UNISYS CORPORATION
                      CONSOLIDATED STATEMENTS OF INCOME
                      (Millions, except per sha...
UNISYS CORPORATION
                             SEGMENT RESULTS

                                (Millions)

             ...
UNISYS CORPORATION
                     CONSOLIDATED BALANCE SHEETS
                              (Millions)
             ...
UNISYS CORPORATION
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Millions)
    ...
Reconciliation of GAAP to Non-GAAP
Financial Information

The preceding release presents information with and
without pens...
UNISYS CORPORATION
                   RECONCILIATION OF GAAP TO NON-GAAP
                   CONSOLIDATED STATEMENTS OF INC...
UNISYS CORPORATION
               RECONCILIATION OF GAAP TO NON-GAAP
               CONSOLIDATED STATEMENTS OF INCOME
    ...
UNISYS CORPORATION
            RECONCILIATION OF GAAP TO NON-GAAP
               SEGMENT RESULTS OF OPERATIONS
           ...
UNISYS CORPORATION
             RECONCILIATION OF GAAP TO NON-GAAP
                SEGMENT RESULTS OF OPERATIONS
         ...
UNISYS CORPORATION
               RECONCILATION OF GAAP TO NON-GAAP
            FORWARD-LOOKING ESTIMATED PRETAX INCOME
  ...
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unisys 3Q05_SPR

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unisys 3Q05_SPR

  1. 1. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Nine Months Ended September 30 Ended September 30 ------------------ ------------------ 2005 2004 2005 2004 -------- -------- -------- -------- Revenue Services $1,174.0 $1,147.1 $3,517.7 $3,470.9 Technology 213.1 298.6 671.5 825.8 -------- -------- -------- -------- 1,387.1 1,445.7 4,189.2 4,296.7 Costs and expenses Cost of revenue: Services 1,036.0 965.7 3,080.8 2,821.6 Technology 105.1 139.0 324.7 375.5 -------- -------- -------- -------- 1,141.1 1,104.7 3,405.5 3,197.1 Selling, general and administrative 261.0 303.7 790.0 837.8 Research and development 61.2 75.3 192.7 218.1 -------- -------- -------- -------- 1,463.3 1,483.7 4,388.2 4,253.0 -------- -------- -------- -------- Operating income (loss) (76.2) (38.0) (199.0) 43.7 Interest expense 17.1 16.2 44.9 51.4 Other income (expense), net 13.3 (3.0) 45.8 21.6 -------- -------- -------- -------- Income (loss) before income taxes (80.0) (57.2) (198.1) 13.9 Provision (benefit) for income taxes 1,548.2 (82.4) 1,502.7 (59.6) -------- -------- -------- -------- Net income (loss) ($1,628.2) $25.2 ($1,700.8) $73.5 ======== ======== ======== ======== Earnings (loss) per share Basic ($ 4.78) $ .08 ($ 5.01) $ .22 ======== ======== ======== ======== Diluted ($ 4.78) $ .07 ($ 5.01) $ .22 ======== ======== ======== ======== Shares used in the per share computations (thousands): Basic 340,914 335,576 339,736 334,236 ======== ======== ======== ======== Diluted 340,914 337,362 339,736 338,059 ======== ======== ======== ========
  2. 2. UNISYS CORPORATION SEGMENT RESULTS (Millions) Elimi- Total nations Services* Technology* -------- -------- -------- ---------- Three Months Ended September 30, 2005 ------------------ Customer revenue $1,387.1 $1,174.0 $213.1 Intersegment ($57.1) 4.5 52.6 -------- -------- -------- -------- Total revenue $1,387.1 ($57.1) $1,178.5 $265.7 ======== ======== ======== ======== Gross profit percent 17.7% 11.3% 42.4% ======== ======== ======== Operating profit (loss) percent (5.5%) (5.1%) (5.9%) ======== ======== ======== Three Months Ended September 30, 2004 ------------------ Customer revenue $1,445.7 $1,147.1 $298.6 Intersegment ($63.6) 5.2 58.4 -------- -------- -------- -------- Total revenue $1,445.7 ($63.6) $1,152.3 $357.0 ======== ======== ======== ======== Gross profit percent 23.6% 16.2% 51.0% ======== ======== ======== Operating profit (loss) percent (2.6%) (0.2%) 13.9% ======== ======== ======== Nine Months Ended September 30, 2005 ------------------ Customer revenue $4,189.2 $3,517.7 $671.5 Intersegment ($192.7) 14.2 178.5 -------- -------- -------- -------- Total revenue $4,189.2 ($192.7) $3,531.9 $850.0 ======== ======== ======== ======== Gross profit percent 18.7% 11.5% 45.0% ======== ======== ======== Operating profit (loss) percent (4.8%) (5.1%) (1.1%) ======== ======== ======== Nine Months Ended September 30, 2004 ------------------ Customer revenue $4,296.7 $3,470.9 $825.8 Intersegment ($166.6) 14.5 152.1 -------- -------- -------- -------- Total revenue $4,296.7 ($166.6) $3,485.4 $977.9 ======== ======== ======== ======== Gross profit percent 25.6% 17.9% 50.7% ======== ======== ======== Operating profit percent 1.0% 1.0% 9.6% ======== ======== ======== * 2004 results exclude charges for cost reductions and related actions as announced on October 6, 2004
  3. 3. UNISYS CORPORATION CONSOLIDATED BALANCE SHEETS (Millions) September 30, December 31, 2005 2004 ---------- ---------- Assets Current assets Cash and cash equivalents $466.1 $660.5 Accounts and notes receivable, net 1,118.2 1,136.8 Inventories Parts and finished equipment 86.9 93.7 Work in process and materials 109.1 122.4 Deferred income taxes 24.9 291.8 Prepaid expense and other current assets 142.6 112.4 ---------- ---------- Total 1,947.8 2,417.6 ---------- ---------- Properties 1,326.8 1,305.5 Less accumulated depreciation and amortization 928.9 881.4 ---------- ---------- Properties, net 397.9 424.1 ---------- ---------- Outsourcing assets, net 428.3 431.9 Marketable software, net 335.3 336.8 Investments at equity 197.1 197.1 Prepaid pension cost 43.3 52.5 Deferred income taxes 187.1 1,394.6 Goodwill 193.1 189.9 Other long-term assets 158.3 176.4 ---------- ---------- Total $3,888.2 $5,620.9 ========== ========== Liabilities and stockholders' equity Current liabilities Notes payable $4.7 $1.0 Current maturities of long-term debt 60.5 151.7 Accounts payable 413.0 487.4 Other accrued liabilities 1,151.7 1,382.7 ---------- ---------- Total 1,629.9 2,022.8 ---------- ---------- Long-term debt 1,052.2 898.4 Accrued pension liabilities 638.9 537.9 Other long-term liabilities 708.2 655.3 Stockholders' equity Common stock 3.4 3.4 Accumulated deficit (2,077.0) (376.2) Other capital 3,911.7 3,883.8 Accumulated other comprehensive loss (1,979.1) (2,004.5) ---------- ---------- Stockholders' equity (deficit) (141.0) 1,506.5 ---------- ---------- Total $3,888.2 $5,620.9 ========== ==========
  4. 4. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) Nine Months Ended September 30 ------------------- 2005 2004 ------- ------- Cash flows from operating activities Net income (loss) ($1,700.8) $73.5 Add (deduct) items to reconcile net income (loss) to net cash provided by operating activities: Equity income (3.8) (7.2) Depreciation and amortization of properties 89.7 99.9 Depreciation and amortization of outsourcing assets 96.0 88.6 Amortization of marketable software 91.6 96.6 Gain on the sale of properties (15.8) Loss on the tender of debt 10.7 Decrease (increase) in deferred income taxes, net 1,474.5 (25.3) Decrease in receivables, net 20.7 97.2 Decrease in inventories 19.6 19.1 Decrease in accounts payable and other accrued liabilities (245.9) (260.1) Increase in other liabilities 199.4 19.8 Increase in other assets (48.8) (9.8) Other 35.4 50.6 ------- ------- Net cash provided by operating activities 22.5 242.9 ------- ------- Cash flows from investing activities Proceeds from investments 5,758.9 4,423.4 Purchases of investments (5,746.2) (4,427.4) Investment in marketable software (93.7) (88.8) Capital additions of properties (84.9) (95.5) Capital additions of outsourcing assets (115.7) (126.6) Purchases of businesses (.5) (18.6) Proceeds from sales of properties 23.4 ------- ------- Net cash used for investing activities (258.7) (333.5) ------- ------- Cash flows from financing activities Net proceeds from (reduction in) short-term borrowings 3.8 (1.0) Proceeds from employee stock plans 12.8 30.9 Payments of long-term debt (500.2) (2.3) Proceeds from issuance of long-term debt 541.5 ------- ------- Net cash provided by financing activities 57.9 27.6 ------- ------- Effect of exchange rate changes on cash and cash equivalents (16.1) .8 ------- ------- Decrease in cash and cash equivalents (194.4) (62.2) Cash and cash equivalents, beginning of period 660.5 635.9 ------- ------- Cash and cash equivalents, end of period $466.1 $573.7 ======= =======
  5. 5. Reconciliation of GAAP to Non-GAAP Financial Information The preceding release presents information with and without pension expense. Unisys believes that this information will enhance an overall understanding of its financial performance due to the significant change in pension expense from period to period and the non-operational nature of pension expense. The presentation of non-GAAP information is not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States.
  6. 6. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Ended September 30, 2005 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,387.1 $1,387.1 Costs and expenses Cost of revenue 1,141.1 ($30.2) 1,110.9 Selling, general and administrative 261.0 (9.1) 251.9 Research and development 61.2 (4.9) 56.3 -------- -------- -------- 1,463.3 (44.2) 1,419.1 -------- -------- -------- Operating income (loss) (76.2) 44.2 (32.0) Interest expense 17.1 17.1 Other income (expense), net 13.3 13.3 -------- -------- -------- Income (loss) before income taxes (80.0) 44.2 (35.8) Provision (benefit) for income taxes 1,548.2 (13.0) 1,535.2 -------- -------- -------- Net income (loss) ($1,628.2) $57.2 ($1,571.0) ======== ======== ======== Earnings (loss) per share ($ 4.78) $ .17 ($ 4.61) ======== ======== ======== Three Months Ended September 30, 2004 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,445.7 $1,445.7 Costs and expenses Cost of revenue 1,104.7 ($17.1) 1,087.6 Selling, general and administrative 303.7 (4.4) 299.3 Research and development 75.3 (2.0) 73.3 -------- -------- -------- 1,483.7 (23.5) 1,460.2 -------- -------- -------- Operating income (loss) (38.0) 23.5 (14.5) Interest expense 16.2 16.2 Other income (expense), net (3.0) (3.0) -------- -------- -------- Income (loss) before income taxes (57.2) 23.5 (33.7) Provision (benefit) for income taxes (82.4) 7.6 (74.8) -------- -------- -------- Net income $25.2 $15.9 $41.1 ======== ======== ======== Earnings per share $ .07 $ .05 $ .12 ======== ======== ========
  7. 7. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Nine Months Ended September 30, 2005 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $4,189.2 $4,189.2 Costs and expenses Cost of revenue 3,405.5 ($95.0) 3,310.5 Selling, general and administrative 790.0 (27.1) 762.9 Research and development 192.7 (14.7) 178.0 -------- -------- -------- 4,388.2 (136.8) 4,251.4 -------- -------- -------- Operating income (loss) (199.0) 136.8 (62.2) Interest expense 44.9 44.9 Other income (expense), net 45.8 45.8 -------- -------- -------- Income (loss) before income taxes (198.1) 136.8 (61.3) Provision (benefit) for income taxes 1,502.7 16.6 1,519.3 -------- -------- -------- Net income (loss) ($1,700.8) $120.2 ($1,580.6) ======== ======== ======== Earnings (loss) per share ($ 5.01) $ .36 ($ 4.65) ======== ======== ======== Nine Months Ended September 30, 2004 ---------------------------- US GAAP Less Without as Pension Pension Reported Income Income -------- -------- -------- Revenue $4,296.7 $4,296.7 Costs and expenses Cost of revenue 3,197.1 ($50.4) 3,146.7 Selling, general and administrative 837.8 (14.1) 823.7 Research and development 218.1 (6.0) 212.1 -------- -------- -------- 4,253.0 (70.5) 4,182.5 -------- -------- -------- Operating income 43.7 70.5 114.2 Interest expense 51.4 51.4 Other income (expense), net 21.6 21.6 -------- -------- -------- Income before income taxes 13.9 70.5 84.4 Provision (benefit) for income taxes (59.6) 22.6 (37.0) -------- -------- -------- Net income $73.5 $47.9 $121.4 ======== ======== ======== Earnings per share $ .22 $ .14 $ .36 ======== ======== ========
  8. 8. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS OF OPERATIONS (Millions) Three Months Ended September 30, 2005 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment Total revenue $1,178.5 $1,178.5 Gross profit 133.3 ($29.2) 162.5 % of revenue 11.3% 13.8% Operating income (loss) (60.2) (36.7) (23.5) % of revenue -5.1% -2.0% Technology Segment Total revenue 265.7 265.7 Gross profit 112.6 (1.0) 113.6 % of revenue 42.4% 42.8% Operating income (loss) (15.6) (7.5) (8.1) % of revenue -5.9% -3.0% Total Company Total revenue 1,387.1 1,387.1 Gross profit 246.0 (30.2) 276.2 % of revenue 17.7% 19.9% Operating income (loss) (76.2) (44.2) (32.0) % of revenue -5.5% -2.3% Three Months Ended September 30, 2004 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment * Total revenue $1,152.3 $1,152.3 Gross profit 186.2 ($16.7) 202.9 % of revenue 16.2% 17.6% Operating income (loss) (2.2) (20.6) 18.4 % of revenue -0.2% 1.6% Technology Segment * Total revenue 357.0 357.0 Gross profit 182.0 (0.4) 182.4 % of revenue 51.0% 51.1% Operating income 49.7 (2.9) 52.6 % of revenue 13.9% 14.7% Total Company Total revenue 1,445.7 1,445.7 Gross profit 341.0 (17.1) 358.1 % of revenue 23.6% 24.8% Operating income (loss) (38.0) (23.5) (14.5) % of revenue -2.6% -1.0% * 2004 results exclude charges for cost reductions and related actions as announced on October 6, 2004
  9. 9. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS OF OPERATIONS (Millions) Nine Months Ended September 30, 2005 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment Total revenue $3,531.9 $3,531.9 Gross profit 406.6 ($92.1) 498.7 % of revenue 11.5% 14.1% Operating income (loss) (181.7) (114.6) (67.1) % of revenue -5.1% -1.9% Technology Segment Total revenue 850.0 850.0 Gross profit 382.8 (2.9) 385.7 % of revenue 45.0% 45.4% Operating income (loss) (9.2) (22.2) 13.0 % of revenue -1.1% 1.5% Total Company Total revenue 4,189.2 4,189.2 Gross profit 783.7 (95.0) 878.7 % of revenue 18.7% 21.0% Operating income (loss) (199.0) (136.8) (62.2) % of revenue -4.8% -1.5% Nine Months Ended September 30, 2004 ---------------------------- Less Without As Pension Pension Reported Income Income -------- -------- -------- Services Segment * Total revenue $3,485.4 $3,485.4 Gross profit 624.0 ($49.3) 673.3 % of revenue 17.9% 19.3% Operating income 35.2 (61.0) 96.2 % of revenue 1.0% 2.8% Technology Segment * Total revenue 977.9 977.9 Gross profit 496.2 (1.1) 497.3 % of revenue 50.7% 50.9% Operating income 94.0 (9.5) 103.5 % of revenue 9.6% 10.6% Total Company Total revenue 4,296.7 4,296.7 Gross profit 1,099.6 (50.4) 1,150.0 % of revenue 25.6% 26.8% Operating income 43.7 (70.5) 114.2 % of revenue 1.0% 2.7% * 2004 results exclude charges for cost reductions and related actions as announced on October 6, 2004
  10. 10. UNISYS CORPORATION RECONCILATION OF GAAP TO NON-GAAP FORWARD-LOOKING ESTIMATED PRETAX INCOME (Millions) Three Months Ending 12/31/2005 ---------- Pretax income - on a GAAP basis $5 - $30 Add back estimated pension expense 45 --------- Pretax income - on a NON-GAAP basis (excluding pension expense) $50 - $75 ========= NOTE: See section in press release entitled quot;Forward-Looking Statementsquot;.

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