Interim Results
Unisys Corporation
Unisys Announces Second-Quarter 2005 Financial Results
Unisys Corporation (NYSE: UIS) today reported a second-quarter 2005 net loss of
$27.1 million, or a loss of 8 cents per share, compared with second-quarter 2004
net income of $19.4 million, or 6 cents per share. The second-quarter 2005
results included pre-tax pension expense of $45.8 million, or 9 cents per share,
compared with pension expense of $24.8 million, or 5 cents per share, in the
year-ago quarter. Excluding the impact of pension expense in both periods,
second-quarter 2005 net income was $4.1 million, or 1 cent per share, compared
with net income of $36.3 million, or 11 cents per share, in the second quarter
of 2004. Revenue for the second quarter of 2005 increased 3% to $1.44 billion
from $1.39 billion in the year-ago quarter. Currency had a 3 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 President and CEO Joseph W. McGrath
'Our second-quarter 2005 results came in as expected,' said Joseph W. McGrath,
Unisys President and Chief Executive Officer. 'As was the case in the first
quarter, our results were impacted by the continuing challenges of several
transformational business process outsourcing contracts as well as weak demand
for enterprise servers. Our results in the quarter were also impacted by a
substantial increase in pension expense. Excluding pension expense, we posted a
small profit in the quarter.
'There were a number of positives in the quarter. Our services business showed
good revenue growth, driven by double-digit growth in our outsourcing business.
Our orders also increased double-digits with services orders showing strong
growth for the second consecutive quarter. We were particularly encouraged by
the improvement in our systems integration and consulting business, which saw
substantial order gains and good revenue growth in the quarter. In our
technology business, while our results were impacted by lower-than-expected
volumes of enterprise server sales, we did see good growth in orders for ES7000
server products. Overall, our order picture continues to improve as customers
respond favorably to our services, products, and solutions.'
Significant contracts signed in the quarter included:
-- a three-year contract extension from the state of New Jersey valued at
approximately $90 million to continue managing the state's Medicaid
administration services; Unisys has been the state's Medicaid fiscal
agent since 1989;
-- a five-year, $68 million contract with a group of U.S.
telecommunications companies for IT infrastructure outsourcing services;
-- a contract with China's Beijing Capital International airport to develop
and integrate the core operational system for the airport's new
international terminal, which is being built in preparation for the 2008
Olympic Games;
-- outsourcing contracts from Cadbury Schweppes, Andersen Corporation,
Tre-For in Denmark, TeliaSonera and Mercuri Urval in Sweden, and other
leading organizations.
Second-Quarter Company Results
The company reported strong growth in overall orders in the second quarter.
Services orders showed double-digit gains, driven by order growth for
infrastructure services and systems integration and consulting. Technology
orders showed high single-digit gains over the prior-year period, reflecting
order gains for ES7000 servers and specialized equipment.
Revenue in the U.S. increased 6% to $671 million. Revenue in international
markets was up 1% in the quarter to $765 million.
The company's gross profit margin and operating profit margin in the quarter
were 19.3% and -3.9%, respectively, compared with 26.4% and 1.6% in the second
quarter of 2004. The year-over-year margin declines were principally due to the
impact of the challenging outsourcing contracts, lower sales of enterprise
servers, and higher pension expense.
The company continued to make progress in reducing its costs despite an increase
in pension expense. SG&A expense and R&D expense represented 18.6% and 4.6% of
revenue, respectively, in the second quarter of 2005 compared with 19.7% and
5.1% of revenue in the year-ago quarter.
Second-Quarter Business Segment Results
Customer revenue in the company's services segment increased 7% in the second
quarter of 2005 compared with the year-ago period. The services revenue growth
was driven by double-digit growth in outsourcing and single-digit growth in
systems integration and consulting and infrastructure services. Growth in these
areas was partially offset by a double-digit revenue decline in core
maintenance. On a reported basis, gross profit margin in the services business
declined to 12.2% from 18.5% a year ago, while the services operating margin was
-3.7% compared with 0.7% a year ago. The services margin declines in the quarter
primarily reflected the impact of the challenging outsourcing contracts as well
as the increase in pension expense. Excluding the impact of pension expense in
both periods, services gross profit margin declined to 14.7% from 20.0% a year
ago, while services operating margin declined to -0.6% compared with 2.5% a year
ago. On a sequential basis, services operating margins excluding pension expense
improved to -0.6% from -3.2% in the first quarter of 2005.
Customer revenue in the company's technology segment declined 13% in the second
quarter. Sales of specialized equipment and enterprise servers both showed
double-digit declines in the quarter. Within enterprise servers, sales of
ClearPath systems declined by a double-digit percentage, while ES7000 revenue
showed a high single-digit increase. On a reported basis, technology gross
margin declined to 44.6% from 53.3% a year ago, and technology operating margin
declined to -4.8% from 5.4% a year ago. Excluding the impact of pension expense
in both periods, the technology gross margin decreased to 44.9% in the second
quarter of 2005 from 53.5% in the year-ago quarter and the technology operating
margin declined to -2.1% compared with 6.7% in the year-ago period. The weak
results in technology in the quarter reflected lower sales and margin in
high-end enterprise servers and specialized equipment.
Cash Flow Results
Unisys generated $64 million of cash from operations in the quarter compared
with $108 million in the year-ago quarter. The decline in operational cash flow
year-over-year was primarily driven by lower net income.
Capital expenditures in the second quarter of 2005 were $112 million, including
$76 million invested in revenue-generating projects. Unisys ended the quarter
with $399 million of cash on hand.
Business Outlook
'Our sequential profit improvement will continue in the third quarter,' McGrath
said, 'as we look for earnings per share, excluding pension expense, of between
4 to 6 cents. Revenue is expected to be up mid single-digits over the prior-year
quarter. For the full year of 2005, while we continue to look for a strong
fourth quarter of the year, we are tempering our previous full-year outlook
principally due to negotiations on our challenging outsourcing operations taking
longer than we expected. Excluding pension expense, we now expect full-year 2005
earnings per share of between 33 - 38 cents on low single-digit revenue growth
over 2004. We continue to address the issues in our challenging outsourcing
operations with the goal to resolve the issues and be in an improved position by
the end of 2005.'
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, contract values 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. 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 and its
ability to effectively and timely complete the related solutions
implementations, client transitions to the new environment and work force and
facilities rationalizations; the company's ability to effectively address its
challenging outsourcing operations through negotiations or operationally and to
fully recover the associated outsourcing assets; the company's ability to drive
profitable growth in consulting and systems integration; the level of demand for
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 contract values are based upon
various assumptions, which are subject to change, including the projected volume
of products and services to be provided by Unisys, the contracts continuing for
their full term, and for contracts with governmental entities, the availability
of appropriated funds. Accordingly, the contract values are not guaranteed.
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 expense. This financial
measure is 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 this non-GAAP measure to the
most directly comparable GAAP measure, as well as disclosure of the reasons why
the company uses this measure, is included in the financial information
accompanying this release.
RELEASE NO: 0720/8555 (See accompanying financial information)
http://www.unisys.com/about__unisys/news_a_events/07208555.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
------------------ ------------------
2005 2004 2005 2004
-------- -------- -------- --------
Revenue
Services $1,236.0 $1,158.8 $2,343.7 $2,323.8
Technology 199.5 229.3 458.4 527.2
-------- -------- -------- --------
1,435.5 1,388.1 2,802.1 2,851.0
Costs and expenses
Cost of revenue:
Services 1,063.4 930.2 2,044.8 1,855.9
Technology 94.7 90.8 219.6 236.5
-------- -------- -------- --------
1,158.1 1,021.0 2,264.4 2,092.4
Selling, general and
administrative 267.4 272.9 529.0 534.1
Research and development 66.6 71.3 131.5 142.8
-------- -------- -------- --------
1,492.1 1,365.2 2,924.9 2,769.3
-------- -------- -------- --------
Operating income (loss) (56.6) 22.9 (122.8) 81.7
Interest expense 15.2 18.2 27.8 35.2
Other income
(expense), net 32.0 24.0 32.5 24.6
-------- -------- -------- --------
Income (loss) before
income taxes (39.8) 28.7 (118.1) 71.1
Provision (benefit) for
income taxes (12.7) 9.3 (45.5) 22.8
-------- -------- -------- --------
Net income (loss) ($27.1) $19.4 ($72.6) $48.3
======== ======== ======== ========
Earnings (loss) per share
Basic ($ .08) $ .06 ($ .21) $ .14
======== ======== ======== ========
Diluted ($ .08) $ .06 ($ .21) $ .14
======== ======== ======== ========
Shares used in the per share
computations (thousands):
Basic 340,047 334,411 339,147 333,567
======== ======== ======== ========
Diluted 340,047 338,767 339,147 338,407
======== ======== ======== ========
UNISYS CORPORATION
SEGMENT RESULTS
(Millions)
Elimi-
Total nations Services Technology
-------- -------- -------- ----------
Three Months Ended
June 30, 2005
------------------
Customer revenue $1,435.5 $1,236.0 $199.5
Intersegment ($75.7) 4.9 70.8
-------- -------- -------- --------
Total revenue $1,435.5 ($75.7) $1,240.9 $270.3
======== ======== ======== ========
Gross profit percent 19.3% 12.2% 44.6%
======== ======== ========
Operating profit
(loss) percent (3.9%) (3.7%) (4.8%)
======== ======== ========
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%
======== ======== ========
Six Months Ended
June 30, 2005
----------------
Customer revenue $2,802.1 $2,343.7 $458.4
Intersegment ($135.6) 9.7 125.9
-------- -------- -------- --------
Total revenue $2,802.1 ($135.6) $2,353.4 $584.3
======== ======== ======== ========
Gross profit percent 19.2% 11.6% 46.2%
======== ======== ========
Operating profit
(loss) percent (4.4%) (5.2%) 1.1%
======== ======== ========
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%
======== ======== ========
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)
June 30, December 31,
2005 2004
---------- ----------
Assets
Current assets
Cash and cash equivalents $398.9 $660.5
Accounts and notes receivable, net 1,073.1 1,136.8
Inventories
Parts and finished equipment 87.6 93.7
Work in process and materials 118.1 122.4
Deferred income taxes 292.4 291.8
Prepaid expense and other
current assets 153.9 112.4
---------- ----------
Total 2,124.0 2,417.6
---------- ----------
Properties 1,331.7 1,305.5
Less accumulated depreciation
and amortization 922.8 881.4
---------- ----------
Properties, net 408.9 424.1
---------- ----------
Outsourcing assets, net 432.2 431.9
Marketable software, net 337.1 336.8
Investments at equity 213.9 197.1
Prepaid pension cost 45.3 52.5
Deferred income taxes 1,394.6 1,394.6
Goodwill 188.8 189.9
Other long-term assets 160.2 176.4
---------- ----------
Total $5,305.0 $5,620.9
========== ==========
Liabilities and stockholders' equity
Current liabilities
Notes payable $1.4 $1.0
Current maturities of long-term debt 400.5 151.7
Accounts payable 431.6 487.4
Other accrued liabilities 1,189.1 1,382.7
---------- ----------
Total 2,022.6 2,022.8
---------- ----------
Long-term debt 499.4 898.4
Accrued pension liabilities 610.6 537.9
Other long-term liabilities 694.2 655.3
Stockholders' equity
Common stock 3.4 3.4
Accumulated deficit (448.8) (376.2)
Other capital 3,907.0 3,883.8
Accumulated other comprehensive loss (1,983.4) (2,004.5)
---------- ----------
Stockholders' equity 1,478.2 1,506.5
---------- ----------
Total $5,305.0 $5,620.9
========== ==========
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Millions)
Six Months Ended
June 30
------------------
2005 2004
------- -------
Cash flows from operating activities
Net income (loss) ($72.6) $48.3
Add (deduct) items to reconcile
net income (loss) to net cash
provided by operating activities:
Equity income (11.6) (14.3)
Depreciation and amortization of properties 61.8 68.9
Depreciation and amortization of
outsourcing assets 65.6 59.0
Amortization of marketable software 59.2 62.9
Increase in deferred income taxes, net (.6) (2.4)
Decrease in receivables, net 73.6 185.3
Decrease in inventories 10.4 6.4
Decrease in accounts payable and
other accrued liabilities (249.3) (194.1)
Increase in other liabilities 122.6 3.5
Increase in other assets (24.8) (7.8)
Other 56.4 21.6
------- -------
Net cash provided by operating activities 90.7 237.3
------- -------
Cash flows from investing activities
Proceeds from investments 3,709.4 2,878.8
Purchases of investments (3,698.8) (2,879.0)
Investment in marketable software (63.3) (60.5)
Capital additions of properties (59.4) (74.5)
Capital additions of outsourcing assets (86.3) (92.3)
Purchases of businesses (.5) (12.6)
------- -------
Net cash used for investing activities (198.9) (240.1)
------- -------
Cash flows from financing activities
Net proceeds from (reduction in)
short-term borrowings .5 (10.6)
Proceeds from employee stock plans 12.8 24.0
Payments of long-term debt (150.7) (1.7)
------- -------
Net cash (used for) provided by
financing activities (137.4) 11.7
------- -------
Effect of exchange rate changes on cash
and cash equivalents (16.0) (1.4)
------- -------
(Decrease) increase in cash and cash
equivalents (261.6) 7.5
Cash and cash equivalents, beginning of
period 660.5 635.9
------- -------
Cash and cash equivalents, end of period $398.9 $643.4
======= =======
Reconciliation of GAAP to Non-GAAP
Financial Information
The preceding release presents information with and
without pension expense. Unisys believes that this
information will enhance an overall understanding
of its financial performance due to the significant
change in pension expense from period to period
and the non-operational nature of pension expense.
The presentation of non-GAAP information is not
meant to be considered in isolation or as a substitute
for results prepared in accordance with accounting
principles generally accepted in the United States.
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
Three Months Ended
June 30, 2005
----------------------------
US GAAP Less Without
as Pension Pension
Reported Expense Expense
-------- -------- --------
Revenue $1,435.5 $1,435.5
Costs and expenses
Cost of revenue 1,158.1 ($32.0) 1,126.1
Selling, general and
administrative 267.4 (8.9) 258.5
Research and development 66.6 (4.9) 61.7
-------- -------- --------
1,492.1 (45.8) 1,446.3
-------- -------- --------
Operating income (loss) (56.6) 45.8 (10.8)
Interest expense 15.2 15.2
Other income
(expense), net 32.0 32.0
-------- -------- --------
Income (loss) before
income taxes (39.8) 45.8 6.0
Provision (benefit) for
income taxes (12.7) 14.6 1.9
-------- -------- --------
Net income (loss) ($27.1) $31.2 $4.1
======== ======== ========
Earnings (loss) per share ($ .08) $ .09 $ .01
======== ======== ========
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
======== ======== ========
Earnings per share $ .06 $ .05 $ .11
======== ======== ========
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share data)
Six Months Ended
June 30, 2005
----------------------------
US GAAP Less Without
as Pension Pension
Reported Expense Expense
-------- -------- --------
Revenue $2,802.1 $2,802.1
Costs and expenses
Cost of revenue 2,264.4 ($64.8) 2,199.6
Selling, general and
administrative 529.0 (18.0) 511.0
Research and development 131.5 (9.8) 121.7
-------- -------- --------
2,924.9 (92.6) 2,832.3
-------- -------- --------
Operating income (loss) (122.8) 92.6 (30.2)
Interest expense 27.8 27.8
Other income
(expense), net 32.5 32.5
-------- -------- --------
Income (loss) before
income taxes (118.1) 92.6 (25.5)
Provision (benefit) for
income taxes (45.5) 29.6 (15.9)
-------- -------- --------
Net income (loss) ($72.6) $63.0 ($9.6)
======== ======== ========
Earnings (loss) per share ($ .21) $ .18 ($ .03)
======== ======== ========
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
======== ======== ========
Earnings per share $ .14 $ .10 $ .24
======== ======== ========
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
SEGMENT RESULTS OF OPERATIONS
(Millions)
Three Months Ended
June 30, 2005
---------------------------
Less Without
As Pension Pension
Reported Expense Expense
-------- -------- --------
Services Segment
Total revenue $1,240.9 $1,240.9
Gross profit 151.1 ($31.1) 182.2
% of revenue 12.2% 14.7%
Operating income (loss) (46.4) (38.5) (7.9)
% of revenue -3.7% -0.6%
Technology Segment
Total revenue 270.3 270.3
Gross profit 120.5 (0.9) 121.4
% of revenue 44.6% 44.9%
Operating income (loss) (12.9) (7.3) (5.6)
% of revenue -4.8% -2.1%
Total Company
Total revenue 1,435.5 1,435.5
Gross profit 277.4 (32.0) 309.4
% of revenue 19.3% 21.6%
Operating income (loss) (56.6) (45.8) (10.8)
% of revenue -3.9% -0.8%
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%
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
SEGMENT RESULTS OF OPERATIONS
(Millions)
Six Months Ended
June 30, 2005
-----------------------------
Less Without
As Pension Pension
Reported Expense Expense
-------- -------- --------
Services Segment
Total revenue $2,353.4 $2,353.4
Gross profit 273.3 ($62.9) 336.2
% of revenue 11.6% 14.3%
Operating income (loss) (121.5) (77.9) (43.6)
% of revenue -5.2% -1.9%
Technology Segment
Total revenue 584.3 584.3
Gross profit 270.2 (1.9) 272.1
% of revenue 46.2% 46.6%
Operating income 6.4 (14.7) 21.1
% of revenue 1.1% 3.6%
Total Company
Total revenue 2,802.1 2,802.1
Gross profit 537.7 (64.8) 602.5
% of revenue 19.2% 21.5%
Operating income (loss) (122.8) (92.6) (30.2)
% of revenue -4.4% -1.1%
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%
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
FORWARD-LOOKING ESTIMATED EARNINGS (LOSS) PER SHARE
Three Twelve
Months Months
Ending Ending
9/30/2005 12/31/2005
---------- ----------
Earnings (loss) per share-
on a GAAP basis (.05)-(.03) (.03)-.02
Add back estimated pension expense,
net of tax .09 .36
--------- ---------
Earnings per share-
on a NON-GAAP basis
(excluding pension expense) .04 - .06 .33 -.38
========= =========
NOTE: See section in press release entitled 'Forward-Looking Statements'.
CONTACT: Unisys Corporation
Media Contacts:
Elizabeth Douglass, 215-986-6583
elizabeth.douglass@unisys.com
or
Jacqueline Lewis, 215-986-5204
jacqueline.lewis@unisys.com
or
Investor Contact:
Jim Kerr, 215-986-5795
jim.kerr@unisys.com
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