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.
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This document brings together a set
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1. Investor Relations 2ND Quart Report Fiscal 1999
Investor Highlights -- Fiscal 1999 (Quarter Ended October 2, 1998)
Letter To Shareholders
Research Coverage
Consolidated Condensed Balance Sheets
Consolidated Condensed Statements of Cash Flows
Consolidated Condensed Statement of Income
Revenues By Market Sector
CSC's Business LETTER TO SHAREHOLDERS - November 23, 1998
Computer Sciences We reported earnings per share for the fiscal 1999 second quarter (ended
Corporation provides a full
October 2, 1998) of 45 cents per share (diluted), an increase of 21.6% from the
range of services to industry
37 cents per share for last year's second quarter. Prior year earnings per share
and government worldwide:
reflect a 2- for-1 stock split in the form of a 100% stock dividend paid March
Management
q
23, 1998.
consulting/
professional services;
Net income for the current quarter was $73 million, an increase of 24.8% over
Information systems the $58.6 million reported a year ago. Revenues for the fiscal 1999 second
q
consulting, design and quarter rose 17% to $1.85 billion from $1.58 billion for the prior year period.
integration
Our strong earnings performance reflects excellent revenue growth and
Systems operations
q
improved margins. Revenue improvement in the second quarter was led by our
and outsourcing
European operations, which posted an increase of approximately 33%. Also,
Corporations enlist CSC's our federal sector revenue continued to strengthen, increasing nearly 14%.
expertise to attain strategic
goals, while both industry and CSC is right on target for the first six months. Net income for the half rose
governments use its services 23.6% to $137.4 million from last year's $111.1 million, which included a net
to increase productivity and
special credit of $1.7 million, or 1 cent per share. Excluding the net special
efficiency.
credit, earnings per share for the six months increased 23.2% to 85 cents per
CSC operates in a strong, share from 69 cents per share (diluted) for the prior year period. Revenues for
global market environment the six months totaled $3.6 billion, up 17.4% from the $3.07 billion reported for
and is continuing to benefit
the first half of the 1998 fiscal year.
from the growing demand for
management consulting and
European revenue for the quarter increased 32.7% to $542.6 million from
information technology
$408.9 million from last year's second fiscal quarter. Both our United Kingdom
solutions.
operations and CSC Ploenzke, a leading information technology consultancy
CSC had $7.1 billion in
headquartered in Germany, contributed significantly 43% to revenue growth in
revenue for the 12 months
Europe. Consulting and systems integration services grew rapidly in such areas
ended 10/02/98. The company
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2. Investor Relations 2ND Quart Report Fiscal 1999
has more than 47,000 as client-server, supply chain, electronic commerce, data warehousing, 'Year
employees and more than 700 2000' engagements, and enterprise-wide solutions such as SAP, Baan, Oracle
offices worldwide.
and PeopleSoft. Other international revenue for the quarter totaled $119.8
million, up 16.5% from the $102.8 million posted for the prior year's second
quarter.
U.S. federal revenue for the quarter increased 13.8% to $440.9 million from
$387.3 million for the fiscal 1998 second quarter. The improved revenue came
from new contracts, increased task orders on numerous existing contracts, and
from an acquisition made during last year's fourth quarter.
For the quarter just ended, U.S. commercial revenue grew $64 million over the
same quarter last year. At $744 million, U.S. commercial revenues were up
9.5%, or 14.8% excluding last year's revenues from activities in our
telecommunications operations and collections unit which were subsequently
sold or phased out. Approximately half of the U.S. commercial growth was
provided by information technology outsourcing contracts. The remainder was
derived principally from demand for consulting and systems integration
activities and continued expansion within the financial services and healthcare
vertical markets.
In October, we announced the acquisition of a 51% interest in KPMG Peat
Marwick SA, a Paris-based management consulting and information technology
services firm. This significantly increases our capabilities in France and makes
our French operation one of the largest management and information
technology consultancies in that country. We will acquire the remainder of the
company, previously an independent firm and a member of the KPMG
international network, early next year.
So far this year we have announced $3.2 billion in international and U.S.
commercial and U.S. federal awards, and our prospects in all three
marketplaces are strong.
Van B. Honeycutt
Chairman, President and Chief Executive Officer
INVESTMENT DATA
NYSE: CSC
Recent Closing Price: $60 9/16 (11/23/98)
52-Week Range: $37 1/2 - 74 7/8
Shares Outstanding: 158.5 million
Registered Shareholders: Approx. 10,200
Institutional Ownership: 74%
Average Daily Trading Volume:
2nd Quarter FY99 - 665,848
Market Cap: $9.6 billion
(11/23/98)
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3. Investor Relations 2ND Quart Report Fiscal 1999
MANAGEMENT CONSULTING
Dramatically improves client organizations' operations. Often streamlines basic business processes. Examples:
MidCon Corp. -- CSC was engaged by MidCon, a large mid-western natural gas company, to formulate
a growth strategy and implement a plan to realign the company. The team built the idea of a quot;newquot;
MidCon, or mc2, which would sell energy to a completely new market. CSC's consultants realigned the
company, helping the entire organization Build its capacity and grow quickly.
Motor Coach Industries (MCI) -- Tour bus maker, MCI, engaged CSC to perform a complete business
diagnosis and develop strategies to gain back lost market share. The result was the successful launch of a new
product line and the return to a leading position in the industry.
SYSTEMS CONSULTING,
DESIGN AND INTEGRATION
Designs, develops and builds
information technology systems.
Combines hardware, software and
communications into more
productive systems. Examples:
Sweden's Premium
Pension Authority --
-CSC will provide software
and services to help the
Swedish government
implement its new state
pension reform. Under the
contract, CSC will
establish a life and
pensions insurance
administration system,
allowing individual
account holders to access
and manage their portfolios
and to supply the Authority
with information through
the Internet.
Australian Department of Defense -- Under a contract to develop a new satellite-based mobile
communications system capable of carrying classified messages, CSC will enhance existing software by
incorporating encryption techniques and upgrade transmission security. The system will enable personnel in
the Australian armed forces to communicate operational and administrative information throughout Australia
and out to sea.
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4. Investor Relations 2ND Quart Report Fiscal 1999
SYSTEMS OPERATIONS AND OUTSOURCING
Directly operate clients' information systems. CSC often acquires clients' systems and employees. Examples:
Dr. Pepper/Seven Up, Inc. (DPSU) -- The largest non- cola soft drink enterprise in North America,
DPSU, enterprise in North America, DPSU, support, user support and ongoing system maintenance and
enhancement services for their SAP applications. CSC will apply its Application Value Management
(AVM) approach, which is a results-based offering with fees tied to value delivered rather than effort
expanded.
National Security Agency (NSA) -- CSC has been awarded the first federal government outsourcing contract
involving the voluntary transition of federal employees to the private sector. Entitled the NSA Breakthrough
Program, CSC will maintain daily computer systems operations and provide I/T services to the DoD agency.
Lincoln National Corporation -- CSC has been engaged to provide application development, production
support and ongoing maintenance services for the VANTAGE-ONE life insurance and annuity system. The
agreement is part of Lincoln National's overall strategy to out-source information technology functions, so it
can focus on its core competency of providing financial services.
RESEARCH COVERAGE
A.G. Edwards (Mark Jordan)
Bear, Stearns (Jim Kissane)
Brown Brothers Harriman (Greg Gieber)
BT Alex. Brown
(Ed Caso)
CIBC Oppenheimer & Co. (Andrew Burns)
CS First Boston
(Mark Wolfenberger)
Donaldson, Lufkin & Jenrette
(Thomas Rooney)
Furman Selz
(Brian Maimone)
Goldman Sachs (Greg Gould)
J.P. Morgan Securities (Raimundo Archibold)
Lehman Brothers
(Patrick Burton/Karl Keirstead)
Merrill Lynch (Steve McClellan)
Morgan Stanley (David Togut)
Prudential Securities (Thomas E. Browne, Jr.)
Robinson Humphrey (David Keil)
SG Cowen & Co. (Hugh Shytle) Sound View Financial Group
(Gary Helmig)
Standard & Poors Corporation
(Brian Goodstadt)
Value Line (David Rosenfield)
Volpe Brown Whelan Co.
(Chris Paul)
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5. Investor Relations 2ND Quart Report Fiscal 1999
Warburg Dillion Road
(Moshe Katri)
Wheat, First Union (Jeff Newman)
Consolidated Condensed Balance Sheets
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6. Investor Relations 2ND Quart Report Fiscal 1999
Consolidated Condensed Statements of Cash Flows (unaudited)
Consolidated Condensed Statements of Income (unaudited)
(a) As previously disclosed, the results for the first quarter ended June 27, 1997 included a net special credit of $1.7 million, or 1 cent per share (diluted). The net
credit resulted from a $208.4 million special charge ($133.3 million after tax) and a $135.0 million income tax benefit, both of which related to developments at an
affiliated joint venture during the first quarter.
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7. Investor Relations 2ND Quart Report Fiscal 1999
Revenues By Market Sector (unaudited)
Forward-Looking Statements All statements contained in this quarter report, or in any document filed by the Company with the Securities and Exchange Commission, or in any press
release or other written or oral communication by or on behalf of the Company, that do not directly and exclusively relate to historical facts constitute quot;forward-looking statementsquot; within
the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent the Company's expectations and beliefs, and no assurance can be given that the results
described in such statements will be achieved. These statements are subject to risks, uncertainties and other factors, many of which are outside of the Companies control, that could cause
actual results to differ materially from the results described in such statements. These factors include, without limitation, the following: (i) competitive pressures; (ii) the Company's ability
to attract and retain key personnel; (iii) changes in the demand for information technology outsourcing and business process outsourcing; (iv) changes in the financial condition of the
Company's major commercial customers; (v) changes in U.S. federal government spending levels for information technology services; (vi) the Company's ability to consummate strategic
acquisitions and alliances; (vii) the future profitability of the Company's customer contracts; (viii) the Company's ability to continue to develop and expand its service offerings to address
emerging business demand and technological trends; and (ix) general economic conditions in countries in which the Company does business; and (x) the ability of the Company, its
customers and suppliers to become Year 2000 ready.
SHAREHOLDER SERVICES FINANCIAL COMMUNITY INFORMATION
Registered shareholders with questions concerning the Inquiries from institutional investors, financial analysts, and
transfer or registration of their shares may call our portfolio managers should be directed to:
Shareholder Relations office at (800) 542-3070. Bill Lackey (310) 615-1700
Director, Investor Relations
For prompt assistance on address changes, consolidation of
duplicate accounts or related matters, shareholders should Inquiries from individual shareholders and registered
write or call CSC's transfer agent: representatives should be directed to:
ChaseMellon Lisa Runge (310) 615-1680
Shareholder Services LLC Manager, Investor Relations
P.O.Box 3315
S. Hackensack, NJ 07660 LITERATURE REQUESTS
USA
(201) 329-8660 To receive reports recent financial reports, press
(800) 526-0801 releases and other corporate information please call:
CSC's automated request line:
(310) 615-4455 or
CSC's facsimile service at:
(800) 962-7328
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