Interim Results
Unisys Corporation
Unisys Reports Second-Quarter 2004 Earnings
Unisys Corporation (NYSE: UIS) today reported second-quarter 2004 net income of
$36.3 million, or 11 cents per diluted share, compared with second-quarter 2003
net income of $47.2 million, or 14 cents per diluted share, excluding the impact
of pension accounting in both years. In the second quarter of 2004, pension
expense was $24.8 million compared with pension income of $7.9 million in the
prior-year quarter. On a GAAP basis including pension accounting in both
periods, net income for the second quarter of 2004 was $19.4 million, or 6 cents
per diluted share, compared with net income of $52.5 million, or 16 cents per
diluted share, in the year-ago period. Revenue for the second quarter of 2004
declined 3% to $1.39 billion from revenue of $1.43 billion in the second quarter
of 2003. Currency had a 4 percentage-point positive impact on the company's
revenue in the second quarter, reflecting a weak U.S. dollar against most major
currencies worldwide.
Comments from Chairman and CEO Larry Weinbach
'This was a disappointing quarter for Unisys, particularly given the track
record of consistency that Unisys had shown in meeting or exceeding our earnings
forecasts over the past several years,' said Unisys Chairman and CEO Lawrence A.
Weinbach. 'Late in the quarter we saw an unexpected slowdown, especially in
infrastructure services projects and in enterprise servers. This resulted in
deferrals and delays of certain technology contracts and services projects late
in the quarter, leading to results that were below our original expectations as
communicated in April.
'However, we did see continued growth in business process outsourcing (BPO) and
in consulting and systems integration, two areas of strategic focus for the
company. We were also encouraged by double-digit growth in our services orders
year-over-year, driven by outsourcing, as we closed several key long-term
contracts in the quarter.'
Unisys said major services orders booked in the second quarter included a
contract with the state of Louisiana valued at about $162 million over the base
five-year period to provide Medicaid administration services for the Louisiana
Department of Health and Hospitals; with all options included, the contract
could be worth in excess of $300 million over a 10-year period. Other
significant orders in the quarter included a five-year contract valued at
approximately $27 million to provide managed services for a major U.S. financial
institution; a two-year contract extension worth over $60 million with Caixa
Economica Federal of Brazil to support the bank's home loan operations; and a
five-year, approximately $50 million contract to provide infrastructure
management and support services for a major European financial institution.
Second-Quarter Company Highlights
On a geographic basis, U.S. revenue declined 5% to $634 million. Revenue in
international markets was flat in the quarter at $754 million, as growth in
Europe offset revenue declines in other international regions.
Overall orders showed growth in the quarter. Services orders showed double-digit
growth, driven by outsourcing, while technology orders declined.
Excluding the impact of pension accounting in both periods, the company's
second-quarter 2004 gross profit margin improved slightly over the prior year to
27.7% while the second-quarter operating margin declined 210 basis points
year-over-year to 3.4%. On a reported basis including the impact of pension
accounting in both years, the second-quarter 2004 gross margin declined from
27.5% a year ago to 26.4% and operating margin declined from 6.0% to 1.6%.
SG&A expenses, excluding the impact of pension accounting, represented 19.3% of
revenue in the second quarter of 2004, compared with 17.2% of revenue in the
year-ago quarter. Including pension expense, SG&A expenses represented 19.7% of
revenue in the quarter as compared with 17.0% of revenue a year ago. The higher
SG&A expenses in the quarter were due in large part to foreign exchange currency
impacts.
Other income of $24.0 million in the second quarter, compared to $10.6 million
in the second quarter of 2003, primarily reflected foreign exchange gains in the
current quarter compared to foreign exchange losses a year ago.
Second-Quarter Business Segment Highlights
Customer revenue in the company's services segment was flat in the second
quarter of 2004 compared to the year-ago period, as growth in consulting and
systems integration offset double-digit revenue declines in infrastructure
services. Outsourcing revenue was down slightly in the quarter, with
double-digit growth in BPO offset by revenue declines in infrastructure managed
services and data center outsourcing. Excluding the impact of pension accounting
in both periods, services gross profit margin was flat in the quarter at 20.0%,
while services operating margin declined to 2.5% from 5.2% a year ago. On a
reported basis including the impact of pension accounting, gross profit margin
in the services business declined from 20.0% to 18.5% and services operating
margin declined from 5.5% to 0.7%.
Customer revenue in the company's technology segment declined 12% in the second
quarter, reflecting single-digit declines in enterprise servers and double-digit
declines in specialized technologies. In the enterprise server area, ClearPath
sales showed single-digit declines while sales of Intel-based ES7000 servers
rose slightly from the year-ago period. Excluding the impact of pension
accounting in both periods, technology gross margin improved to 53.5% in the
second quarter of 2004 from 46.4% in the year-ago quarter, reflecting a richer
mix of enterprise server sales. Technology operating margin improved slightly to
6.7% compared with 6.4% in the year-ago period. On a reported basis including
the impact of pension accounting, technology gross margin improved from 46.6% to
53.3% and operating margin declined from 7.8% to 5.4%.
Cash Flow Highlights
Unisys generated $98 million of cash flow from operations in the second quarter
compared with $113 million in the year-ago quarter. Capital expenditures in the
second quarter of 2004 were $104 million, including $67 million invested in
revenue-generating projects. Unisys ended the quarter with $643 million of cash
on hand.
Year-to-Date Results
Excluding the impact of pension accounting in both periods, Unisys reported net
income of $80.3 million, or 24 cents per share, for the six months ended June
30, 2004, compared with net income of $81.4 million, or 25 cents per share, in
the year-ago period. Net income, including the impact of pension accounting, was
$48.3 million, or 14 cents per share, for the first half of 2004 compared with
$91.0 million, or 28 cents per share, in the year-ago period. Revenue for the
first six months of 2004 was $2.85 billion compared to $2.82 billion in the
first half of 2003.
Business Outlook
'Given the business conditions we experienced in the second quarter, we have
revised our estimate for the remainder of the year,' Weinbach said. 'We now
expect full-year 2004 earnings per share, excluding the impact of pension
accounting, in the 68 - 72 cents range on low single-digit revenue growth. The
breakout of earnings between the third and fourth quarter is more difficult to
call. Last year, we had a strong third quarter in our technology business. This
year we expect technology sales in the second half of 2004 to approximate
second-half 2003 levels, but expect technology revenue to decline in the third
quarter and increase in the fourth quarter. Therefore, we expect earnings per
share, excluding the impact of pension accounting, in the 8 - 12 cents range in
the third quarter on flat revenue from the prior year. We look for full-year
2004 free cash flow (cash from operations minus capital expenditures) in excess
of $50 million.'
Conference Call
Unisys will hold a conference call today at 8:15 a.m. Eastern Time to discuss
its results. The listen-only Webcast, as well as the accompanying presentation
materials, can be accessed via a link on the Unisys Investor Web site at
www.unisys.com/investor. Following the call, an audio replay of the Webcast, and
accompanying presentation materials, can be accessed through the same link.
About Unisys
Unisys is a worldwide information technology services and solutions company. Our
people combine expertise in consulting, systems integration, outsourcing,
infrastructure and server technology with precision thinking and relentless
execution to help clients, in more than 100 countries, quickly and efficiently
achieve competitive advantage. For more information, visit www.unisys.com.
Forward-Looking Statements
Any statements contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to,
any projections of earnings, revenues or other financial items; any statements
of the company's plans, strategies or objectives for future operations;
statements regarding future economic conditions or performance; and any
statements of belief or expectation. All forward-looking statements rely on
assumptions and are subject to various risks and uncertainties that could cause
actual results to differ materially from expectations. Statements in this
release regarding the company's financial outlook are based in part on the
company's assumptions for the economy. Risks and uncertainties that could affect
the company's future results include general economic and business conditions,
the effects of aggressive competition in the information services and technology
markets on the company's revenues, pricing and margins and on the
competitiveness of its product and services offerings, the level of demand for
the company's products and services and the company's ability to anticipate and
respond to changes in technology and customer preferences, the company's ability
to grow outsourcing and infrastructure services, the company's ability to drive
profitable growth in systems integration and consulting, the degree of market
acceptance of the company's high-end enterprise servers, the company's ability
to maintain tight cost controls, the risks of doing business internationally and
the potential for infringement claims to be asserted against the company or its
clients. Statements in this release regarding the potential value of multi-year
agreements are based upon assumptions regarding future volumes of business,
which are subject to change and are not guaranteed. In addition, agreements with
governmental agencies are terminable by the government before the end of their
terms and are subject to the availability of appropriated funds. Additional
discussion of these and other factors that could affect Unisys future results is
contained in its periodic filings with the Securities and Exchange Commission.
Unisys assumes no obligation to update any forward-looking statements.
Presentation of Information in this Press Release
This release presents information that excludes pension income/expense. These
financial measures are considered non-GAAP. Generally, a non-GAAP financial
measure is a numerical measure of a company's performance, financial position,
or cash flows where amounts are either excluded or included not in accordance
with generally accepted accounting principles. A reconciliation of these
non-GAAP measures to the most directly comparable GAAP measures, as well as
disclosure of the reasons why the company uses these measures, is included in
the financial information accompanying this release.
(See accompanying financial information)
RELEASE NO: 0715/8427
http://www.unisys.com/about__unisys/news_a_events/07158427.htm
Unisys is a registered trademark of Unisys Corporation. All other brands and
products referenced herein are acknowledged to be trademarks or registered
trademarks of their respective holders.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
Three Months Six Months
Ended June 30 Ended June 30
------------------ ------------------
2004 2003 2004 2003
-------- -------- -------- --------
Revenue
Services $1,158.8 $1,163.4 $2,323.8 $2,270.4
Technology 229.3 261.6 527.2 553.5
-------- -------- -------- --------
1,388.1 1,425.0 2,851.0 2,823.9
Costs and expenses
Cost of revenue:
Services 930.2 906.8 1,855.9 1,789.3
Technology 90.8 126.1 236.5 255.4
-------- -------- -------- --------
1,021.0 1,032.9 2,092.4 2,044.7
Selling, general and
administrative 272.9 242.4 534.1 486.1
Research and development 71.3 63.7 142.8 130.5
-------- -------- -------- --------
1,365.2 1,339.0 2,769.3 2,661.3
-------- -------- -------- --------
Operating income 22.9 86.0 81.7 162.6
Interest expense 18.2 18.4 35.2 34.1
Other income
(expense), net 24.0 10.6 24.6 7.2
-------- -------- -------- --------
Income before income taxes 28.7 78.2 71.1 135.7
Provision for income taxes 9.3 25.7 22.8 44.7
-------- -------- -------- --------
Net income $19.4 $52.5 $48.3 $91.0
======== ======== ======== ========
Earnings per share
Basic $ .06 $ .16 $ .14 $ .28
======== ======== ======== ========
Diluted $ .06 $ .16 $ .14 $ .28
======== ======== ======== ========
Shares used in the per share
computations (thousands):
Basic 334,411 328,783 333,567 327,996
======== ======== ======== ========
Diluted 338,767 331,149 338,407 329,987
======== ======== ======== ========
UNISYS CORPORATION
SEGMENT RESULTS
(Millions)
Elimi-
Total nations Services Technology
-------- -------- -------- ----------
Three Months Ended
June 30, 2004
------------------
Customer revenue $1,388.1 $1,158.8 $229.3
Intersegment ($57.3) 4.5 52.8
-------- -------- -------- --------
Total revenue $1,388.1 ($57.3) $1,163.3 $282.1
======== ======== ======== ========
Gross profit percent 26.4% 18.5% 53.3%
======== ======== ========
Operating profit
percent 1.6% 0.7% 5.4%
======== ======== ========
Three Months Ended
June 30, 2003
------------------
Customer revenue $1,425.0 $1,163.4 $261.6
Intersegment ($89.2) 6.3 82.9
-------- -------- -------- --------
Total revenue $1,425.0 ($89.2) $1,169.7 $344.5
======== ======== ======== ========
Gross profit percent 27.5% 20.0% 46.6%
======== ======== ========
Operating profit
percent 6.0% 5.5% 7.8%
======== ======== ========
Six Months Ended
June 30, 2004
------------------
Customer revenue $2,851.0 $2,323.8 $527.2
Intersegment ($103.0) 9.3 93.7
-------- -------- -------- --------
Total revenue $2,851.0 ($103.0) $2,333.1 $620.9
======== ======== ======== ========
Gross profit percent 26.6% 18.8% 50.6%
======== ======== ========
Operating profit
percent 2.9% 1.6% 7.1%
======== ======== ========
Six Months Ended
June 30, 2003
------------------
Customer revenue $2,823.9 $2,270.4 $553.5
Intersegment ($159.2) 11.9 147.3
-------- -------- -------- --------
Total revenue $2,823.9 ($159.2) $2,282.3 $700.8
======== ======== ======== ========
Gross profit percent 27.6% 19.4% 48.3%
======== ======== ========
Operating profit
percent 5.8% 4.3% 9.5%
======== ======== ========
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)
June 30, Dec. 31,
2004 2003
---------- ----------
Assets
Current assets
Cash and cash equivalents $643.4 $635.9
Accounts and notes receivable, net 885.2 1,027.8
Inventories
Parts and finished equipment 112.7 121.7
Work in process and materials 120.0 116.9
Deferred income taxes 272.4 270.0
Other current assets 106.4 85.7
---------- ----------
Total 2,140.1 2,258.0
---------- ----------
Properties 1,347.4 1,352.7
Less accumulated depreciation
and amortization 924.8 928.5
---------- ----------
Properties, net 422.6 424.2
---------- ----------
Outsourcing assets, net 529.9 477.5
Marketable software, net 329.8 332.2
Investments at equity 183.3 153.3
Prepaid pension cost 49.6 55.5
Deferred income taxes 1,385.7 1,384.6
Goodwill 186.6 177.5
Other long-term assets 189.3 211.8
---------- ----------
Total $5,416.9 $5,474.6
========== ==========
Liabilities and stockholders' equity
Current liabilities
Notes payable $10.4 $17.7
Current maturities of long-term debt 150.7 2.2
Accounts payable 429.8 513.8
Other accrued liabilities 1,240.0 1,305.7
Income taxes payable 192.2 214.1
---------- ----------
Total 2,023.1 2,053.5
---------- ----------
Long-term debt 901.8 1,048.3
Accrued pension liabilities 460.1 433.6
Other long-term liabilities 539.1 544.0
Stockholders' equity
Common stock 3.4 3.3
Accumulated deficit (366.4) (414.8)
Other capital 3,856.9 3,818.6
Accumulated other comprehensive loss (2,001.1) (2,011.9)
---------- ----------
Stockholders' equity 1,492.8 1,395.2
---------- ----------
Total $5,416.9 $5,474.6
========== ==========
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Millions)
Six Months Ended
June 30
------------------
2004 2003
------- -------
Cash flows from operating activities
Net income $48.3 $91.0
Add (deduct) items to reconcile
net income to net cash provided
by operating activities:
Depreciation and amortization
of properties and outsourcing assets 123.1 105.4
Amortization of marketable software 62.9 59.9
(Increase) in deferred income
taxes, net (2.4) (1.5)
Decrease (increase) in receivables, net 185.3 (6.6)
Decrease in inventories 6.4 19.5
(Decrease) in accounts payable and
other accrued liabilities (172.2) (177.5)
(Decrease) increase in income
taxes payable (21.9) 17.5
Increase (decrease) in other liabilities 3.5 (14.8)
(Increase) in other assets (27.8) (39.1)
Other 8.8 (5.6)
------- -------
Net cash provided by operating activities 214.0 48.2
------- -------
Cash flows from investing activities
Proceeds from investments 2,878.8 2,387.5
Purchases of investments (2,879.0) (2,421.7)
Investment in marketable software (60.5) (76.9)
Capital additions of properties
and outsourcing assets (143.5) (112.0)
Purchases of businesses (12.6) (2.0)
------- -------
Net cash used for investing activities (216.8) (225.1)
------- -------
Cash flows from financing activities
Net reduction in short-term borrowings (10.6) (59.6)
Proceeds from employee stock plans 24.0 13.9
Payments of long-term debt (1.7) (3.0)
Proceeds from issuance of long-term debt 293.3
------- -------
Net cash provided by financing activities 11.7 244.6
------- -------
Effect of exchange rate changes on cash
and cash equivalents (1.4) 12.3
------- -------
Increase in cash and cash equivalents 7.5 80.0
Cash and cash equivalents, beginning of
period 635.9 301.8
------- -------
Cash and cash equivalents, end of period $643.4 $381.8
======= =======
Reconciliation of GAAP to Non-GAAP Financial Information
The preceding release presents information with and without pension
expense or income. Unisys believes that this information will
enhance an overall understanding of its financial performance due to
the significant change in pension expense or income from period to
period and the non-operational nature of pension expense or income.
The presentation of non-GAAP information is not meant to be considered
in isolation or as a substitute for results prepared in accordance
with accounting principles generally accepted in the United States.
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
Three Months Ended
June 30, 2004
----------------------------
US GAAP Less Without
as Pension Pension
Reported Expense Expense
-------- -------- --------
Revenue $1,388.1 $1,388.1
Costs and expenses
Cost of revenue 1,021.0 ($17.8) 1,003.2
Selling, general and
administrative 272.9 (4.8) 268.1
Research and development 71.3 (2.2) 69.1
-------- -------- --------
1,365.2 (24.8) 1,340.4
-------- -------- --------
Operating income 22.9 24.8 47.7
Interest expense 18.2 18.2
Other income
(expense), net 24.0 24.0
-------- -------- --------
Income before income taxes 28.7 24.8 53.5
Provision for income taxes 9.3 7.9 17.2
-------- -------- --------
Net income $19.4 $16.9 $36.3
======== ======== ========
Diluted earnings per share $ .06 .05 $ .11
======== ======== ========
Three Months Ended
June 30, 2003
----------------------------
US GAAP Less Without
as Pension Pension
Reported Income Income
-------- -------- --------
Revenue $1,425.0 $1,425.0
Costs and expenses
Cost of revenue 1,032.9 $1.5 1,034.4
Selling, general and
administrative 242.4 2.4 244.8
Research and development 63.7 4.0 67.7
-------- -------- --------
1,339.0 7.9 1,346.9
-------- -------- --------
Operating income 86.0 (7.9) 78.1
Interest expense 18.4 18.4
Other income
(expense), net 10.6 10.6
-------- -------- --------
Income before income taxes 78.2 (7.9) 70.3
Provision for income taxes 25.7 (2.6) 23.1
-------- -------- --------
Net income $52.5 ($5.3) $47.2
======== ======== ========
Diluted earnings per share $ .16 ($ .02) $ .14
======== ======== ========
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
Six Months Ended
June 30, 2004
----------------------------
US GAAP Less Without
as Pension Pension
Reported Expense Expense
-------- -------- --------
Revenue $2,851.0 $2,851.0
Costs and expenses
Cost of revenue 2,092.4 ($33.3) 2,059.1
Selling, general and
administrative 534.1 (9.7) 524.4
Research and development 142.8 (4.0) 138.8
-------- -------- --------
2,769.3 (47.0) 2,722.3
-------- -------- --------
Operating income 81.7 47.0 128.7
Interest expense 35.2 35.2
Other income
(expense), net 24.6 24.6
-------- -------- --------
Income before income taxes 71.1 47.0 118.1
Provision for income taxes 22.8 15.0 37.8
-------- -------- --------
Net income $48.3 $32.0 $80.3
======== ======== ========
Diluted earnings per share $ .14 $ .10 $ .24
======== ======== ========
Six Months Ended
June 30, 2003
----------------------------
US GAAP Less Without
as Pension Pension
Reported Income Income
-------- -------- --------
Revenue $2,823.9 $2,823.9
Costs and expenses
Cost of revenue 2,044.7 $2.7 2,047.4
Selling, general and
administrative 486.1 4.4 490.5
Research and development 130.5 7.2 137.7
-------- -------- --------
2,661.3 14.3 2,675.6
-------- -------- --------
Operating income 162.6 (14.3) 148.3
Interest expense 34.1 34.1
Other income
(expense), net 7.2 7.2
-------- -------- --------
Income before income taxes 135.7 (14.3) 121.4
Provision for income taxes 44.7 (4.7) 40.0
-------- -------- --------
Net income $91.0 ($9.6) $81.4
======== ======== ========
Diluted earnings per share $ .28 ($ .03) $ .25
======== ======== ========
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
SEGMENT RESULTS OF OPERATIONS
(Millions)
Three Months Ended
June 30, 2004
----------------------------
Less Without
As Pension Pension
Reported Expense Expense
-------- -------- --------
Services Segment
Total revenue $1,163.3 $1,163.3
Gross profit 214.9 ($17.4) 232.3
% of revenue 18.5% 20.0%
Operating income 8.2 (21.1) 29.3
% of revenue 0.7% 2.5%
Technology Segment
Total revenue 282.1 282.1
Gross profit 150.4 (0.4) 150.8
% of revenue 53.3% 53.5%
Operating income 15.1 (3.7) 18.8
% of revenue 5.4% 6.7%
Total Company
Total revenue 1,388.1 1,388.1
Gross profit 367.1 (17.8) 384.9
% of revenue 26.4% 27.7%
Operating income 22.9 (24.8) 47.7
% of revenue 1.6% 3.4%
Three Months Ended
June 30, 2003
----------------------------
Less Without
As Pension Pension
Reported Income Income
-------- -------- --------
Services Segment
Total revenue $1,169.7 $1,169.7
Gross profit 234.5 $0.7 233.8
% of revenue 20.0% 20.0%
Operating income 64.1 3.2 60.9
% of revenue 5.5% 5.2%
Technology Segment
Total revenue 344.5 344.5
Gross profit 160.5 0.8 159.7
% of revenue 46.6% 46.4%
Operating income 26.8 4.7 22.1
% of revenue 7.8% 6.4%
Total Company
Total revenue 1,425.0 1,425.0
Gross profit 392.1 1.5 390.6
% of revenue 27.5% 27.4%
Operating income 86.0 7.9 78.1
% of revenue 6.0% 5.5%
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
SEGMENT RESULTS OF OPERATIONS
(Millions)
Six Months Ended
June 30, 2004
----------------------------
Less Without
As Pension Pension
Reported Expense Expense
-------- -------- --------
Services Segment
Total revenue $2,333.1 $2,333.1
Gross profit 437.8 ($32.6) 470.4
% of revenue 18.8% 20.2%
Operating income 37.4 (40.4) 77.8
% of revenue 1.6% 3.3%
Technology Segment
Total revenue 620.9 620.9
Gross profit 314.2 (0.7) 314.9
% of revenue 50.6% 50.7%
Operating income 44.3 (6.6) 50.9
% of revenue 7.1% 8.2%
Total Company
Total revenue 2,851.0 2,851.0
Gross profit 758.6 (33.3) 791.9
% of revenue 26.6% 27.8%
Operating income 81.7 (47.0) 128.7
% of revenue 2.9% 4.5%
Six Months Ended
June 30, 2003
----------------------------
Less Without
As Pension Pension
Reported Income Income
-------- -------- --------
Services Segment
Total revenue $2,282.3 $2,282.3
Gross profit 442.9 $0.7 442.2
% of revenue 19.4% 19.4%
Operating income 98.5 5.1 93.4
% of revenue 4.3% 4.1%
Technology Segment
Total revenue 700.8 700.8
Gross profit 338.6 2.0 336.6
% of revenue 48.3% 48.0%
Operating income 66.4 9.2 57.2
% of revenue 9.5% 8.2%
Total Company
Total revenue 2,823.9 2,823.9
Gross profit 779.2 2.7 776.5
% of revenue 27.6% 27.5%
Operating income 162.6 14.3 148.3
% of revenue 5.8% 5.3%
UNISYS CORPORATION
RECONCILATION OF GAAP TO NON-GAAP
FORWARD-LOOKING ESTIMATED DILUTED EARNINGS PER SHARE
Three
Months Year
Ending Ending
9/30/2004 12/31/2004
---------- ----------
Diluted earnings per share-
on a GAAP basis .03-.07 .49-.53
Add back estimated pension expense,
net of tax .05 .19
--------- ---------
Diluted earnings per share-
on a NON-GAAP basis
(excluding pension expense) .08-.12 .68-.72
========= =========
NOTE: See section in press release entitled
'Forward-Looking Statements'.
CONTACT: Unisys Corporation
Media Contacts:
Elizabeth Douglass, 215-986-6583
elizabeth.douglass@unisys.com
Jacqueline Lewis, 215-986-5204
jacqueline.lewis@unisys.com
Investor Contact:
Jim Kerr, 215-986-5795
jim.kerr@unisys.com
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