323,526 318,207 ======== ======== ======== ======== Diluted 326,740 320,100 324,744 318,207 ======== ======== ======== ========
  • UNISYS CORPORATION CONSOLIDATED STATEMENT OF INCOME EXCLUDING SPECIAL ITEMS* (Millions, except per share data) Three Months Year Ended December 31 Ended December 31 ------------------ ------------------ 2002 2001 2002 2001 -------- -------- -------- -------- Revenue $1,552.8 $1,556.9 $5,607.4 $6,018.1 -------- -------- -------- -------- Costs and expenses Cost of revenue 1,061.1 1,114.7 3,918.9 4,371.0 Selling, general and administrative 259.8 288.7 992.0 1,073.1 Research and development 80.7 79.3 273.3 303.9 -------- -------- -------- -------- 1,401.6 1,482.7 5,184.2 5,748.0 -------- -------- -------- -------- Operating income 151.2 74.2 423.2 270.1 Interest expense 13.3 20.0 66.5 70.0 Other income (expense), net (5.0) (2.9) (23.9) 29.7 -------- -------- -------- -------- Income before income taxes 132.9 51.3 332.8 229.8 Provision for income taxes 43.8 16.9 109.8 75.9 -------- -------- -------- -------- Net income $89.1 $34.4 $223.0 $153.9 ======== ======== ======== ======== Diluted earnings per share $ .27 $ .11 $ .69 $ .48 ======== ======== ======== ======== * Special Items: These results exclude charges for cost reductions and related actions as well as extraordinary items in 2001.
  • UNISYS CORPORATION SUPPLEMENTAL SUMMARY EXCLUDING SPECIAL ITEMS (Millions) Elimi- Total nations Services Technology -------- -------- -------- ---------- Three Months Ended December 31, 2002 ------------------ Customer revenue $1,552.8 $1,180.3 $372.5 Intersegment ($98.9) 6.6 92.3 -------- -------- -------- -------- Total revenue $1,552.8 ($98.9) $1,186.9 $464.8 ======== ======== ======== ======== Gross profit percent 31.7% 22.5% 49.8% ======== ======== ======== Operating profit percent 9.7% 7.1% 15.7% ======== ======== ======== 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% ======== ======== ======== Year Ended December 31, 2002 ------------------ Customer revenue $5,607.4 $4,285.1 $1,322.3 Intersegment ($331.9) 38.8 293.1 -------- -------- -------- -------- Total revenue $5,607.4 ($331.9) $4,323.9 $1,615.4 ======== ======== ======== ======== Gross profit percent 30.1% 22.2% 46.5% ======== ======== ======== Operating profit percent 7.5% 5.9% 11.7% ======== ======== ======== 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% ======== ======== ========
  • UNISYS CORPORATION CONSOLIDATED BALANCE SHEET (Millions) December 31, December 31, 2002 2001 ---------- ---------- Assets Current assets Cash and cash equivalents $301.8 $325.9 Accounts and notes receivable, net 955.6 1,093.7 Inventories Parts and finished equipment 165.3 201.6 Work in process and materials 127.5 144.2 Deferred income taxes 311.3 342.6 Other current assets 84.5 96.1 ---------- ---------- Total 1,946.0 2,204.1 ---------- ---------- Properties 1,542.7 1,460.4 Less accumulated depreciation 932.9 910.8 ---------- ---------- Properties, net 609.8 549.6 ---------- ---------- Investments at equity 111.8 212.3 Marketable software, net 311.8 287.9 Prepaid pension cost .0 1,221.0 Deferred income taxes 1,476.0 747.8 Goodwill 160.6 159.0 Other long-term assets 365.4 387.4 ---------- ---------- Total $4,981.4 $5,769.1 ========== ========== Liabilities and stockholders' equity Current liabilities Notes payable $77.3 $78.9 Current maturities of long-term debt 4.4 2.2 Accounts payable 532.5 694.9 Other accrued liabilities 1,341.4 1,302.9 Income taxes payable 228.9 234.6 ---------- ---------- Total 2,184.5 2,313.5 ---------- ---------- Long-term debt 748.0 745.0 Accrued pension liability 727.7 10.1 Other long-term liabilities 465.2 587.8 Stockholders' equity Common stock 3.3 3.2 Accumulated deficit (673.6) (896.5) Other capital 3,763.2 3,712.8 Accumulated other comprehensive loss (2,236.9) (706.8) ---------- ---------- Stockholders' equity 856.0 2,112.7 ---------- ---------- Total $4,981.4 $5,769.1 ========== ==========
  • UNISYS CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Millions) Year Ended December 31 ----------------- 2002 2001 ---- ---- Cash flows from operating activities Income before extraordinary item $223.0 ($49.9) Add (deduct) items to reconcile income before extraordinary item to net cash provided by operating activities: Extraordinary item .0 (17.2) Depreciation 154.5 140.2 Amortization: Marketable software 121.0 145.5 Deferred outsourcing contract costs 22.3 15.8 Goodwill .0 16.5 Decrease (increase) in deferred income taxes, net 39.4 (44.4) Decrease in receivables, net 156.5 72.3 Decrease in inventories 53.0 79.7 (Decrease) in accounts payable and other accrued liabilities (116.5) (144.5) (Decrease) in income taxes payable (15.5) (58.0) (Decrease) increase in other liabilities (73.9) 246.5 (Increase) in other assets (251.2) (238.8) Other 11.9 38.7 ------- ------- Net cash provided by operating activities 324.5 202.4 ------- ------- Cash flows from investing activities Proceeds from investments 3,447.1 3,028.7 Purchases of investments (3,485.4) (3,009.0) Investment in marketable software (139.9) (136.8) Capital additions of properties (196.2) (199.4) Purchases of businesses (4.8) (9.1) ------- ------- Net cash used for investing activities (379.2) (325.6) ------- ------- Cash flows from financing activities Net (reduction in) short-term borrowings (1.6) (127.7) Proceeds from employee stock plans 29.0 33.6 Payments of long-term debt (2.1) (370.8) Proceeds from issuance of long-term debt .0 536.5 ------- ------- Net cash provided by financing activities 25.3 71.6 ------- ------- Effect of exchange rate changes on cash and cash equivalents 5.3 (.5) ------- ------- Decrease in cash and cash equivalents (24.1) (52.1) Cash and cash equivalents, beginning of period 325.9 378.0 ------- ------- Cash and cash equivalents, end of period $301.8 $325.9 ======= =======