UNISYS CORPORATION
             CONSOLIDATED STATEMENTS OF INCOME
             (Millions, except per share data)

        ...
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 INCOME
      ...
UNISYS CORPORATION
            RECONCILIATION OF GAAP TO NON-GAAP
               SEGMENT RESULTS OF OPERATIONS
           ...
UNISYS CORPORATION
           RECONCILIATION OF GAAP FINANCIAL MEASURES
                 TO NON-GAAP FINANCIAL MEASURES
  ...
UNISYS CORPORATION
               RECONCILATION OF GAAP TO NON-GAAP
     FORWARD-LOOKING ESTIMATED DILUTED EARNINGS PER SH...
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unisys 1Q04_SPR

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unisys 1Q04_SPR

  1. 1. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Ended March 31 ------------------ 2004 2003 -------- -------- Revenue Services $1,165.0 $1,107.0 Technology 297.9 291.9 -------- -------- 1,462.9 1,398.9 Costs and expenses Cost of revenue: Services 925.7 882.5 Technology 145.7 129.3 -------- -------- 1,071.4 1,011.8 Selling, general and administrative 261.2 243.7 Research and development 71.5 66.8 -------- -------- 1,404.1 1,322.3 -------- -------- Operating income 58.8 76.6 Interest expense 17.0 15.7 Other income (expense), net 0.6 (3.4) -------- -------- Income before income taxes 42.4 57.5 Provision for income taxes 13.5 19.0 -------- -------- Net income $28.9 $38.5 ======== ======== Earnings per share Basic $ .09 $ .12 ======== ======== Diluted $ .09 $ .12 ======== ======== Shares used in the per share computations (thousands): Basic 332,722 327,208 ======== ======== Diluted 338,048 328,824 ======== ========
  2. 2. UNISYS CORPORATION SEGMENT RESULTS (Millions) Elimi- Total nations Services Technology -------- -------- -------- ---------- Three Months Ended March 31, 2004 ------------------ Customer revenue $1,462.9 $1,165.0 $297.9 Intersegment ($45.7) 4.8 40.9 -------- -------- -------- -------- Total revenue $1,462.9 ($45.7) $1,169.8 $338.8 ======== ======== ======== ======== Gross profit percent 26.8% 19.1% 48.3% ======== ======== ======== Operating profit percent 4.0% 2.5% 8.6% ======== ======== ======== Three Months Ended March 31, 2003 ------------------ Customer revenue $1,398.9 $1,107.0 $291.9 Intersegment ($70.0) 5.6 64.4 -------- -------- -------- -------- Total revenue $1,398.9 ($70.0) $1,112.6 $356.3 ======== ======== ======== ======== Gross profit percent 27.7% 18.7% 50.0% ======== ======== ======== Operating profit percent 5.5% 3.1% 11.1% ======== ======== ========
  3. 3. UNISYS CORPORATION CONSOLIDATED BALANCE SHEETS (Millions) March 31, December 31, 2004 2003 ---------- ---------- Assets Current assets Cash and cash equivalents $671.4 $635.9 Accounts and notes receivable, net 1,002.6 1,027.8 Inventories Parts and finished equipment 119.1 121.7 Work in process and materials 138.7 116.9 Deferred income taxes 271.4 270.0 Other current assets 111.9 85.7 ---------- ---------- Total 2,315.1 2,258.0 ---------- ---------- Properties 1,342.9 1,352.7 Less accumulated depreciation and amortization 914.6 928.5 ---------- ---------- Properties, net 428.3 424.2 ---------- ---------- Outsourcing assets, net 522.9 477.5 Marketable software, net 332.0 332.2 Investments at equity 167.6 153.3 Prepaid pension cost 50.3 55.5 Deferred income taxes 1,384.6 1,384.6 Goodwill 176.7 177.5 Other long-term assets 195.9 211.8 ---------- ---------- Total $5,573.4 $5,474.6 ========== ========== Liabilities and stockholders' equity Current liabilities Notes payable $28.3 $17.7 Current maturities of long-term debt 150.8 2.2 Accounts payable 522.3 513.8 Other accrued liabilities 1,311.5 1,305.7 Income taxes payable 206.1 214.1 ---------- ---------- Total 2,219.0 2,053.5 ---------- ---------- Long-term debt 899.8 1,048.3 Accrued pension liabilities 446.9 433.6 Other long-term liabilities 543.9 544.0 Stockholders' equity Common stock 3.4 3.3 Accumulated deficit (385.9) (414.8) Other capital 3,836.5 3,818.6 Accumulated other comprehensive loss (1,990.2) (2,011.9) ---------- ---------- Stockholders' equity 1,463.8 1,395.2 ---------- ---------- Total $5,573.4 $5,474.6 ========== ==========
  4. 4. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) Three Months Ended March 31 ----------------- 2004 2003 ---- ---- Cash flows from operating activities Net income $28.9 $38.5 Add (deduct) items to reconcile net income to net cash provided by (used for) operating activities: Depreciation and amortization of properties and outsourcing assets 60.1 50.0 Amortization of marketable software 29.3 29.7 (Increase) in deferred income taxes, net (1.4) (1.0) Decrease in receivables, net 54.2 91.9 (Increase) decrease in inventories (19.1) 2.6 Increase (decrease) in accounts payable and other accrued liabilities 8.2 (270.1) (Decrease) increase in income taxes payable (8.0) 6.1 Increase in other liabilities 6.8 (Increase) in other assets (40.3) (20.3) Other 3.9 .9 ------- ------- Net cash provided by (used for) operating activities 115.8 (64.9) ------- ------- Cash flows from investing activities Proceeds from investments 1,408.3 1,279.1 Purchases of investments (1,413.7) (1,292.7) Investment in marketable software (29.0) (40.0) Capital additions of properties and outsourcing assets (70.7) (49.4) Purchases of businesses (.8) ------- ------- Net cash used for investing activities (105.1) (103.8) ------- ------- Cash flows from financing activities Net proceeds from short-term borrowings 10.6 1.3 Proceeds from employee stock plans 11.1 6.3 Payments of long-term debt (1.0) (2.4) Proceeds from issuance of long-term debt 293.3 ------- ------- Net cash provided by financing activities 20.7 298.5 ------- ------- Effect of exchange rate changes on cash and cash equivalents 4.1 1.5 ------- ------- Increase in cash and cash equivalents 35.5 131.3 Cash and cash equivalents, beginning of period 635.9 301.8 ------- ------- Cash and cash equivalents, end of period $671.4 $433.1 ======= =======
  5. 5. Reconciliation of GAAP to Non-GAAP Financial Information The preceding release presents information with and without pension expense or income. Unisys believes that this information will enhance an overall understanding of its financial performance due to the significant change in pension expense or income from period to period and the non-operational nature of pension expense or income. In addition, the release provides disclosure of free cash flow. The company defines free cash flow as net cash provided by (used for) operating activities less capital expenditures. This measure of free cash flow may not be comparable to similarly titled measures of other companies. Free cash flow is not intended as an alternative measure of cash flow from operations (as determined in accordance with GAAP). Rather, free cash flow is presented as additional information because the company believes it to be a useful indicator of its ability to execute its business strategy without reliance on additional borrowing or the use of its cash or liquid investments. 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 March 31, 2004 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,462.9 $1,462.9 Costs and expenses Cost of revenue 1,071.4 ($15.5) 1,055.9 Selling, general and administrative 261.2 (4.9) 256.3 Research and development 71.5 (1.8) 69.7 -------- -------- -------- 1,404.1 (22.2) 1,381.9 -------- -------- -------- Operating income 58.8 22.2 81.0 Interest expense 17.0 17.0 Other income (expense), net 0.6 0.6 -------- -------- -------- Income before income taxes 42.4 22.2 64.6 Provision for income taxes 13.5 7.1 20.6 -------- -------- -------- Net income $28.9 $15.1 $44.0 ======== ======== ======== Diluted earnings per share $ .09 $ .04 $ .13 ======== ======== ======== Three Months Ended March 31, 2003 ---------------------------- US GAAP Less Without as Pension Pension Reported Income Income -------- -------- -------- Revenue $1,398.9 $1,398.9 Costs and expenses Cost of revenue 1,011.8 $1.2 1,013.0 Selling, general and administrative 243.7 2.0 245.7 Research and development 66.8 3.2 70.0 -------- -------- -------- 1,322.3 6.4 1,328.7 -------- -------- -------- Operating income 76.6 (6.4) 70.2 Interest expense 15.7 15.7 Other income (expense), net (3.4) (3.4) -------- -------- -------- Income before income taxes 57.5 (6.4) 51.1 Provision for income taxes 19.0 (2.1) 16.9 -------- -------- -------- Net income $38.5 ($4.3) $34.2 ======== ======== ======== Diluted earnings per share $ .12 ($ .02) $ .10 ======== ======== ========
  7. 7. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS OF OPERATIONS (Millions) Three Months Ended March 31, 2004 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment Total revenue $1,169.8 $1,169.8 Gross profit 222.9 ($15.2) 238.1 % of revenue 19.1% 20.4% Operating income 29.2 (19.3) 48.5 % of revenue 2.5% 4.1% Technology Segment Total revenue $338.8 $338.8 Gross profit 163.8 (0.3) 164.1 % of revenue 48.3% 48.4% Operating income 29.2 (2.9) 32.1 % of revenue 8.6% 9.5% Total Company Total revenue $1,462.9 $1,462.9 Gross profit 391.5 (15.5) 407.0 % of revenue 26.8% 27.8% Operating income 58.8 (22.2) 81.0 % of revenue 4.0% 5.5% Three Months Ended March 31, 2003 ---------------------------- Less Without As Pension Pension Reported Income Income -------- -------- -------- Services Segment Total revenue $1,112.6 $1,112.6 Gross profit 208.4 $0.0 208.4 % of revenue 18.7% 18.7% Operating income 34.4 1.9 32.5 % of revenue 3.1% 2.9% Technology Segment Total revenue 356.3 356.3 Gross profit 178.1 1.2 176.9 % of revenue 50.0% 49.6% Operating income 39.6 4.5 35.1 % of revenue 11.1% 9.9% Total Company Total revenue 1,398.9 1,398.9 Gross profit 387.1 1.2 385.9 % of revenue 27.7% 27.6% Operating income 76.6 6.4 70.2 % of revenue 5.5% 5.0%
  8. 8. UNISYS CORPORATION RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (in millions of dollars) Free cash flow is computed as follows: Three Months Three Months Ended 3/31/04 Ended 3/31/03 ------------- ------------- Net cash provided by operating activities $115.8 ($64.9) Less: capital expenditures (99.7) (89.4) ------------- ------------- Free cash flow $16.1 ($154.3) ============= =============
  9. 9. UNISYS CORPORATION RECONCILATION OF GAAP TO NON-GAAP FORWARD-LOOKING ESTIMATED DILUTED EARNINGS PER SHARE Three Months Year Ending Ending 6/30/2004 12/31/2004 ---------- ---------- Diluted earnings per share- on a GAAP basis .09-.12 .65-.69 Add back estimated pension expense, net of tax .05 .18 --------- --------- Diluted earnings per share- on a NON-GAAP basis (excluding pension expense) .14-.17 .83-.87 ========= ========= NOTE: See section in press release entitled quot;Forward-Looking Statementsquot;.

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