CSC's 2001 annual report summarizes the company's financial performance and key initiatives for the fiscal year. Revenues reached a record $10.5 billion, up 12.3% from the previous year, however earnings declined due to reduced demand for consulting services and some performance issues. CSC took actions to restructure operations and reduce costs in response. The company also completed acquisitions to expand its offerings in insurance, financial services, and banking to capitalize on growing markets. CSC continued to strengthen relationships with major clients and win new contracts, positioning itself for future success despite challenging market conditions.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
The document summarizes BankAmerica Corporation's annual report for 1998. Some key points:
- Operating earnings were $6.49 billion in 1998, down from $6.81 billion in 1997, due to higher provision expenses and weaker trading revenues from market turbulence.
- The provision for credit losses was $2.92 billion in 1998, up from $1.90 billion in 1997, largely due to losses associated with the company's lending relationship with D.E. Shaw.
- Nonperforming assets were $2.76 billion, or 0.77% of net loans and leases at the end of 1998, up from $2.42 billion, or 0.71% a year earlier.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
Raymond James 4th Quarter 2008 earnings releaseearningsreport
This document provides a summary of Raymond James Financial's consolidated statements of income and balance sheet for the three months and 12 months ended September 30, 2008. For the quarter, net revenues were flat compared to last year but net income dropped 22% to $49 million due to a decline in markets and retail client activity. For the fiscal year, net revenues grew 8% to $2.8 billion and net income was $235 million, down only 6% from last year's record level. Raymond James Bank increased its pre-tax contribution significantly, offsetting declines in securities segments. Total client assets were $197 billion as of September 30, 2008.
www.sprivail.org
The Steadman Philippon Research Institute 2006 Annual Report
The purpose of our Basic Science Research is to gain a better understanding of factors which lead to: (1) degenerative joint disease; (2) osteoarthritis; (3) improved healing of soft tissues such as ligaments, tendons, articular cartilage, and meniscus cartilage; and (4) novel and untried approaches of treatment modalities. Our focus is to develop new surgical techniques, innovative adjunct therapies, rehabilitative treatments, and related programs that will help delay, minimize, or prevent the development of degenerative joint disease. In 2006, we collaborated with various educational institutions, predominantly Colorado State University and Michigan State University. We believe that our combined efforts will lead directly to slowing the degenerative processes, as well as finding new ways to enhance healing and regeneration of injured tissues.
The relatively new area of regenerative medicine is an exciting one that has gained global attention. There are many new and inno- vative techniques under investigation by scientists around the world. One of the broad goals of this work can be stated simply as joint preservation. In 2006 we focused our efforts almost exclusively on regeneration of an improved tissue for resurfacing of articular cartilage (chondral) defects that typically lead to degenerative osteoarthritis. We have been working in the promising area of gene therapy in col- laboration with Drs. Wayne McIlwraith and David Frisbie at Colorado State University. We have now completed our initial studies, and we have enough important data to take this project to the next level.
In 2006 we also published an extremely important manuscript that examined the effects of leaving or removing a certain layer of tissue during lesion preparation for microfracture. This manuscript
will help guide surgeons and should improve outcomes of microfrac- ture performed by surgeons worldwide. We also completed data collection of a study involving electrostimulation to enhance
cartilage healing.
CONTENTS:
2 The Year in Review
7 The Steadman-Hawkins Difference 10 Friends of the Foundation
21 The Knee, the Package, and the Gift (Torn Miniscus)
23 Steadman-Hawkins and Össur Team Up
24 Research and Education (Knee Osteoarthritis Treatments)
25 Basic Science (Microfracture)
27 The Human-Horse Connection
28 Bad Knee Leads to Good News
29 Clinical Research (hip arthroscopy labral tear)
37 Impingement Can Lead to Arthritis 45 Biomechanics Research Laboratory 49 IRA Rollover Legislation
51 Education
52 Research Foundation Provides Students
with a Close Look at Medicine
56 Publications and Presentations 67 Recognition
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
1. Constellation Energy's 2003 annual report summarizes the company's performance and strategic vision.
2. The company grew significantly in 2003, with revenues reaching almost $10 billion and total shareholder return of 45%.
3. Constellation Energy serves over 8,000 megawatts of peak load in wholesale energy markets across North America and has expanded its customer base.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
The document summarizes BankAmerica Corporation's annual report for 1998. Some key points:
- Operating earnings were $6.49 billion in 1998, down from $6.81 billion in 1997, due to higher provision expenses and weaker trading revenues from market turbulence.
- The provision for credit losses was $2.92 billion in 1998, up from $1.90 billion in 1997, largely due to losses associated with the company's lending relationship with D.E. Shaw.
- Nonperforming assets were $2.76 billion, or 0.77% of net loans and leases at the end of 1998, up from $2.42 billion, or 0.71% a year earlier.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
Raymond James 4th Quarter 2008 earnings releaseearningsreport
This document provides a summary of Raymond James Financial's consolidated statements of income and balance sheet for the three months and 12 months ended September 30, 2008. For the quarter, net revenues were flat compared to last year but net income dropped 22% to $49 million due to a decline in markets and retail client activity. For the fiscal year, net revenues grew 8% to $2.8 billion and net income was $235 million, down only 6% from last year's record level. Raymond James Bank increased its pre-tax contribution significantly, offsetting declines in securities segments. Total client assets were $197 billion as of September 30, 2008.
www.sprivail.org
The Steadman Philippon Research Institute 2006 Annual Report
The purpose of our Basic Science Research is to gain a better understanding of factors which lead to: (1) degenerative joint disease; (2) osteoarthritis; (3) improved healing of soft tissues such as ligaments, tendons, articular cartilage, and meniscus cartilage; and (4) novel and untried approaches of treatment modalities. Our focus is to develop new surgical techniques, innovative adjunct therapies, rehabilitative treatments, and related programs that will help delay, minimize, or prevent the development of degenerative joint disease. In 2006, we collaborated with various educational institutions, predominantly Colorado State University and Michigan State University. We believe that our combined efforts will lead directly to slowing the degenerative processes, as well as finding new ways to enhance healing and regeneration of injured tissues.
The relatively new area of regenerative medicine is an exciting one that has gained global attention. There are many new and inno- vative techniques under investigation by scientists around the world. One of the broad goals of this work can be stated simply as joint preservation. In 2006 we focused our efforts almost exclusively on regeneration of an improved tissue for resurfacing of articular cartilage (chondral) defects that typically lead to degenerative osteoarthritis. We have been working in the promising area of gene therapy in col- laboration with Drs. Wayne McIlwraith and David Frisbie at Colorado State University. We have now completed our initial studies, and we have enough important data to take this project to the next level.
In 2006 we also published an extremely important manuscript that examined the effects of leaving or removing a certain layer of tissue during lesion preparation for microfracture. This manuscript
will help guide surgeons and should improve outcomes of microfrac- ture performed by surgeons worldwide. We also completed data collection of a study involving electrostimulation to enhance
cartilage healing.
CONTENTS:
2 The Year in Review
7 The Steadman-Hawkins Difference 10 Friends of the Foundation
21 The Knee, the Package, and the Gift (Torn Miniscus)
23 Steadman-Hawkins and Össur Team Up
24 Research and Education (Knee Osteoarthritis Treatments)
25 Basic Science (Microfracture)
27 The Human-Horse Connection
28 Bad Knee Leads to Good News
29 Clinical Research (hip arthroscopy labral tear)
37 Impingement Can Lead to Arthritis 45 Biomechanics Research Laboratory 49 IRA Rollover Legislation
51 Education
52 Research Foundation Provides Students
with a Close Look at Medicine
56 Publications and Presentations 67 Recognition
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
The document summarizes proposed expenditure reductions by a school district facing projected budget deficits of $7.8 million in 2012-13 and $12.1 million in 2013-14. It outlines reductions including increasing class sizes, eliminating programs and positions, reducing budgets, and potential school closures. The proposed reductions are estimated to reduce the projected deficits by $5.3 million in 2012-13 and $8.6 million in 2013-14. The assistant superintendent recommends approval of all proposed reductions.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
This annual report provides an overview of TXU Corp. for 2004. It discusses the company's restructuring program that sold underperforming assets and refocused on three core businesses: TXU Energy, TXU Power, and TXU Electric Delivery. The restructuring improved financial results for 2004, generating $10 billion in market value. The report discusses goals to further transform TXU into a high-performance company through operational excellence, market leadership, and human performance leadership across the three core businesses. The restructuring program achieved good initial results in 2004 but further work is needed to drive performance improvements over the long term.
M12S19 - S19 - CASE STUDY: e-RIM Success with Structured Data SystemsMER Conference
Speakers: Laurie Fischer, Kevin S. Joerling, & Michael S. McKenna
Today, the majority of an organization's business processes and functions are facilitated or supported by the use of electronic systems. In turn, many of these systems create, manage, and/or store electronic data that is "structured".
"Structured data" typically is created and stored according to a pre-defined data model and fits into relational tables, or can be stored in rows and columns.
Information stored in structured data systems often serves as the official evidence of the business process that the system facilitates. As such, this information needs to meet the retention and disposition requirements defined in the organization's retention schedule. The additional requirements for authentic, reliable and unchangeable records are especially challenging since most structured data systems were designed to store and process dynamic and non-redundant data.
Information Technology departments historically have taken the position that since "storage is cheap" the application of an organization's records retention schedule to structured data was not an efficient use of scarce IT resources.
Today, the volume of information and its legal discoverability present a compelling argument for change.
Read more: http://www.rimeducation.com/videos/rimondemand.php
First of two presentations from Autonomy and Qatalyst (Qattrone) pitching the company to Oracle and others, downloaded from Oracle's site and preserved here in case Oracle takes these presentations down again
This annual report summarizes the financial highlights and performance of Cooper Cameron Corporation for the years 1997, 1996 and 1995. Some key points:
- Revenues increased over 30% from 1996 to 1997, reaching $1.81 billion, driven by acquisitions, pricing improvements and strong sales.
- Earnings before interest, taxes, depreciation and amortization exceeded the target of 15% of revenues, reaching 16.3%.
- Net income improved to $140.58 million in 1997 compared to a net loss in 1996.
- The CEO outlines plans to continue improving productivity and manufacturing efficiency to meet increased financial targets for 1998.
JPMorgan Chase Financial highlights and trendsfinance2
JPMorgan Chase reported total net revenue of $71.4 billion for 2007, an increase of 15% from 2006. Net income was $15.4 billion, up 6% from the previous year. Earnings per share increased from $3.93 to $4.51. Total assets grew 15% to $1.6 trillion over the period.
M12S05 - CASE STUDY: Leveraging Content Analytics to Kick-Start your Informat...MER Conference
This document summarizes a presentation about using content analytics to kickstart an information governance initiative. It discusses challenges organizations face with growing data volumes and regulatory obligations. It then describes how content assessment, using analytics, classification, and collection, can help organizations understand their information landscape, prioritize efforts, and enable defensible disposition of data. The presentation includes an example case study of how one large financial organization used these techniques.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting finance12
- Emerson Electric Co. reported net sales of $24.8 billion in 2008, up from $22.1 billion in 2007 and $19.7 billion in 2006. Earnings from continuing operations were $2.45 billion in 2008, up from $2.13 billion in 2007 and $1.84 billion in 2006.
- Return on average stockholders' equity was 27.0% in 2008, up from 25.2% in 2007 and 23.7% in 2006. Diluted earnings per share from continuing operations were $3.11 in 2008, up from $2.65 in 2007 and $2.23 in 2006.
- Total assets increased to $21 billion in 2008 from
Access National Corporation reported a 50% increase in annual earnings and increased its dividend. Net income for 2021 was $11.4 million, up from $7.6 million in 2020. Based on strong results, the Board increased the quarterly dividend to $0.05 per share. Loans increased by $77.9 million to $569.4 million due to higher demand. Deposits decreased slightly to $645 million as non-core deposits declined.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
The document provides an overview of analyzing corporate profit and loss statements. It discusses key components of a P&L statement such as revenue, expenses, profit, earnings per share, and how it shows the path from revenue to net profit. It also discusses interpreting P&L statements, including checking footnotes and understanding the treatment of items like depreciation, subsidiaries versus associates, and minority interests. An example P&L statement is then presented for Hutchison Whampoa Limited to demonstrate these concepts.
In 2011, Intel's net revenue increased to $53.99 billion, gross margin was $33.76 billion, and net income was $12.94 billion. Research and development expenses increased to $8.35 billion. Total assets increased to $71.12 billion as of December 31, 2011. Intel acquired McAfee and Infineon's wireless business in 2011.
This document presents an IOM (Integrated Organisation Model) checklist to analyze organizations. The IOM views an organization's elements like mission, structure, strategy, etc as interconnected. The checklist contains over 50 questions across 10 elements: mission, outputs, inputs, actors, and factors. It can be used at various stages to identify bottlenecks, guide analysis, and interpret findings. However, the checklist is not exhaustive and requires common sense thinking in application.
The Social Security Commission Chairman's message discusses three key points:
1) SSS achieved new heights in 2008 despite difficult economic conditions, due to reforms implemented over the past seven years that led to increased collections, higher benefit payments, and healthy investment returns.
2) In 2009, SSS will double efforts to become a more sustainable provider of social protection and a reliable partner in national development, while pressing forward with efforts to strengthen the Social Security Law.
3) The SSC will ensure governance standards are upgraded and institutional memory preserved as SSS examines existing policies and programs to address problems from expected job losses, while broadening the investment portfolio flexibility to create opportunities without abandoning safeguards for strong balance sheets.
This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC. It includes PACCAR's consolidated financial statements and notes. The financial statements show that for the quarter, PACCAR's net sales increased 12% to $3.9 billion, net income increased 24% to $370 million, and earnings per share increased 23% to $1.48. On the balance sheet, total assets increased slightly to $16.5 billion, with cash and marketable securities totaling $2.4 billion.
- PACCAR Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2006.
- The report includes consolidated financial statements and notes covering PACCAR's truck and other operations as well as its financial services segment.
- Highlights include net sales of $3.94 billion for truck and other operations, and net income of $370 million for the company as a whole in the second quarter of 2006.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
This document is PACCAR's quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes PACCAR's consolidated financial statements and notes. The financial statements show revenues of $3.4 billion and net income of $241.5 million for the quarter. For the six months ended June 30, 2005, revenues were $6.5 billion and net income was $515.5 million. The report also discusses PACCAR's truck manufacturing and financial services businesses, accounting policies, and compliance with SEC filing requirements.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
The document summarizes proposed expenditure reductions by a school district facing projected budget deficits of $7.8 million in 2012-13 and $12.1 million in 2013-14. It outlines reductions including increasing class sizes, eliminating programs and positions, reducing budgets, and potential school closures. The proposed reductions are estimated to reduce the projected deficits by $5.3 million in 2012-13 and $8.6 million in 2013-14. The assistant superintendent recommends approval of all proposed reductions.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
This annual report provides an overview of TXU Corp. for 2004. It discusses the company's restructuring program that sold underperforming assets and refocused on three core businesses: TXU Energy, TXU Power, and TXU Electric Delivery. The restructuring improved financial results for 2004, generating $10 billion in market value. The report discusses goals to further transform TXU into a high-performance company through operational excellence, market leadership, and human performance leadership across the three core businesses. The restructuring program achieved good initial results in 2004 but further work is needed to drive performance improvements over the long term.
M12S19 - S19 - CASE STUDY: e-RIM Success with Structured Data SystemsMER Conference
Speakers: Laurie Fischer, Kevin S. Joerling, & Michael S. McKenna
Today, the majority of an organization's business processes and functions are facilitated or supported by the use of electronic systems. In turn, many of these systems create, manage, and/or store electronic data that is "structured".
"Structured data" typically is created and stored according to a pre-defined data model and fits into relational tables, or can be stored in rows and columns.
Information stored in structured data systems often serves as the official evidence of the business process that the system facilitates. As such, this information needs to meet the retention and disposition requirements defined in the organization's retention schedule. The additional requirements for authentic, reliable and unchangeable records are especially challenging since most structured data systems were designed to store and process dynamic and non-redundant data.
Information Technology departments historically have taken the position that since "storage is cheap" the application of an organization's records retention schedule to structured data was not an efficient use of scarce IT resources.
Today, the volume of information and its legal discoverability present a compelling argument for change.
Read more: http://www.rimeducation.com/videos/rimondemand.php
First of two presentations from Autonomy and Qatalyst (Qattrone) pitching the company to Oracle and others, downloaded from Oracle's site and preserved here in case Oracle takes these presentations down again
This annual report summarizes the financial highlights and performance of Cooper Cameron Corporation for the years 1997, 1996 and 1995. Some key points:
- Revenues increased over 30% from 1996 to 1997, reaching $1.81 billion, driven by acquisitions, pricing improvements and strong sales.
- Earnings before interest, taxes, depreciation and amortization exceeded the target of 15% of revenues, reaching 16.3%.
- Net income improved to $140.58 million in 1997 compared to a net loss in 1996.
- The CEO outlines plans to continue improving productivity and manufacturing efficiency to meet increased financial targets for 1998.
JPMorgan Chase Financial highlights and trendsfinance2
JPMorgan Chase reported total net revenue of $71.4 billion for 2007, an increase of 15% from 2006. Net income was $15.4 billion, up 6% from the previous year. Earnings per share increased from $3.93 to $4.51. Total assets grew 15% to $1.6 trillion over the period.
M12S05 - CASE STUDY: Leveraging Content Analytics to Kick-Start your Informat...MER Conference
This document summarizes a presentation about using content analytics to kickstart an information governance initiative. It discusses challenges organizations face with growing data volumes and regulatory obligations. It then describes how content assessment, using analytics, classification, and collection, can help organizations understand their information landscape, prioritize efforts, and enable defensible disposition of data. The presentation includes an example case study of how one large financial organization used these techniques.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting finance12
- Emerson Electric Co. reported net sales of $24.8 billion in 2008, up from $22.1 billion in 2007 and $19.7 billion in 2006. Earnings from continuing operations were $2.45 billion in 2008, up from $2.13 billion in 2007 and $1.84 billion in 2006.
- Return on average stockholders' equity was 27.0% in 2008, up from 25.2% in 2007 and 23.7% in 2006. Diluted earnings per share from continuing operations were $3.11 in 2008, up from $2.65 in 2007 and $2.23 in 2006.
- Total assets increased to $21 billion in 2008 from
Access National Corporation reported a 50% increase in annual earnings and increased its dividend. Net income for 2021 was $11.4 million, up from $7.6 million in 2020. Based on strong results, the Board increased the quarterly dividend to $0.05 per share. Loans increased by $77.9 million to $569.4 million due to higher demand. Deposits decreased slightly to $645 million as non-core deposits declined.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
The document provides an overview of analyzing corporate profit and loss statements. It discusses key components of a P&L statement such as revenue, expenses, profit, earnings per share, and how it shows the path from revenue to net profit. It also discusses interpreting P&L statements, including checking footnotes and understanding the treatment of items like depreciation, subsidiaries versus associates, and minority interests. An example P&L statement is then presented for Hutchison Whampoa Limited to demonstrate these concepts.
In 2011, Intel's net revenue increased to $53.99 billion, gross margin was $33.76 billion, and net income was $12.94 billion. Research and development expenses increased to $8.35 billion. Total assets increased to $71.12 billion as of December 31, 2011. Intel acquired McAfee and Infineon's wireless business in 2011.
This document presents an IOM (Integrated Organisation Model) checklist to analyze organizations. The IOM views an organization's elements like mission, structure, strategy, etc as interconnected. The checklist contains over 50 questions across 10 elements: mission, outputs, inputs, actors, and factors. It can be used at various stages to identify bottlenecks, guide analysis, and interpret findings. However, the checklist is not exhaustive and requires common sense thinking in application.
The Social Security Commission Chairman's message discusses three key points:
1) SSS achieved new heights in 2008 despite difficult economic conditions, due to reforms implemented over the past seven years that led to increased collections, higher benefit payments, and healthy investment returns.
2) In 2009, SSS will double efforts to become a more sustainable provider of social protection and a reliable partner in national development, while pressing forward with efforts to strengthen the Social Security Law.
3) The SSC will ensure governance standards are upgraded and institutional memory preserved as SSS examines existing policies and programs to address problems from expected job losses, while broadening the investment portfolio flexibility to create opportunities without abandoning safeguards for strong balance sheets.
This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC. It includes PACCAR's consolidated financial statements and notes. The financial statements show that for the quarter, PACCAR's net sales increased 12% to $3.9 billion, net income increased 24% to $370 million, and earnings per share increased 23% to $1.48. On the balance sheet, total assets increased slightly to $16.5 billion, with cash and marketable securities totaling $2.4 billion.
- PACCAR Inc. filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 30, 2006.
- The report includes consolidated financial statements and notes covering PACCAR's truck and other operations as well as its financial services segment.
- Highlights include net sales of $3.94 billion for truck and other operations, and net income of $370 million for the company as a whole in the second quarter of 2006.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
This document is PACCAR's quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes PACCAR's consolidated financial statements and notes. The financial statements show revenues of $3.4 billion and net income of $241.5 million for the quarter. For the six months ended June 30, 2005, revenues were $6.5 billion and net income was $515.5 million. The report also discusses PACCAR's truck manufacturing and financial services businesses, accounting policies, and compliance with SEC filing requirements.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
This document is Computer Sciences Corporation's (CSC) 2005 Annual Report. It highlights CSC's financial performance for fiscal year 2005, including record revenues of $14.1 billion, earnings per share of $2.59, and new business awards of $16 billion. It discusses strategic transactions undertaken in 2005 and CSC's focus on information technology services. The report also outlines CSC's continued growth in offshore capabilities and innovative service offerings that helped capture major contracts.
fpl group library.corporate-4Q08%20 Script_FINAL%20_APfinance17
FPL Group held a conference call to discuss its financial results for the fourth quarter and full year of 2008. The call began with introductions from senior management. Lew Hay, the CEO, then provided an overview of FPL Group's performance in 2008, highlighting record adjusted earnings of over $1.5 billion. Armando Pimentel, the CFO, discussed the financial results in more detail, noting lower than expected earnings for Florida Power & Light due to the economic downturn. Pimentel provided analysis of FPL's customer growth, usage, and other key operating metrics for the quarter and year.
Southern Company reported third quarter earnings of $619 million, up slightly from the third quarter of 2002. Earnings for the first nine months of 2003 were $1.35 billion, which includes a one-time gain of $88 million from terminating wholesale power contracts. Revenue increased due to customer growth of 1.6% despite mild weather reducing electricity usage. Southern Company remains focused on operating efficiently and reliably while keeping prices low and maintaining high customer satisfaction.
This document summarizes PACCAR's financial performance in 2007 compared to 2006 and 2005. Key points include:
- Net income was $1.23 billion in 2007, down from $1.5 billion in 2006 due to lower truck sales and margins in the US and Canada offset by growth outside North America.
- Truck sales fell to $13.85 billion in 2007 from $15.37 billion in 2006 as US/Canada truck sales dropped 45% due to a weak market, while international sales rose.
- Financial services income rose 15% to a record $284.1 million in 2007 due to strong asset growth and stable finance margins.
Southern Company reported higher than expected earnings for the 4th quarter and full year of 2004. Earnings for the 4th quarter were $204.5 million compared to $125 million in 2003. For the full year, earnings were $1.53 billion compared to $1.47 billion in 2003. Strong economic growth in the Southeast contributed to increased electricity sales and better than expected results. Looking ahead, Southern Company expects earnings per share growth of 5% annually and provided guidance of $2.04-$2.09 per share for 2005.
Computer Sciences Corporation (CSC) is an information technology services company that saw record revenues and earnings in fiscal year 1997. Some key events included winning $9 billion in new contracts, acquiring companies in the financial services and healthcare industries to expand its capabilities, and forming new vertical market organizations in financial services and healthcare. CSC also is well-positioned to help clients address the upcoming "Year 2000" computer issue. The company's chairman expressed optimism about CSC's prospects given its world-class offerings and talented employees.
Southern Company reported first quarter 2006 earnings of $261.6 million, down from $323 million in the first quarter of 2005. Earnings per share were $0.35 compared to $0.43 in 2005. The decrease was due to expensing of stock options, a reserve related to synthetic fuels tax credits, and increased operation and maintenance costs. However, economic and customer growth in the Southeast remained strong, with over 53,000 additional customers served compared to the previous year. For the full year, Southern Company expects continued growth in its regulated retail business, driven by projected long-term demand and customer increases of 2.0% and 1.8%, respectively.
This document is PACCAR Inc's quarterly report (Form 10-Q) for the period ending June 30, 2004 filed with the SEC. It includes:
1) Financial statements such as the consolidated balance sheet, income statement, and cash flow statement for the quarter.
2) Notes to the financial statements providing additional information and disclosure.
3) Certification by management of the accuracy of the financial statements and internal controls.
The summary highlights that this is PACCAR's regulatory filing, includes their quarterly financial statements, and notes to those statements as required by the SEC. It covers the essential information in 3 sentences as requested.
The document is a proxy statement for Halliburton's annual stockholders meeting. It invites stockholders to attend the meeting on May 18, 2005 to vote on electing directors, ratifying an independent accounting firm, and considering two stockholder proposals. Stockholders are urged to vote by proxy via internet, phone or mail prior to the meeting.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. In 2004, PACCAR achieved record revenues and net income, delivering over 124,000 trucks globally. PACCAR increased its market share in both North America and Europe through superior vehicle quality and ongoing investments in technology. The company's aftermarket parts and financial services businesses also had strong growth. PACCAR is recognized as an industry leader in quality, technology, and financial performance.
The document is a proxy statement from Halliburton Company informing stockholders of the upcoming annual meeting. It invites stockholders to attend the meeting on May 16, 2007 to vote on electing directors, ratifying an auditor, and considering three stockholder proposals. It provides details on these voting items and includes information on Halliburton's corporate governance policies and executive compensation.
This document outlines Computer Sciences Corporation's equity grant policy, including the types of equity grants awarded, grant dates, approval process, and reporting requirements. It states that CSC issues equity grants to directors and employees to attract, retain, and motivate them. Equity grants include stock options, restricted stock, and restricted stock units. Grant dates depend on whether the recipient is a director, new hire, promotion, or current employee. Senior executive grants require higher levels of approval than non-senior grants. The company must stay within an approved annual equity grant budget.
The annual report summarizes CSC's performance in fiscal year 2002. Some key points:
- CSC achieved record revenues of $11.4 billion, an 8.6% increase over 2001, with strong growth in global outsourcing and U.S. federal government businesses.
- Net income was $344 million, reflecting focus on fiscal management and cost reductions.
- CSC was awarded $11.4 billion in new multi-year contracts, increasing recurring revenue sources.
The Computer Sciences Corporation 1999 Annual Report provides an overview of the company's performance in fiscal year 1999. Some key points:
- Revenues totaled $7.7 billion, a 16% increase over 1998, driven by strong demand for consulting and systems integration services.
- Net income increased 31% to $341 million.
- Over $5 billion in new contracts were announced, including a potential $8 billion contract with the IRS.
- The company had over 50,000 employees serving customers in industry and government around the world.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
The document provides an annual report for Computer Sciences Corporation (CSC) for the fiscal year ending April 2, 2004. It highlights that CSC set new records for revenue, net income, business awards, operating cash flow, and earnings per share. It also summarizes several significant long-term business awards won by CSC during the fiscal year totaling over $17 billion. The report discusses CSC's continued focus on controlling expenses and making efficient use of capital. It concludes by noting that fiscal year 2005 has started strongly for CSC with over $3 billion in new business awards announced in the first 9 weeks.
Xerox reported on its 2010 annual report, highlighting key financial and operational metrics:
1) Total revenue was $21.6 billion, up 3% on a pro-forma basis. Annuity revenue from services and supplies was $17.8 billion, up 2% without currency impact.
2) Net income was $606 million and adjusted net income was $1.3 billion. Cash from operations was $2.7 billion.
3) Through the acquisition of Affiliated Computer Services, Xerox expanded into business process and IT outsourcing, now addressing a $500 billion market. Xerox aims to grow these new services globally.
The 2003 annual report of Computer Sciences Corporation (CSC) provides financial highlights and discusses the company's experience and results over the fiscal year. Some key points include: CSC's revenues remained steady at $11.3 billion for fiscal year 2003, with net income increasing to $440 million. The company also acquired DynCorp, significantly increasing its presence in the US federal government sector, which now comprises 29% of CSC's revenue. Looking ahead, CSC is well positioned for further growth with major new contracts and opportunities in both government and commercial markets.
The document is the 1998 annual report of Computer Sciences Corporation (CSC). It provides an overview of CSC's business operations including management and information technology consulting, systems integration, and outsourcing services provided to governments and industries worldwide. It summarizes CSC's financial performance for fiscal year 1998 including revenue of $6.6 billion and discusses major contracts and market opportunities. The report was addressed to shareholders and discussed CSC's strong positioning for future growth.
The document is W.R. Berkley Corporation's 2003 Annual Report. It summarizes the company's strong financial performance in 2003, including record net income of $337 million, return on equity of 25.3%, and growth in net premiums written and cash flow from operations. It highlights the company's decentralized business model, focus on risk-adjusted returns, and people-oriented strategy of developing talent internally. Financial data tables show key metrics from 1999-2003.
CSC is a global IT services and consulting company. In 2000, CSC reported $9.4 billion in revenue, up 16% from the previous year, and $433 million in net earnings, up 22%. Major new business awards totaled a record $11.3 billion, more than double the previous year. These awards included large outsourcing contracts with companies like AT&T, United Technologies, and Enron. CSC also grew internationally through acquisitions in Singapore, Australia, and a partnership in Japan, expanding its global presence and capabilities.
This document provides an annual report for Constellation Energy. It summarizes that in 2004:
- Constellation Energy grew its earnings per share excluding special items by 17.4%, well above its 10% goal and the industry average.
- It achieved a 14.8% total return for shareholders through stock appreciation and dividends.
- It strengthened its balance sheet by reducing debt and expects to continue growing its dividend in line with earnings.
- It integrated recent acquisitions successfully to complement its competitive energy business and became the largest power provider to wholesale and commercial/industrial customers in North America.
The document is the annual report for United Stationers Inc. for the year 2001. It summarizes that 2001 was a challenging year with declining sales and earnings due to macroeconomic factors including a recession and the 9/11 terrorist attacks. United Stationers restructured its operations, cutting costs and consolidating business units. Despite the difficulties, the company generated $200 million in operating cash flow, reduced debt levels, and continued its stock repurchase program.
This document is Textron's 2001 Annual Report which discusses the company's performance in 2001 and outlines its strategic plans and goals for the future. Some key points:
1) 2001 was a challenging year for Textron due to economic recession and operational issues, but the company took strategic steps to transform itself into a networked enterprise of strong businesses and brands.
2) Textron implemented restructuring, reconfiguring, reengineering, and increased its focus on return on invested capital to improve performance and position the company for long-term growth.
3) Going forward, Textron aims to strengthen its business mix, leverage its enterprise resources, and implement Six Sigma to drive efficiency and enhance customer satisfaction.
The Shaw Group is a leading provider of engineering, construction, environmental remediation, and facilities management services to government and private sector clients. In fiscal year 2003, the company increased revenues to $3.3 billion despite adverse market conditions. The document discusses Shaw's evolution into a more diversified organization with capabilities in areas such as power, process industries, environmental remediation, and infrastructure. It provides an overview of Shaw's financial performance, backlog composition, and strategies for future growth.
Fiscal 2001 was a mixed year for Sun Microsystems. While revenue grew 16% to $18.25 billion, net income declined 50% to $927 million due to economic pressures. Sun believes its focus on networking positions it well for long-term growth, and it will continue investing heavily in R&D. The company aims to provide increasing customer satisfaction and shareholder value going forward through its diverse product portfolio and commitment to open standards.
1. Smurfit-Stone Container Corporation is a leading paper and packaging company that adopted new principles to empower employees, encourage teamwork, focus on customers, and improve operations through benchmarking and data-driven decisions.
2. The company continued working to reduce debt and increase financial flexibility in 2000 in order to pay down debt through cost reductions and cash generation while conducting business with a packaging focus.
3. As a large company with many employees and facilities, Smurfit-Stone takes its obligations to stakeholders seriously and examines its practices to adopt only the best approaches from its predecessor companies.
1) Smurfit-Stone achieved financial and operating accomplishments in 2000 but faced challenges from market conditions, requiring mill downtime equivalent to 10% of containerboard capacity.
2) The company reported a 18% increase in sales to $8.8 billion and net income of $224 million compared to $157 million in 1999, due to higher prices and the addition of St. Laurent's higher-value product mix.
3) Smurfit-Stone continued improving its financial position, reducing debt by $370 million in the second half of 2000 through operating cash flows and synergies from the St. Laurent acquisition, totaling $5.3 billion at year-end.
Symantec's 2003 annual report summarizes the company's strong financial performance in fiscal year 2003. Revenues grew 31% to $1.4 billion, operating income grew to $342 million, and net income grew to $248 million. The company saw growth across all regions and segments, with the consumer segment growing 52% and accounting for 41% of revenues. Symantec continued investing in its business through acquisitions and investments in sales, marketing, and product development to maintain its leadership position in the internet security market.
Xcel Energy announced income from continuing operations of $569 million, or $1.35 per share for 2006, compared to $499 million, or $1.20 per share in 2005. Total earnings including discontinued operations were $572 million or $1.36 per share in 2006, compared to $513 million or $1.23 per share in 2005. Increased earnings were primarily due to a stronger base electric utility margin from rate increases and sales growth, as well as tax benefits. Earnings met the company's guidance range.
Xcel Energy announced income from continuing operations of $569 million, or $1.35 per share for 2006, compared to $499 million, or $1.20 per share in 2005. Total earnings including discontinued operations were $572 million or $1.36 per share in 2006, compared to $513 million or $1.23 per share in 2005. Increased earnings were primarily due to a stronger base electric utility margin from rate increases and sales growth, as well as tax benefits, partially offset by higher expenses. Xcel Energy's CEO stated that 2006 was an outstanding year and they remain confident in growing earnings 5-7% annually through their strategy of investing in core projects.
Xcel Energy reported first quarter 2008 earnings of $153 million, or $0.35 per share, compared to $120 million, or $0.28 per share in 2007. Higher electric and gas margins contributed to the increased earnings, reflecting various rate increases and weather-normalized retail sales growth. Xcel Energy reaffirmed its 2008 earnings guidance of $1.45 to $1.55 per share.
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
This document restates the articles of incorporation of Computer Sciences Corporation. It outlines the corporation's name, principal office location, nature of business, capital stock structure including 750 million shares of common stock and 1 million shares of preferred stock. It provides the board of directors authority to establish terms for preferred stock series and outlines shareholder rights and restrictions.
This document outlines a supplemental code of ethics specifically for a company's Chairman and Chief Executive Officer, Vice President and Chief Financial Officer, and Vice President and Chief Accounting Officer. The code builds upon the company's existing code of ethics and standards of conduct applicable to all directors, officers, and employees. It requires these executives to act with honesty and integrity, avoid conflicts of interest, ensure full financial disclosure, comply with all applicable laws and regulations, and promptly report any unethical or illegal conduct. Violations will be reported to the board of directors who will determine appropriate accountability actions.
This document outlines the Code of Ethics and Standards of Conduct for Computer Sciences Corporation (CSC). It discusses CSC's commitment to ethics, integrity and social responsibility. It also summarizes the principles of avoiding conflicts of interest, protecting company and customer property, providing accurate records and reports, maintaining a professional work environment, and procedures for reporting violations. Adherence to the Code is required by all CSC directors, employees and representatives.
This document outlines the corporate governance guidelines for Computer Sciences Corporation. It addresses the role of the board of directors in overseeing management and acting in good faith. It also covers the composition of the board, including the size, selection process, and independence of directors. The document provides qualifications for directors, including limits on other board service and procedures for changes in job responsibilities. It describes board committees, conduct of meetings, access to management and advisors, performance evaluations, director compensation, orientation, education, and succession planning.
This document provides an investor highlights report for Computer Sciences Corporation (CSC) for the first quarter of fiscal year 1997. It summarizes that CSC reported a 20% increase in net income and 20.5% increase in revenue compared to the same quarter the previous year. It also announces three acquisitions that further expanded CSC's industry-specific consulting services. CSC operates in strong markets for information technology services and sees continued growth opportunities.
CSC reported $1.36 billion in revenue for the second quarter of FY1997, a 20.1% increase over the previous year. CSC earned $49.3 million excluding a one-time $48.9 million charge related to an acquisition. For the first six months of FY1997, CSC reported $2.66 billion in revenue and $94.6 million in net income excluding the charge. CSC operates in commercial and government IT markets, with growing demand for outsourcing and consulting services.
Computer Sciences Corporation reported a 15.5% increase in earnings per share for the first quarter of fiscal year 1998. Revenue rose 14.2% to $1.488 billion, with growth in commercial, European, and other international sectors. While US federal revenue declined slightly due to contract completions, the company expects this sector to improve over the fiscal year as new contracts are implemented. Overall, CSC's business continues to demonstrate strong growth trends across its consulting, systems integration, and outsourcing services.
Computer Sciences Corporation reported financial results for the second quarter of fiscal year 1998, ended September 26, 1997. Revenue increased 16.5% to $1.58 billion compared to the previous year. Net income grew 18.8% to $58.6 million. The company provides management consulting, systems integration, and outsourcing services worldwide to industry and government clients. New contracts were announced during the quarter, and the company expects continued revenue growth for the remainder of the fiscal year.
The document is a quarterly report from Computer Sciences Corporation (CSC) providing key financial information and highlights for investors. It summarizes that CSC's revenue increased 17.1% in the third quarter of fiscal year 1998 compared to the previous year. Net income also rose 20.5% over the same period. The report further outlines CSC's business segments and global operations, as well as new contracts and growth in key market sectors during the quarter.
Computer Sciences Corporation (CSC) reported higher revenue and earnings for the first quarter of fiscal year 1999 compared to the same period the previous year. Revenue increased 17.8% to $1.75 billion while net income rose 22.2% to $64.3 million. The company also announced $2.8 billion in new contract awards during the quarter and saw growth across all of its major service categories. CSC's chairman attributed the strong results to continued expansion in key markets like financial services and healthcare as well as new strategic partnerships.
Computer Sciences Corporation (CSC) reported a 21.6% increase in earnings per share for the second quarter of fiscal year 1999 compared to the previous year. Revenue increased 17% to $1.85 billion driven by strong growth in Europe and the federal sector. For the first half of the fiscal year, net income rose 23.6% and revenues increased 17.4% over the previous year. CSC also acquired a majority stake in a French consulting firm, increasing its presence in that country.
Computer Sciences Corporation reported a 22.7% increase in earnings per share for the third quarter of fiscal year 1999 compared to the previous year. Net income increased 25.9% while revenues rose 15.9%. Growth was driven by strong performance in European operations, consulting, financial services, and lower interest costs. For the first nine months of the fiscal year, net income increased 24.5% while revenues were up 16.9% year-over-year.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2000, ending December 31, 1999. Revenue was up 14.9% to $2.4 billion compared to the previous year. Earnings per share, excluding special items, were 66 cents, a 20% increase over the previous year. CSC received $3.5 billion in new business awards during the quarter and $9.6 billion year-to-date. Research analysts from various firms cover CSC stock, which trades on the New York Stock Exchange.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2001, ended June 30, 2000. Revenues increased 11.8% to $2.46 billion due to strong growth in the U.S. federal government, Asia-Pacific, and commercial outsourcing sectors. Net income grew 13.5% to $96 million and earnings per share increased to 56 cents. CSC also secured $3.3 billion in new business awards during the quarter and remains on track to achieve its target of $1 billion in e-business revenue for the fiscal year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2001, ended December 29, 2000. Revenues increased 12.9% to $2.7 billion due to growth in the federal government vertical market and commercial outsourcing. Earnings before special items increased 9.6% to $122.9 million. Major new business awards totaled $1.8 billion for the quarter. For the nine-month period, revenues increased 12.2% to $7.6 billion and earnings before special items increased 13.1% to $327.9 million, though results were impacted by currency effects and restructuring costs. CSC also discussed several new contracts and engagements.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2002, ended June 29, 2001. Revenue grew 10.2% to $2.7 billion due to strong growth in global outsourcing. Net income was $47.7 million. Commercial revenue grew 17% internationally due to outsourcing contracts in the UK and Scandinavia. Federal government revenue rose 3.9% despite some contract completions, with growth in civil agencies and GSA work. CSC will focus on larger outsourcing engagements and adjusting to reduced consulting demand, while progressing on improving recent outsourcing contracts.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2002, ended December 28, 2001. Revenues increased 8.9% year-over-year to $2.9 billion. Net income was $87.1 million and earnings per share were $0.51. Revenue growth was driven by strong performance in global commercial outsourcing, U.S. federal government contracts, and new opportunities in financial services. CSC also announced $3.2 billion in new business awards for the quarter.
Computer Sciences Corporation (CSC) reported financial results for the second quarter of fiscal year 2002. Revenues increased 10.7% to $2.8 billion due to growth in global commercial outsourcing and U.S. federal government activities. Net income was $68.2 million. CSC also secured $5.3 billion in new business awards during the quarter. The company is well positioned in the robust U.S. federal market with $23 billion in opportunities over the next 29 months. CSC provides information technology services to commercial and government clients worldwide.
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Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
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computer sciences annual 2001
1. 2001 Annual Report
The Power of Relationships
Computer Sciences Corporation
2. Financial Highlights
Fiscal Year Ended
Dollars in Millions March 30, 2001 March 31, 2000 April 2, 1999
Revenues $10,524 $9,371 $8,111
Income before taxes* 330 611 535
Net income* 233 403 356
Diluted earnings per share* 1.37 2.37 2.12
Recognizing that each client is unique.
Stockholders’ equity 3,215 3,044 2,589
Knowing the difference between
Total assets 8,175 5,874 5,260
what’s possible and what’s relevant.
Number of employees 68,000 58,000 50,000
Turning thought into action —
again and again.
Taking the long view.
* Fiscal 2001 and 2000 operating results above include special items. A discussion of “Income Before Taxes,
”
“Net Income and Earnings per Share” before and after special items is included on pages 27-28 of this
Moving beyond contract terms.
annual report. Computer Sciences Corporation’s fiscal year ends the Friday closest to March 31.
Being flexible.
Listening and responding,
but also anticipating.
Marrying foresight with experience.
Delivering value. Developing trust.
1 Introduction
2 Letter to Shareholders
4 Financial Highlights
It’s what CSC does everyday.
5 Our Markets
6 Operational Highlights
It’s the power of relationships.
8 What We Do
It’s the power of CSC.
10 Client Perspectives
18 How We Perform
21 Financial Section
67 Principal Operating Units
68 Directors and Officers
69 Shareholder Information
3. To Our Shareholders,
During fiscal 2001, growth in the information technology services industry slowed for the first time Our acquisition in December of Mynd Corporation makes CSC the global leader in information
in a decade. The consulting and systems integration markets were especially hard-hit. Demand for technology-based insurance products and services. We can now deliver the full set of end-to-end
hardware and software eased. And, of course, the bubble burst for the dot-coms. These factors, solutions to insurers and other firms in the converging financial services industry. Mynd’s strong
compounded by unfavorable currency exchange rates and a slowing global economy, contributed position in managing business processes for clients is especially noteworthy. Business process
significantly to the company’s performance. outsourcing, or BPO, is expected by Gartner Group to grow at 23 percent per year for the next three
CSC’s revenues climbed to record levels but earnings declined for the first time in 15 years. years, making it one of the fastest-growing outsourcing segments. CSC now has over 10,000 people
Major new business wins continued at a robust pace. serving 1,200 financial services clients in more than 60 countries.
We achieved record revenues of $10.5 billion, an increase of 12.3 percent, approximately In March, CSC acquired InfoSer SpA of Milan, Italy. InfoSer specializes in providing
16 percent in constant currency terms over last year — a remarkable achievement given the current information technology services and products to the Italian banking market, and augments
environment. Strength in our global commercial outsourcing business, our U.S. federal business and expertise CSC has in the insurance, telecommunications, public sector and fashion markets there.
international businesses outside Europe accounted for this growth. The acquisition brings to 1,400 the number of IT professionals CSC has in Italy.
Earnings for the year, excluding special items, were $389 million, compared with $433 million During fiscal 2001, CSC launched new services offerings in some of the fastest-growing sectors
last year. The decline can largely be attributed to reduced demand for consulting and systems of our market. Our global hosting services met with market acceptance worldwide. We currently
integration services worldwide and some isolated performance issues. serve nearly 100 clients in six hosting centers on three continents. Drawing on our leadership
We have taken appropriate actions to respond to market conditions and to address our in providing information security to the U.S. federal government, we launched in February a Global
performance including restructuring our consulting operations, reducing employee headcount in Information Security Services unit, the first of its kind in the global commercial market. More
certain businesses and geographies, and combining redundant account and administrative functions. recently, we announced the launch of our Global Knowledge Management Services unit to
These actions resulted in a pre-tax special charge of $137.5 million. Including charges related provide the full range of KM services — from consulting to implementation to operations —
to the global restructuring of our financial services activities as a result of our acquisition of to clients throughout the world.
Mynd Corporation, pre-tax special charges totaled $232.9 million. CSC continued to strengthen and expand relationships with existing clients worldwide
Fiscal 2001 is not a year we plan to repeat. The actions we are taking to capture more including BAE SYSTEMS, AMP Limited, Raytheon Company and Sempra Energy. We have already
new business and ensure CSC’s leadership position are expected to provide tangible results. significantly expanded our arrangements with Nortel Networks and Broken Hill Proprietary Limited.
CSC continues to win new business and establish relationships with strategic clients. Major More recently, we announced major wins with BMW and Schroders, p.l.c. The long-term nature
new wins during the year nearly matched last year’s record $11 billion. While we have won contracts of our relationships with clients and the full breadth and depth of our capabilities position CSC
of all sizes across our markets, we are emphasizing larger clients and doing larger projects of broader for success even in periods of uncertainty.
scope and longer duration. Here are a few representative examples: Our strategy leverages our strength in developing relationships. More than ever, we will focus
on serving large, global clients with complex business and technology needs. CSC’s ability to combine
a seven-year, $1 billion contract from AT&T to manage application development
• our diverse and far-reaching capabilities to deliver solutions that best meet the unique needs of these
and maintenance work for the company’s consumer services organization
clients worldwide is now more valuable than ever.
a global information technology outsourcing agreement with Nortel Networks
• CSC is a solid company with exceptional prospects. We have a large pipeline of new business
valued at $3 billion over seven years opportunities in both federal and commercial markets. More important, we have
2
among the strongest relationships in our industry — relationships with our clients,
participation as a prime contractor in the U.S. Army Aviation and Missile
•
C Command support services program suppliers, alliance partners and with our employees. These relationships are built
S
on value, on performance excellence, on trust. It is the power of these relationships
a $470 million, seven-year information technology outsourcing agreement
C •
that will continue to drive our success — and our stakeholders’.
with the Broken Hill Proprietary Limited of Australia
a long-term agreement to provide complete information technology support Sincerely,
•
to Saab AB’s aerospace business, valued at $300 million.
These and the many other awards we won in fiscal 2001 are expected to fuel our revenue
growth going forward. Van B. Honeycutt
The company makes strategic acquisitions to obtain industry expertise and technology skills, Chairman and Chief Executive Officer
provide new offerings and access new opportunities, and enter new geographies. In fiscal 2001,
two acquisitions strengthened our capabilities in all these areas. June 15, 2001
4. Financial Highlights Our Markets
Revenues by Market Sector ($ in billions)
Year over year, our revenues continued to climb — despite overall
industry turbulence. While we were not immune to the shocks
U.S. Commercial $ 4.1 39%
Revenues felt everywhere in the technology sector, our revenue growth
Europe 2.6 25
(IN BILLIONS)
10.5
continued. We attribute this increase to our decision not to Other International 1.2 11
9.4
reinvent ourselves for the e-revolution. CSC stayed its course,
Global Commercial 7.9 75
8.1
treating e-business as another technological wave requiring
7.0
6.0
sensible response and intelligent service delivery. Other reasons Department of Defense 1.6 16
Civil Agencies 1.0 9
for our solid revenue growth: we globally deliver a wide breadth
of services, and we’ve enjoyed strong growth in our U.S. federal U.S. Federal Government 2.6 25
and commercial outsourcing businesses.
Total $10.5 100%
’97
’98
’99
’00
’01
FY
FY
FY
FY
FY
Many companies say that their strength is their people.
But at CSC, it’s true. To serve our clients, we attract
and retain the best minds in the information technology
Global Revenues by Business Services* ($ in billions)
Employees
industry. Nearly one-third of our employees join us
68,000
Management Consulting/
through outsourcing engagements, and a very large Professional Services $ 3.6 34%
58,000
percentage of those choose to stay with us for the long
50,000
Outsourcing 4.6 44
45,000
haul. Still others join through acquisition, or just
40,980
because they like what CSC has to offer: individual
4 5
Systems Integration 2.3 22
empowerment; appreciation of the skills and insights
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Total $10.5 100%
they bring; a highly collaborative and networked
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environment; and a full range of career-enhancing
* Based on CSC estimates
opportunities.
’97
’98
’99
’00
’01
FY
FY
FY
FY
FY
5. Operational Highlights
This year, CSC announced $10.9 billion in new business awards. Fiscal year 2001 saw What keeps information
new service offerings for services (IS) executives
Client Industry Service HQ Location Term
These major engagements CSC clients, including: up at night?
AMP Limited Financial services Outsourcing – infrastructure Australia 5 years
illustrate how CSC is
Almost 70 percent say connecting to customers,
Global Information Security. CSC’s Infosec experts,
AT&T Telecommunications Outsourcing – applications United States 7 years
serving its multimillion
suppliers and partners electronically is their
including full-time ethical hackers, serve clients
BAE SYSTEMS Aerospace Outsourcing – applications & 6 years
UK
and multibillion-dollar
infrastructure, Internet services greatest concern, according to CSC’s 13th annual
worldwide with consulting,
clients: more globally;
Critical Issues of Information Management Study.
architecture and integration,
Natural resources 7 years
Outsourcing, consulting, Australia
Broken Hill
with longer and more discovery & production & systems integration
Proprietary Limited
The study polled almost 1,000 senior IS
evaluation and assessment,
in-depth relationships;
United States
U.S. Federal Engineering & software
U.S. Federal Aviation 5 years* executives in 26 countries. Respondents included
deployment and operations,
in traditional markets development
Administration
CIOs, vice presidents and directors of technology
and training services.
such as U.S. federal U.S. Federal
NASA Center 6 years
Supercomputing United States
departments, representing organizations worldwide
and financial services; Computational e-HPC.com. This multiplatform,
in more than 20 industry verticals, including
Sciences
and in new industry pay-per-use service offers access
financial services, healthcare, consumer goods,
Outsourcing – infrastructure
Telecommunications Canada 7 years
Nortel Networks
verticals, such as to the latest supercomputing
& applications
aerospace, media/entertainment, and the
telecommunications. technology via the Internet. Supercomputing helps
public sector.
* If all options are exercised. organizations solve complex scientific and engineering
Below are the top 10 issues worldwide as
problems in areas such as weather forecasting, aircraft
ranked by the study:
and car design, and molecular modeling and design.
1. Connecting electronically to customers,
Two acquisitions this fiscal year Process thinking is back.
suppliers and partners
Mobile Business. CSC’s m-Business offering brings
bolstered CSC’s position in the A decade ago CSC led the way in breaking down
2. Optimizing organizational effectiveness
our worldwide telecommunications consulting
global financial services market: the inefficiencies within companies with its
3. Optimizing enterprisewide information services
capabilities together with our consulting leadership
innovations in business process reengineering.
Mynd Corporation, formerly Policy Management
4. Developing an electronic business strategy
in Europe’s wireless market. We help clients put
Now firms face relentless pressure to perform
Systems Corporation, headquartered in Columbia, S.C.,
5 Organizing and utilizing data
m-technology and business processes together based
better, faster and cheaper. To achieve these goals,
and InfoSer SpA, of Milan, Italy. Mynd provides soft-
6. Integrating systems with the Internet
on their legacy systems.
firms must do only what they do extremely well.
ware and manages business processes for property and
7. Aligning IS and corporate goals
Secure Global Hosting. Our 24x7 service includes
All else must be done by partners.
casualty, life and annuity, as well as risk management
8. Using IT for competitive breakthroughs
security, facilities, high-speed network access and
However, working with partners requires
and claims operations. These offerings, together with
9. Updating obsolete systems
integrated service management and user support.
breaking down the inefficiencies between
Mynd’s expert staff and prestigious client base, extend
10. Instituting cross-functional information
It features dual firewalls, continuous intrusion
companies and coping with frequent change
CSC’s already strong position in the global financial
systems
detection, security-hardened operating systems and
across the entire end-to-end value chain. In this
services industry. Mynd operates
virus detection, creating one of the most secure
new world, a one-size-fits-all business process is
in 23 countries in the Americas,
Local touch,
6 7
hosting environments available.
not adequate.
Europe, Africa and Asia-Pacific.
global reach:
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To meet the need for change, speed and
InfoSer provides systems
Global Knowledge Management (KM). CSC’s KM
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That’s CSC’s service delivery
control CSC co-founded the Business Process
integration and application
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experts analyze clients’ current business environments
promise. Over the last
Management Initiative (www.bpmi.org).
services to the Italian banking
and help them find and use the knowledge they
decade, we have spanned
The initiative has developed the basis for a new
market. Among the company’s
need to achieve competitive advantage. CSC designs
the globe with the services,
class of business solutions called business process
clients are major Italian banks,
and develops the knowledge architecture, and then
operations and infrastructure
management systems (BPMS). These systems
including SanPaolo IMI, Banca Nazionale del Lavoro,
operates the knowledge system on clients’ behalf.
needed to further our clients’ business goals.
will support the rapid discovery, design, deploy-
Banca di Roma, Gruppo Banca Intesa and Gruppo
In fiscal year 2001, we further extended our
ment, execution, maintenance, optimization Enterprise Application Integration (eAI). Through
Unicredito. With the acquisition of InfoSer, CSC now
worldwide presence to support and enhance
and analysis of new integrated business processes eAI, we help organizations create cost-effective integra-
has more than 1,400 IT professionals in offices in Milan,
our client relationships. New locations we’ve
both inside a firm and across the entire tion architectures that allow various applications —
Turin, Florence, Padua, Rome, Bologna and Ravenna.
added to the long list of sites we support
value chain. We expect that these systems such as ERP systems, package software applications,
CSC’s financial services customer base now includes
include Sri Lanka, Nepal, Brazil, Argentina,
will be as fundamental to business as database legacy systems, and Web-based applications —
more than 1,200 major financial services organizations
Colombia and Peru.
management systems are today. to interact in real time.
in 60 countries.
6. What We Do
Thinking:
Consulting and
Professional Services
their processes as well. CSC evaluates
Unlike other companies that offer consulting
and applies — for industrial-strength
and professional services, we don’t stop
and scale use — the most popular and
with recommendations for change. In
some of the most advanced technologies
fact, we see recommendations as just the
available, and leads the industry in
beginning. Our experience with large-scale
bringing formality and rigor to business
implementations and operations informs
process management.
our consulting solutions, so that they
are clear, realistic and workable. As an
end-to-end services provider, we can also
Managing:
implement new strategy and vision for our
Outsourcing
clients. The result is pragmatic innovation,
CSC was first to approach outsourcing as
in which we not only show clients a
a partnership, and we are now extending
better future, but help them achieve it
and deepening our relationships with
in manageable, sensible steps.
clients to bring new services and options
to their outsourcing engagements.
Building: In addition to traditional infrastructure
Systems Integration
outsourcing, application outsourcing, and
business process outsourcing, we provide
In the past, systems integration had a
expertise in information technology
decidedly internal focus, connecting systems
8 9
strategy, knowledge management, process
and software within a single organization.
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optimization, e-business, and client and
It now takes on a new, more external
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alliance management — competencies
direction. The driver: organizations,
essential to obtaining the maximum
both public and private, want more than
business benefit of technology. Increasingly,
ever to form relationships, connecting
we are offering these competencies as
to suppliers, customers, and each other.
managed services, featuring capacity-
The challenge lies in connecting different
on-demand and outcomes linked directly
organizations’ varied technology platforms.
to business case objectives.
But the payoff comes from integrating
7. Client Perspectives
Relationship: Swiss Re
Perspective: Jacques Dubois
Chairman and CEO, North America
In 1995, we saw an opportunity to expand by acquiring blocks of business from
companies that had changed their business focus; or by buying companies from
shareholders who decided it was time for them to exit the life insurance business.
Much of our top staff in 1995 had a background in the merger and acquisition
of life insurance companies. That expertise continues today. We decided this was
a strategy we could employ in our reinsurance business.
As a reinsurer, we’re a wholesaler. We did not want to hire lots of people
to administer policies, build an infrastructure or upgrade technology. So we
discussed our plans with Mynd and outsourced that part of the business to them.
It has worked very well. We have grown the business very substantially over the
last six years.
One benefit of the relationship with CSC is that it facilitates our acquisition
of companies. Initially, we could provide capital to our clients, but we weren’t
able to take over some of their more problematic administration. Now we
can. With CSC, we convert our clients’ antiquated legacy systems onto the
new CyberLife system. Clients see it as one-stop shopping because they only
have to deal with us.
Currently, we’re working with CSC on e-business opportunities. These
are joint projects to enable primary companies to sell and administer insurance
policies over the Internet.
10 11
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The relationship has worked very well. It’s been beneficial for both of us.
S S
We have access to CSC’s top management, which is important. Having connections
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at senior levels always makes a big difference in an outsourcing relationship.
We’ve certainly had learning experiences on both sides. Nonetheless, we’ve
been able to surmount hurdles because the cooperation between our two
companies has been terrific.
8. Relationship: U.S. Army Wholesale Logistics Modernization
Perspective: Major General Robert L. Nabors
Commander of the Communications-Electronics
Command and Fort Monmouth
For the U.S. Army, logistics is serious business. After all, our personnel around
the world depend on our logistics systems for the very basics of what they need,
including food, shelter, clothing and munitions. So system failure or breakdown
is not an option. But consider this: at the age of 30, the Army’s logistics systems
are older than most of our warfighters. That’s why we embarked on the Wholesale
Logistics Modernization Program.
The Wholesale Logistics program is a new type of relationship for us in
the Army. In fact, it’s a first for any U.S. federal organization. It’s an outsourcing
in the true commercial sense, meaning that we awarded CSC responsibility
for Army logistics information technology, while several hundred of our non-
military, government technology personnel became CSC employees. It was
the best solution for us.
Commercial contracting and business practices were essential to meeting
our goals, not only in terms of getting the technology and business improvements
we needed, but also because we were moving about 200 government personnel
to private industry. We knew we needed the right technology experience for our
systems. More important, we wanted a compatible culture for our transitioning
employees. The partner we chose was CSC.
This 10-year, $680 million program supports maintenance, arsenal
12 13
and depot facilities, as well as dramatically upgrades the computer and software
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systems we use to manage logistics functions. Together, we are ensuring that
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the systems managing the Army’s assets remain ready to support — and even
predict — the logistics requirements of the world’s most advanced, most modern
fighting force.
9. Relationship: Diesel Group
Perspective: Giulio Tonin
MIS Director, Diesel Group
Renzo Rosso created Diesel as an innovative design company in 1978. He wanted
it to be a fashion leader. Today it is. Diesel is one of the top fashion companies
in the world, especially for the youth market. Today we have 10,000 points of sale
in 80 countries.
We began our global marketing strategy in 1991, and CSC has been very
helpful to us in becoming a global company. We first went to CSC only for software
and service. But very soon we came to rely on CSC’s advice on many other things.
Today, CSC is a business consultant.
The relationship began when we were still a small company. We already
were selling our products throughout Europe, but we were selling them through
distributors. When we decided to transform these distributors into subsidiaries
that we would manage directly from the head office here in Italy, we also had
to find software that would allow us to do this.
We chose CSC’s Stealth software, which is standard for the most important
fashion brands in Italy. Stealth is a very flexible package and we have made it the
central engine of Diesel IS. We use the software in all our locations and were able to
interface the whole system without a great deal of effort. We can now get financial,
commercial and logistics information whenever we need it. That’s a great advantage.
Managing subsidiaries all over Europe was a much larger and more
complicated task than we had ever taken on. We soon learned that CSC could
14 15
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do much more than provide us with a tool. They could also give us the benefit
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of their management experience, in Italy and around the world. For example,
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CSC is taking the lead in setting up our subsidiary in Hong Kong, which is our first Renzo Rosso, Founder
move into the Far East. CSC has also been important in our global retail project.
I want to emphasize that this is not a matter of consulting with CSC for
specific projects — the consultation goes on all the time. I talk very frequently
with my CSC account executive, who should take a lot of the credit for the success
of this relationship. We work very well together, and that’s very important to me.
10. Relationship: Nortel Networks
Marwan Shishakly
Perspective:
Vice President
The Future
IS Infrastructure
This is my first experience with outsourcing companies are represented. We go through
The relationships that CSC enjoys with
and I thought that coming to a meeting common problem sets and we now have clear these and a host of clients represent our
of the minds would be more complicated. metrics to tell us how we’re doing. future and, we think, the future of our
industry. What began with the manage-
But right from the start, our two companies An outsourcing relationship of this size
ment of IT infrastructure — albeit complex
demonstrated an ability to talk to each other is different because it’s long-term. You have
and far-flung — has evolved into a deeper
in very plain language. We quickly understood to think differently, you have to be willing to
and broader arrangement, one where
what we each needed to accomplish. That’s share a lot more information about each of your
the power of CSC’s full capabilities is
why we focused so much on culture, on cultural respective objectives. The dialog can’t just be
quickly and economically tapped by
fit. It’s very important to learn from the about today’s problem, it has to include a
clients whenever and wherever it’s needed.
beginning if there’s a fit. long-term perspective: where are current pressures As a particular combination of
What we needed was to free our IT likely to take you? What problems will you capabilities is applied to a given project,
management team from spending their energies have to solve a year or two down the road? they’re fused into one. In effect, they
become a new offering, but one that is
on tasks that weren’t strategic. Outsourcing Where are the opportunities?
mass-customized to the particular needs
changed that — it changed the perspective of An important factor in our selection of
of that project — and delivered through
the people who are left in a leadership role in CSC is that key members of the CSC negotiating
an outsourcing relationship that explicitly
my group. They have the time to be thoughtful team would also run the account. This way we
measures service and links outcomes back
16 17
about what they do and they can focus on the were able to develop relationships early on, so
to business case goals.
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needs of the end users and the corporation from the transition went quite smoothly.
S S
We call it the New Outsourcing.
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a process leadership perspective. With CSC, Nortel Networks is tapping It’s the power of business strategy,
CSC is running a disciplined practice; into a tremendous pool of talent and experience knowledge management, process integra-
tion, e-business, alliance management,
we’re building on a predictable base, and that that I’m confident will continue providing
applications and business process
means efficiency. We run a pretty disciplined world-class IS solutions to our employees,
operations. It’s the power of relationship.
operations review every two months. Both customers and suppliers globally.
It’s the power of CSC.
11. How We Perform
“Best total solution” is the most effective way
A global telecommunications firm. One of the
to create maximum benefit for each client and
greatest defending forces in modern history.
sustain that value over time. “Total” means
One of the great names in the fashion industry.
all the elements of work, not just hardware or
A world leader in reinsurance.
software, not just products or services, not just
What do these organizations have
suppliers or alliance partners. It also includes
in common?
knowledge, organizational structure, contract
They know that in times of changeable
terms, market conditions — all the facets of
markets, converging technologies and shifting
providing service, the how as well as the
priorities, it’s not enough to find a provider that
what. And it only happens in the context of
can apply technology to business problems. They
relationships. It happens best with CSC.
understand that simply having methodologies,
toolsets, or even old-fashioned know-how
doesn’t guarantee success. They believe that
true business value comes through how
CSC’s Technical Excellence Award is the company’s
expertise is delivered. That’s why they, like
highest recognition for technical innovation and
so many others, choose CSC. performance. This year’s winners are: Vinnie
For us, the how is all about relationships. Botticelli, Susan Sizer Dodson, Timothy Price
and Robert Spellmann (top left) for developing and
We believe in their power. We put them to
deploying a set of processes to ensure compliance
work every day with clients large and small.
with SEI CMM Level 3 in outsourcing environments;
Relationships allow us to share in risk and help
Edward Criscuolo, Keith Hogie and Ronald Parise
18 19
create reward. They foster real interaction, (bottom left) for enabling NASA to use Internet
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collaboration and innovation. When true protocols to communicate with spacecraft; Naijun Li,
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Kim Nguyen and Rin Saunders (top right) for
relationship is present and the traditional
developing software that permits applicants for
arms-length mentality falls away, trust flourishes
patents on genetic sequences to submit applications
and the business blossoms.
through the Internet; and Tim Dooley, Don. W.
We treat each relationship as absolutely Harden, John V. Nielsen and Kim A. Valois
unique, listening to and then acting on each (bottom right) for developing a global distributed
architecture as a base for providing secure Web
client’s needs, concerns and goals. That helps
hosting services to CSC clients worldwide.
us create the best total solution for our clients.
12. Financial Section
Contents
At CSC, our business is providing
22 Management’s Discussion
the finest consulting, professional services,
systems integration and outsourcing services and Analysis
to clients around the globe. 33 Consolidated Statements of Income
34 Consolidated Balance Sheets
But that’s not what sets us apart.
36 Consolidated Statements of
What sets us apart is how we do what we do:
Cash Flows
through relationships.
37 Consolidated Statements of
We know that “relationship” means thinking
Stockholders’ Equity
and acting for the long term. It means being
38 Notes to Consolidated
flexible yet pragmatic in approach. It means
that in good times and in bad, CSC is there, Financial Statements
providing clients with broad, sophisticated
62 Report of Management
and global resources.
63 Independent Auditors’ Report
We put the power of relationships in everything 64 Quarterly Financial Information
we do, from helping clients use technology
(Unaudited)
to reduce costs and increase efficiency, to
20 21
65 Five-Year Review
crafting solutions that promote innovation,
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expansion and growth.
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The bottom line is this: our value is not just
about being a service provider. It never has
been. It’s about offering significant return
on relationships.
It’s our past. And our clients’ future.
13. Management’s Discussion and Analysis Computer Sciences Corporation
Computer Sciences Corporation
of Financial Condition and Results of Operations
Corporation and Enron Energy Services. The remainder of the U.S. commercial growth
Results of Operations
was provided principally by consulting and systems integration services and increases
from the Company’s financial services and healthcare vertical markets.
The Company’s European operations generated growth of 3%, or $67 million.
Revenues
In constant currency, European revenue growth was approximately 14%. The growth
Revenues for the Global Commercial and U.S. Federal Sector segments (see note
was mainly attributable to outsourcing engagements, particularly in the United
11) for fiscal years 2001, 2000 and 1999 are as follows:
Kingdom and Scandinavia. European revenue growth also was affected by a decline
F i s c a l Ye a r in consulting and systems integration revenue. For fiscal 2000 compared to 1999,
the Company’s European operations generated revenue growth of 12%, or $275.9
2001 2000 1999
million. The growth was principally due to (a) expansion of outsourcing services
Percent Percent
Dollars in millions Amount Change Amount Change Amount
provided in the United Kingdom, (b) the acquisition of two major Italian providers of
U. S. Commercial $ 4,124.4 13% $3,636.8 14% $3,202.0 information technology services and a partial year’s benefit associated with the fiscal
Europe 2,593.0 3 2,526.0 12 2,250.1 1999 acquisition of Paris-based KPMG Peat Marwick SA, a management consulting
Other International 1,216.2 35 902.8 81 499.4
and information technology services firm, and (c) increased demand in Germany for
consulting and systems integration activities and enterprise resource planning services.
Global Commercial 7,933.6 12 7,065.6 19 5,951.5
U.S. Federal Sector 2,590.3 13 2,301.9 7 2,159.4
Other international operations provided revenue growth of 35%, or $313.4 million,
Corporate .1 3.2 .5
Total Revenues
during fiscal 2001. This was primarily attributable to the outsourcing agreement with
In Billions of Dollars
Total $10,524.0 12% $9,370.7 16% $8,111.4 BHP and acquisition of its IT subsidiary and benefit associated with the fiscal 2000
10.5
acquisition of GE Capital Information Technology Solutions (“ITS”) in Australia.
9.4
8.1 During fiscal 2000, other international operations increased 81%, or $403.4 million.
The Company’s 12% overall revenue growth for fiscal 2001 over 2000 resulted
The growth was primarily attributable to the partial year’s benefit associated with the
principally from the successful expansion of its broad range of end-to-end IT services
acquisition of ITS, expansion of other business in Australia, and a partial year’s benefit
across its geographic span and its global commercial and U.S. federal segments.
associated with the fiscal 1999 acquisition of Singapore-based CSA Holdings, Ltd. (“CSA”).
Global commercial revenue grew 12%, or $868.0 million, during fiscal 2001.
The Company’s U.S. federal sector segment revenues were derived from the fol-
In constant currency, global commercial revenue grew approximately 18%.
lowing sources:
The Company announced over $8.2 billion in new global commercial business
awards during fiscal 2001 compared with the $6.9 billion announced during fiscal F i s c a l Ye a r
22 23
FY FY FY
2000 and $2.2 billion announced during fiscal 1999.
99 00 01
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2001 2000 1999
S S
For fiscal 2001, U.S. commercial revenue grew 13%, or $487.6 million. This Percent Percent
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Dollars in millions Amount Change Amount Change Amount
growth was principally generated by a significant increase in outsourcing revenue,
Department of Defense $1,610.7 10% $1,464.7 4% $1,410.6
fueled by major new contracts including AT&T and Nortel Networks, as well as
Civil agencies 898.0 23 732.7 9 674.0
increased revenue due to the Mynd Corporation (“Mynd”) acquisition. Increased
Other 81.6 (22) 104.5 40 74.8
revenues in these areas were offset by a decline in consulting and systems integration
Total U.S. Federal $2,590.3 13% $2,301.9 7% $2,159.4
revenue due to the deterioration in demand for these services. For fiscal 2000,
U.S. commercial revenue grew 14%, or $434.8 million. Almost two-thirds of the
growth was generated by increases in outsourcing activities. Fiscal 2000 outsourcing
revenue growth was fueled by major new contracts including United Technologies
14. Computer Sciences Corporation Computer Sciences Corporation
Costs of
Services
Percentage of Revenue
Costs of Services
Revenue from the U.S. federal sector increased 13% during fiscal 2001 versus
80.0
78.3 78.5
For fiscal 2001, the Company’s costs of services as a percentage of revenue
2000. The increase was principally related to activity with the Internal Revenue
increased to 80.0% from 78.5%. The change was driven principally by the deteriorating
Service (“IRS”) contract, the Army Logistics Modernization effort, other task order
demand in the fourth quarter for global commercial consulting and systems integra-
contracts and add-on business from existing awards. Revenue for fiscal 2000
tion services adversely impacting billing rates and utilization, particularly in North
compared to 1999 increased 7%. The increase was principally related to activity
America and Europe. Higher labor costs experienced throughout the year within the
with the IRS contract, the National Aeronautics and Space Administration
U.S. and Australian consulting operations due principally to the above factors and
(“NASA”) Stennis Facilities Operations contract, and additional task orders on
severance costs for reductions in force also contributed to the increased cost of services.
various Civil agency and Department of Defense (“DOD”) contracts.
In addition, some profitability pressure on two recent outsourcing contracts, adjustments
During fiscal 2001, CSC announced federal contract awards with a total value
on a few fixed-price projects and an increase in allowance for doubtful accounts due
of $2.7 billion, compared with the $4.4 billion and $2.9 billion announced during FY FY FY
99 00 01
to increased credit risk associated with certain receivables negatively affected the cost
fiscal 2000 and 1999, respectively.
of services ratio. For fiscal 2000, the Company’s costs of services as a percentage
Selling,
of revenue increased slightly versus 1999 from 78.3% to 78.5%. General and
Administrative
Costs and Expenses Percentage of Revenue
The Company’s costs and expenses before special items were as follows: 9.1
Selling, General and Administrative 8.3
7.6
Selling, general and administrative (“SG&A”) expenses as a percentage of
Dollar Amount Percentage of Revenue
revenue decreased to 7.6% from 8.3% for fiscal 2001 versus 2000. The decrease was
Dollars in millions 2001 2000 1999 2001 2000 1999
due to management’s tight focus regarding discretionary costs due to the increased
Costs of services $8,425.1 $7,352.5 $6,349.5 80.0% 78.5% 78.3% costs of services noted above. In addition, this focus has enabled growth in revenue
Selling, general and
without a proportionate increase in SG&A expense.
administrative 796.6 779.4 735.7 7.6 8.3 9.1
Depreciation and For fiscal 2000, SG&A as a percentage of revenue decreased to 8.3% from 9.1%.
amortization 649.3 545.7 456.9 6.2 5.8 5.6 The decrease was due to a number of performance improvements and management’s
Interest expense, net 89.8 40.5 34.4 .8 .4 .4
cost controls owing to the uncertainty of the marketplace in large part caused by the FY FY FY
99 00 01
transition to the year 2000.
Total $9,960.8 $8,718.1 $7,576.5 94.6% 93.0% 93.4%
Depreciation
and
Amortization
Depreciation and Amortization
24 25
Percentage of Revenue
The increase in depreciation and amortization expense as a percentage of
C C
6.2
5.8
S S
5.6
revenue for fiscal 2001 was principally due to the capital intensive nature of the
C C
Company’s growing outsourcing business. As a result of this growth and increased
amortization from recent acquisitions, depreciation and amortization expense is
likely to increase as a percentage of revenue during fiscal 2002.
FY FY FY
99 00 01