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unisys 1Q06_SPR

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Unisys Corporation reported financial results for the first quarter of 2006 and 2005. In the first quarter of 2006, revenue decreased slightly to $1.387 billion compared to $1.367 billion in the same period of 2005. The net loss was $27.9 million in the first quarter of 2006, an improvement from a net loss of $45.5 million in 2005. Excluding pension expenses, the net loss would have been $25.8 million in 2006 and $13.7 million in 2005. Cash and cash equivalents increased to $980.2 million at the end of the first quarter of 2006 from $642.5 million at the end of 2005.

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UNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Ended March 31 ------------------ 2006 2005 -------- -------- Revenue Services $1,176.4 $1,107.7 Technology 211.4 258.9 -------- -------- 1,387.8 1,366.6 Costs and expenses Cost of revenue: Services 1,076.5 981.4 Technology 109.4 124.9 -------- -------- 1,185.9 1,106.3 Selling, general and administrative 295.4 261.6 Research and development 75.3 64.9 -------- -------- 1,556.6 1,432.8 -------- -------- Operating loss (168.8) (66.2) Interest expense 19.8 12.6 Other income (expense), net 153.4 0.5 -------- -------- Loss before income taxes (35.2) (78.3) Benefit for income taxes (7.3) (32.8) -------- -------- Net loss ($27.9) ($45.5) ======== ======== Loss per share Basic ($ .08) ($ .13) ======== ======== Diluted ($ .08) ($ .13) ======== ======== Shares used in the per share computations (thousands): Basic 342,458 338,248 ======== ======== Diluted 342,458 338,248 ======== ========
UNISYS CORPORATION SEGMENT RESULTS (Millions) Elimi- Total nations Services* Technology* -------- -------- -------- ---------- Three Months Ended March 31, 2006 ------------------ Customer revenue $1,387.8 $1,176.4 $211.4 Intersegment ($42.6) 3.4 39.2 -------- -------- -------- -------- Total revenue $1,387.8 ($42.6) $1,179.8 $250.6 ======== ======== ======== ======== Gross profit percent 14.5% 15.2% 41.9% ======== ======== ======== Operating loss percent (12.2%) (0.9%) (5.4%) ======== ======== ======== Three Months Ended March 31, 2005 ------------------ Customer revenue $1,366.6 $1,107.7 $258.9 Intersegment ($59.9) 4.8 55.1 -------- -------- -------- -------- Total revenue $1,366.6 ($59.9) $1,112.5 $314.0 ======== ======== ======== ======== Gross profit percent 19.0% 11.0% 47.7% ======== ======== ======== Operating profit (loss) percent (4.8%) (6.8%) 6.1% ======== ======== ======== * 2006 results exclude charges for cost reductions and related actions booked in March 2006
UNISYS CORPORATION CONSOLIDATED BALANCE SHEETS (Millions) March 31, December 31, 2006 2005 ---------- ---------- Assets Current assets Cash and cash equivalents $980.2 $642.5 Accounts and notes receivable, net 1,066.4 1,111.5 Inventories Parts and finished equipment 100.8 103.4 Work in process and materials 88.0 90.7 Deferred income taxes 88.1 68.2 Prepaid expense and other current assets 158.1 137.0 ---------- ---------- Total 2,481.6 2,153.3 ---------- ---------- Properties 1,339.3 1,320.8 Less accumulated depreciation and amortization 963.7 934.4 ---------- ---------- Properties, net 375.6 386.4 ---------- ---------- Outsourcing assets, net 407.0 416.0 Marketable software, net 320.4 327.6 Investments at equity 1.1 207.8 Prepaid pension cost 1,333.2 66.1 Deferred income taxes 138.4 138.4 Goodwill 192.1 192.0 Other long-term assets 138.3 141.3 ---------- ---------- Total $5,387.7 $4,028.9 ========== ========== Liabilities and stockholders' equity (deficit) Current liabilities Notes payable $19.7 $18.1 Current maturities of long-term debt 58.7 58.8 Accounts payable 445.3 444.6 Other accrued liabilities 1,403.0 1,293.3 ---------- ---------- Total 1,926.7 1,814.8 ---------- ---------- Long-term debt 1,049.1 1,049.0 Accrued pension liabilities 351.9 506.9 Other long-term liabilities 679.1 690.8 Stockholders' equity (deficit) Common stock 3.5 3.4 Accumulated deficit (2,136.0) (2,108.1) Other capital 3,922.8 3,917.0 Accumulated other comprehensive loss (409.4) (1,844.9) ---------- ---------- Stockholders' equity (deficit) 1,380.9 (32.6) ---------- ---------- Total $5,387.7 $4,028.9 ========== ==========
UNISYS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) Three Months Ended March 31 ------------------- 2006 2005 ------- ------- Cash flows from operating activities Net loss ($27.9) ($45.5) Add (deduct) items to reconcile net loss to net cash provided by operating activities: Equity loss 4.3 4.3 Employee stock compensation expense (income) 1.7 (.4) Depreciation and amortization of properties 30.3 30.0 Depreciation and amortization of outsourcing assets 35.0 34.7 Amortization of marketable software 33.1 28.5 Gain on sale of NUL shares and other investments (153.2) Increase in deferred income taxes, net (19.8) (.3) Decrease in receivables, net 67.0 90.5 Decrease (increase) in inventories 4.3 (6.5) Increase (decrease) in accounts payable and other accrued liabilities 94.5 (225.1) (Decrease) increase in other liabilities (14.6) 97.7 Increase in other assets (30.8) (16.4) Other 3.0 35.3 ------- ------- Net cash provided by operating activities 26.9 26.8 ------- ------- Cash flows from investing activities Proceeds from investments 1,869.3 1,779.9 Purchases of investments (1,870.6) (1,776.8) Investment in marketable software (27.1) (33.0) Capital additions of properties (21.6) (22.4) Capital additions of outsourcing assets (24.6) (41.9) Proceeds from sale of NUL shares and other investments 380.6 ------- ------- Net cash provided by (used for) investing activities 306.0 (94.2) ------- ------- Cash flows from financing activities Net proceeds from short-term borrowings 1.6 1.7 Proceeds from employee stock plans .6 6.6 Payments of long-term debt (150.3) ------- ------- Net cash provided by (used for) financing activities 2.2 (142.0) ------- ------- Effect of exchange rate changes on cash and cash equivalents 2.6 (9.5) ------- ------- Increase (decrease) in cash and cash equivalents 337.7 (218.9) Cash and cash equivalents, beginning of period 642.5 660.5 ------- ------- Cash and cash equivalents, end of period $980.2 $441.6 ======= =======
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 March 31, 2006 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,387.8 $1,387.8 Costs and expenses Cost of revenue 1,185.9 ($7.7) 1,178.2 Selling, general and administrative 295.4 (1.8) 293.6 Research and development 75.3 1.6 76.9 -------- -------- -------- 1,556.6 (7.9) 1,548.7 -------- -------- -------- Operating loss (168.8) 7.9 (160.9) Interest expense 19.8 19.8 Other income (expense), net 153.4 153.4 -------- -------- -------- Loss before income taxes (35.2) 7.9 (27.3) Benefit for income taxes (7.3) 5.8 (1.5) -------- -------- -------- Net loss ($27.9) $2.1 ($25.8) ======== ======== ======== Loss per share ($ .08) $ .00 ($ .08) ======== ======== ======== Three Months Ended March 31, 2005 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,366.6 $1,366.6 Costs and expenses Cost of revenue 1,106.3 ($32.8) 1,073.5 Selling, general and administrative 261.6 (9.1) 252.5 Research and development 64.9 (4.9) 60.0 -------- -------- -------- 1,432.8 (46.8) 1,386.0 -------- -------- -------- Operating loss (66.2) 46.8 (19.4) Interest expense 12.6 12.6 Other income (expense), net 0.5 0.5 -------- -------- -------- Loss before income taxes (78.3) 46.8 (31.5) Benefit for income taxes (32.8) 15.0 (17.8) -------- -------- -------- Net loss ($45.5) $31.8 ($13.7) ======== ======== ======== Loss per share ($ .13) $ .09 ($ .04) ======== ======== ========
UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS OF OPERATIONS (Millions) Three Months Ended March 31, 2006 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment * Total revenue $1,179.8 $1,179.8 Gross profit 179.1 ($8.1) 187.2 % of revenue 15.2% 15.9% Operating loss (10.5) (9.6) (0.9) % of revenue -0.9% -0.1% Technology Segment * Total revenue 250.6 250.6 Gross profit 105.1 0.4 104.7 % of revenue 41.9% 41.8% Operating loss (13.5) 1.7 (15.2) % of revenue -5.4% -6.1% Total Company Total revenue 1,387.8 1,387.8 Gross profit 201.9 (7.7) 209.6 % of revenue 14.5% 15.1% Operating loss (168.8) (7.9) (160.9) % of revenue -12.2% -11.6% Three Months Ended March 31, 2005 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment Total revenue $1,112.5 $1,112.5 Gross profit 122.2 ($31.8) 154.0 % of revenue 11.0% 13.8% Operating loss (75.1) (39.4) (35.7) % of revenue -6.8% -3.2% Technology Segment Total revenue 314.0 314.0 Gross profit 149.7 (1.0) 150.7 % of revenue 47.7% 48.0% Operating income 19.3 (7.4) 26.7 % of revenue 6.1% 8.5% Total Company Total revenue 1,366.6 1,366.6 Gross profit 260.3 (32.8) 293.1 % of revenue 19.0% 21.4% Operating loss (66.2) (46.8) (19.4) % of revenue -4.8% -1.4% * 2006 results exclude charges for cost reductions and related actions booked in March 2006

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unisys 1Q06_SPR

  • 1. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Ended March 31 ------------------ 2006 2005 -------- -------- Revenue Services $1,176.4 $1,107.7 Technology 211.4 258.9 -------- -------- 1,387.8 1,366.6 Costs and expenses Cost of revenue: Services 1,076.5 981.4 Technology 109.4 124.9 -------- -------- 1,185.9 1,106.3 Selling, general and administrative 295.4 261.6 Research and development 75.3 64.9 -------- -------- 1,556.6 1,432.8 -------- -------- Operating loss (168.8) (66.2) Interest expense 19.8 12.6 Other income (expense), net 153.4 0.5 -------- -------- Loss before income taxes (35.2) (78.3) Benefit for income taxes (7.3) (32.8) -------- -------- Net loss ($27.9) ($45.5) ======== ======== Loss per share Basic ($ .08) ($ .13) ======== ======== Diluted ($ .08) ($ .13) ======== ======== Shares used in the per share computations (thousands): Basic 342,458 338,248 ======== ======== Diluted 342,458 338,248 ======== ========
  • 2. UNISYS CORPORATION SEGMENT RESULTS (Millions) Elimi- Total nations Services* Technology* -------- -------- -------- ---------- Three Months Ended March 31, 2006 ------------------ Customer revenue $1,387.8 $1,176.4 $211.4 Intersegment ($42.6) 3.4 39.2 -------- -------- -------- -------- Total revenue $1,387.8 ($42.6) $1,179.8 $250.6 ======== ======== ======== ======== Gross profit percent 14.5% 15.2% 41.9% ======== ======== ======== Operating loss percent (12.2%) (0.9%) (5.4%) ======== ======== ======== Three Months Ended March 31, 2005 ------------------ Customer revenue $1,366.6 $1,107.7 $258.9 Intersegment ($59.9) 4.8 55.1 -------- -------- -------- -------- Total revenue $1,366.6 ($59.9) $1,112.5 $314.0 ======== ======== ======== ======== Gross profit percent 19.0% 11.0% 47.7% ======== ======== ======== Operating profit (loss) percent (4.8%) (6.8%) 6.1% ======== ======== ======== * 2006 results exclude charges for cost reductions and related actions booked in March 2006
  • 3. UNISYS CORPORATION CONSOLIDATED BALANCE SHEETS (Millions) March 31, December 31, 2006 2005 ---------- ---------- Assets Current assets Cash and cash equivalents $980.2 $642.5 Accounts and notes receivable, net 1,066.4 1,111.5 Inventories Parts and finished equipment 100.8 103.4 Work in process and materials 88.0 90.7 Deferred income taxes 88.1 68.2 Prepaid expense and other current assets 158.1 137.0 ---------- ---------- Total 2,481.6 2,153.3 ---------- ---------- Properties 1,339.3 1,320.8 Less accumulated depreciation and amortization 963.7 934.4 ---------- ---------- Properties, net 375.6 386.4 ---------- ---------- Outsourcing assets, net 407.0 416.0 Marketable software, net 320.4 327.6 Investments at equity 1.1 207.8 Prepaid pension cost 1,333.2 66.1 Deferred income taxes 138.4 138.4 Goodwill 192.1 192.0 Other long-term assets 138.3 141.3 ---------- ---------- Total $5,387.7 $4,028.9 ========== ========== Liabilities and stockholders' equity (deficit) Current liabilities Notes payable $19.7 $18.1 Current maturities of long-term debt 58.7 58.8 Accounts payable 445.3 444.6 Other accrued liabilities 1,403.0 1,293.3 ---------- ---------- Total 1,926.7 1,814.8 ---------- ---------- Long-term debt 1,049.1 1,049.0 Accrued pension liabilities 351.9 506.9 Other long-term liabilities 679.1 690.8 Stockholders' equity (deficit) Common stock 3.5 3.4 Accumulated deficit (2,136.0) (2,108.1) Other capital 3,922.8 3,917.0 Accumulated other comprehensive loss (409.4) (1,844.9) ---------- ---------- Stockholders' equity (deficit) 1,380.9 (32.6) ---------- ---------- Total $5,387.7 $4,028.9 ========== ==========
  • 4. UNISYS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) Three Months Ended March 31 ------------------- 2006 2005 ------- ------- Cash flows from operating activities Net loss ($27.9) ($45.5) Add (deduct) items to reconcile net loss to net cash provided by operating activities: Equity loss 4.3 4.3 Employee stock compensation expense (income) 1.7 (.4) Depreciation and amortization of properties 30.3 30.0 Depreciation and amortization of outsourcing assets 35.0 34.7 Amortization of marketable software 33.1 28.5 Gain on sale of NUL shares and other investments (153.2) Increase in deferred income taxes, net (19.8) (.3) Decrease in receivables, net 67.0 90.5 Decrease (increase) in inventories 4.3 (6.5) Increase (decrease) in accounts payable and other accrued liabilities 94.5 (225.1) (Decrease) increase in other liabilities (14.6) 97.7 Increase in other assets (30.8) (16.4) Other 3.0 35.3 ------- ------- Net cash provided by operating activities 26.9 26.8 ------- ------- Cash flows from investing activities Proceeds from investments 1,869.3 1,779.9 Purchases of investments (1,870.6) (1,776.8) Investment in marketable software (27.1) (33.0) Capital additions of properties (21.6) (22.4) Capital additions of outsourcing assets (24.6) (41.9) Proceeds from sale of NUL shares and other investments 380.6 ------- ------- Net cash provided by (used for) investing activities 306.0 (94.2) ------- ------- Cash flows from financing activities Net proceeds from short-term borrowings 1.6 1.7 Proceeds from employee stock plans .6 6.6 Payments of long-term debt (150.3) ------- ------- Net cash provided by (used for) financing activities 2.2 (142.0) ------- ------- Effect of exchange rate changes on cash and cash equivalents 2.6 (9.5) ------- ------- Increase (decrease) in cash and cash equivalents 337.7 (218.9) Cash and cash equivalents, beginning of period 642.5 660.5 ------- ------- Cash and cash equivalents, end of period $980.2 $441.6 ======= =======
  • 5. 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.
  • 6. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Ended March 31, 2006 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,387.8 $1,387.8 Costs and expenses Cost of revenue 1,185.9 ($7.7) 1,178.2 Selling, general and administrative 295.4 (1.8) 293.6 Research and development 75.3 1.6 76.9 -------- -------- -------- 1,556.6 (7.9) 1,548.7 -------- -------- -------- Operating loss (168.8) 7.9 (160.9) Interest expense 19.8 19.8 Other income (expense), net 153.4 153.4 -------- -------- -------- Loss before income taxes (35.2) 7.9 (27.3) Benefit for income taxes (7.3) 5.8 (1.5) -------- -------- -------- Net loss ($27.9) $2.1 ($25.8) ======== ======== ======== Loss per share ($ .08) $ .00 ($ .08) ======== ======== ======== Three Months Ended March 31, 2005 ---------------------------- US GAAP Less Without as Pension Pension Reported Expense Expense -------- -------- -------- Revenue $1,366.6 $1,366.6 Costs and expenses Cost of revenue 1,106.3 ($32.8) 1,073.5 Selling, general and administrative 261.6 (9.1) 252.5 Research and development 64.9 (4.9) 60.0 -------- -------- -------- 1,432.8 (46.8) 1,386.0 -------- -------- -------- Operating loss (66.2) 46.8 (19.4) Interest expense 12.6 12.6 Other income (expense), net 0.5 0.5 -------- -------- -------- Loss before income taxes (78.3) 46.8 (31.5) Benefit for income taxes (32.8) 15.0 (17.8) -------- -------- -------- Net loss ($45.5) $31.8 ($13.7) ======== ======== ======== Loss per share ($ .13) $ .09 ($ .04) ======== ======== ========
  • 7. UNISYS CORPORATION RECONCILIATION OF GAAP TO NON-GAAP SEGMENT RESULTS OF OPERATIONS (Millions) Three Months Ended March 31, 2006 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment * Total revenue $1,179.8 $1,179.8 Gross profit 179.1 ($8.1) 187.2 % of revenue 15.2% 15.9% Operating loss (10.5) (9.6) (0.9) % of revenue -0.9% -0.1% Technology Segment * Total revenue 250.6 250.6 Gross profit 105.1 0.4 104.7 % of revenue 41.9% 41.8% Operating loss (13.5) 1.7 (15.2) % of revenue -5.4% -6.1% Total Company Total revenue 1,387.8 1,387.8 Gross profit 201.9 (7.7) 209.6 % of revenue 14.5% 15.1% Operating loss (168.8) (7.9) (160.9) % of revenue -12.2% -11.6% Three Months Ended March 31, 2005 ---------------------------- Less Without As Pension Pension Reported Expense Expense -------- -------- -------- Services Segment Total revenue $1,112.5 $1,112.5 Gross profit 122.2 ($31.8) 154.0 % of revenue 11.0% 13.8% Operating loss (75.1) (39.4) (35.7) % of revenue -6.8% -3.2% Technology Segment Total revenue 314.0 314.0 Gross profit 149.7 (1.0) 150.7 % of revenue 47.7% 48.0% Operating income 19.3 (7.4) 26.7 % of revenue 6.1% 8.5% Total Company Total revenue 1,366.6 1,366.6 Gross profit 260.3 (32.8) 293.1 % of revenue 19.0% 21.4% Operating loss (66.2) (46.8) (19.4) % of revenue -4.8% -1.4% * 2006 results exclude charges for cost reductions and related actions booked in March 2006