-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TToYs6aaHOP/F23GNyLHTOAr/7iCLTEXMY6BqWIKfInyLyrkt79BIvxIRN5NC98u puBsmJ8UvTiYaf3CKDdu4g== 0000023082-04-000089.txt : 20040628 0000023082-04-000089.hdr.sgml : 20040628 20040628163847 ACCESSION NUMBER: 0000023082-04-000089 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUTER SCIENCES CORP CENTRAL INDEX KEY: 0000023082 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 952043126 STATE OF INCORPORATION: NV FISCAL YEAR END: 0402 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04850 FILM NUMBER: 04885398 BUSINESS ADDRESS: STREET 1: 2100 E GRAND AVE CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3106150311 MAIL ADDRESS: STREET 1: 2100 EAST GRAND AVE CITY: EL SEGUNDO STATE: CA ZIP: 90245 11-K 1 cutw11k03.htm CUTW HOURLY SAVINGS PLAN cutw hsp fy03

 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

              

FORM 11-K

 

ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended: December 31, 2003

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from               to              

Commission file number: 1-4850 

     A.  Full title of plan and the address of the plan, if different from that of the issuer named below: CSC Outsourcing Inc. CUTW Hourly Savings Plan

     B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Computer Sciences Corporation
2100 East Grand Avenue
El Segundo, CA 90245


 

TABLE OF CONTENTS

Description

Page

Statements of Net Assets Available for Benefits
  As of December 31, 2003 and 2002.....................................................................

3

Statements of Changes in Net Assets Available for Benefits
  For the Year Ended December 31, 2003 and 2002

4

Notes to the Financial Statements ......................................................................

5


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

STATEMENTS OF NET ASSETS
AVAILABLE FOR BENEFITS

 

 

       December 31,        

 

 

   2003   

 

   2002   

Assets - at fair value

 

 

 

 

Investments (Notes 1, 2, and 7):

 

 

 

 

   Short-term

 

$    3,089

 

$    8,454

   Long-term:

 

 

 

 

     Mellon Balanced Fund

 

72,712

 

72,130

     Frank Russell Active Equity Fund

 

58,199

 

48,012

     Mellon Stock Index Fund

 

124,536

 

91,480

   Computer Sciences Corporation common stock

 

379,051

 

281,457

   Participant Loans (Note 6)

 

13,249

 

11,986

   Interest in Master Trust (Note 5)

 

  221,192

 

  225,199

Total Investments

 

  872,028

 

  738,718

 

 

 

 

 

Receivables:

 

 

 

 

   Other Receivables

 

   42,897

 

   35,115

  Total Assets

 

  914,925

 

  773,833

Liabilities

 

 

 

 

   Accounts Payable

 

       872

 

     3,984

  Total Liabilities

 

       872

 

     3,984

Net Assets Available for Benefits

 

$ 914,053
=======

 

$ 769,849
=======

 

 

See Notes to Financial Statement

3


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS

 

 

For the Year Ended December 31,

 

   2003   

 

   2002   

ADDITIONS

 

 

 

Investment Income (Loss):

 

 

 

Net appreciation (depreciation) in fair value of investments
  (Note 7)

$  142,362

 

$  (291,718)

Interest

511

 

217 

Dividends

4,313

 

5,698 

Plan interest in Master Trust investment income

     9,822

 

   23,293 

  Net Investment Income (Loss)

157,008

 

(262,510)

 

 

 

 

Contributions:

 

 

 

  Participant

58,289

 

37,242 

  Employer

   27,484

 

   78,105 

 

   85,773

 

  115,347 

   Total Additions(Reductions)

242,781

 

(147,163)

 

 

 

 

DEDUCTIONS

 

 

 

  Distributions to participants

97,844

 

444,416 

  Investment management fees

        733

 

       1,043 

    Total Deductions

    98,577

 

   445,459 

    Net Increase (Decrease)

  144,204

 

  (592,622)

 

 

 

 

Net Assets Available for Benefits:

 

 

 

  Beginning of Year

    769,849

 

  1,362,471 

  End of Year

$   914,053
========

 

$   769,849 
========= 

 

See Notes to Financial Statements
4


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

 

Note 1  Description of the Plan

The following brief description of the CSC Outsourcing Inc. CUTW Hourly Savings Plan (the "Plan") of Computer Sciences Corporation (the "Company") is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

The Plan became effective August 5, 1995, as a result of the Company acquiring certain employees of the Southern New England Telephone Company. The Plan is administered by a committee, Retirement and Employee Benefits Plans Committee of Computer Sciences Corporation (the "Committee"), consisting of four members who are appointed by the Board of Directors of the Company and serve without compensation, being reimbursed by the Company for all expenditures incurred in the discharge of their duties as members of the Committee. The Committee has the power to interpret, construe and administer the Plan and to decide any dispute which may arise under the Plan. The Bank of New York (the "Trustee"), is the trustee of the Plan. Certain administrative expenses (including Trustee fees) incurred for services rendered to the Plan are paid by the Company.

The Plan is a voluntary, contributory, defined contribution plan and is intended to satisfy the requirements of Section 401(a) and 401(k) of the Internal Revenue Code (the "Code"). It is also subject to the provisions of the Employee Retirement Income Security Act of 1974 as amended ("ERISA").

Plan Termination - Although it has not expressed any intention to do so, the Company reserves the right to discontinue contributions and to terminate the Plan subject to the provisions of ERISA. Upon such termination, the participants' rights to the Company's contributions vest immediately and the account balances are fully paid to the participants.

Interest in the Common/Collective Trust

The Plan's investments are in the common/collective trust ("CCT") which was established for the investment of assets of the Plan and several other Computer Sciences Corporation sponsored retirement plans. Each participating retirement plan has an undivided interest in the CCT. The assets of the CCT are held by the Trustee. At December 31, 2003 and 2002, the Plan's interest in the assets of the CCT was approximately .03%. Investment income and administrative expenses relating to each discretionary or directed fund within the CCT are allocated to the individual plans based upon average monthly balances invested by each plan in each discretionary or directed fund. As part of the CCT, a portion of the Plan's assets are held in a Master Trust managed by Black Rock Financial Management. At December 31, 2003 and 2002, the Plan's interest in the net assets of the Master Trust was approximately 10.8% and 10.9%, respectively.


5


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Participants in the CCT consist of the Computer Sciences Corporation Matched Asset Plan, CSC Outsourcing Inc. Hourly Savings Plan, CSC Outsourcing Inc. CUTW Hourly Savings Plan, Computer Sciences Corporation Employee Pension Plan, CSC Outsourcing Inc. Hourly Pension Plan, CSC Outsourcing Inc. CUTW Hourly Pension Plan, CSC/Hughes Retirement Plan, CSR's Range Employees Pension Plan, Computer Sciences Corporation Cash Balance Plan, CSC/Raytheon Retirement Plan, CSC/E-Systems Pension Plan, CSC Pension Equity Plan, Eagle Alliance Employee Pension Plan, DynCorp Capital Accumulation Retirement Plan, and the DynCorp Savings and Retirement Plan (the "Plans").

Eligibility and Participation

Employees are eligible to participate on specified enrollment dates if they satisfy the Plan's eligibility requirements, are hourly paid employees of the Company and are members of a collective bargaining unit for which participation in this Plan has been provided by negotiated agreement. A rehired eligible employee is eligible to rejoin the Plan on the next enrollment date.

Participant and Company Contributions

A participant may authorize before-tax and after-tax contributions to the Plan subject to a maximum level of contributions (a certain percentage of base earnings), as specified by the bargaining agreement covering the employee. The Company will contribute, and forward to the Trust fund 66 2/3% of the first 1% to 6% for the employee matched contribution together with the participant's before-tax and after-tax contribution.

The employee base earnings deferred and contributed to the Trust fund cannot exceed applicable limitations of the Code. Effective January 1, 2002, under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Plan permits participants age 50 and over, to make additional "catch-up" contributions in excess of the statutory limit. For 2002, such "catch up" contributions could be made up to $1,000 a year, then they are increased each year by $1,000 until $5,000 in 2006, and then indexed in $500 increments. Annual after-tax contributions to the Plan (including employee and Company matching contributions) are limited to $30,000 for each participant. Any compensation deferral in excess of applicable limitations of the Code, and any after-tax contributions with matching Company contributions in excess of $30,000, together with income allocable to those excess contributions will be returned to a participant. Any matching Company contributions attributable to any ex cess contribution, and income allocable thereto, will be applied to reduce future matching Company contributions.

6


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Participant Accounts

Each participant's account is credited with the participant's contribution and allocations of the Company's contribution and Plan earnings, and is charged with an allocation of investment management fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

Vesting of Participants' Interests/Forfeitures

Participants are 100 percent vested at all times in their before-tax, after-tax contribution and Company matching accounts.

Distributable Amounts, Withdrawals and Refunds

The entire balance in all accounts for participants who retire, die, become disabled, or are discharged is distributed according to the provisions of the Plan.

While still an employee, a participant may make an in-service withdrawal of all or a part of the vested portion of his or her accounts attributable to their contributions, as well as vested Company matching contributions, plus the earnings on those amounts subject to the provisions of the Plan. Upon written notice to the Committee, a participant may make a hardship withdrawal of his or her before-tax and after-tax contributions, as well as Company matching contributions if the Committee finds, after considering the participant's request, that an adequate financial hardship and resulting need for such amount has been demonstrated by the participant. A participant may request a hardship withdrawal only if he or she first takes a loan of any available monies in the Plan. Both types of withdrawals are subject to certain restrictions as described in the Plan document.

Note 2  Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

 

7


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Assets of the Plan

The assets of the Plan are held in a trust with five funds, which represent the investment options. The investment return in the respective funds is allocated to a participant based on his or her account balance. Contributions to, and payments from, the Plan are specifically identified to the applicable funds within the trust.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan utilizes various investment instruments. Investment securities, in general, are exposed to various risks, such as interest rate, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Security Transactions

Security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is accounted for on the accrual basis.

Participants in the Stock Fund may elect to receive distributions in certificates for shares of the common stock of the Company.

Valuation of Investment Securities

Investments in common stocks and institutional investment vehicles are stated at fair value based upon closing sales prices reported on recognized securities exchanges on the last business day of the month or, for the listed securities having no sales reported and for unlisted securities, upon last reported bid prices on that date. Investments in short-term securities are stated at cost which approximates fair value. Participant loans are valued at outstanding loan balances.

8


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Payment of Benefits

Benefits are recorded when paid. Amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not yet been paid were $2,275 and $5,538 at December 31, 2003 and 2002, respectively.

Note 3  Income Tax Status

The Internal Revenue Service has determined and informed the Company by a letter dated May 13, 2003, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC).

The Committee believes that the Plan is designed and operated to qualify under Section 401(a) of the Code and, with respect to its qualified cash or deferred arrangement, under Section 401(k) of the Code.

Note 4  Reconciliation of Financial Statements to Form 5500

 

     December 31,     

 

    2003    

 

    2002    

 

 

 

 

Net assets available for benefits per the financial statements

$ 914,053 

 

$ 769,849 

Amounts allocated to withdrawing participants

    (2,275)

 

    (5,538)

Net assets available for benefits per Form 5500

$ 911,778 
======= 

 

$ 764,311 
======= 

The following is a reconciliation of distributions to participants per the financial statements to the Form 5500:

 

   Year Ended December 31,  

 

  2003  

 

  2002  

 

 

 

 

Distributions to participants per the financial statements

$ 97,844 

 

$ 444,416 

Add: Amounts allocated to withdrawing participants at
   end of year

2,275 

 

5,538 

Less: Amounts allocated to withdrawing participants at
   start of year

   (5,538)

 

       (663)

Distributions to participants per Form 5500

$ 94,581 
====== 

 

$ 449,291 
======= 

Amounts allocated to withdrawing participants are recorded on Form 5500 for distributions that have been processed and approved for payment prior to December 31, 2003 but not paid as of that date.

9


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

 

Note 5  Investment Funds

Participant contributions - Subject to rules the bargaining unit has adopted, each participant has the right to designate one or more investment funds established by the Committee for the investment of his or her compensation deferral contributions and after-tax contributions in percentages determined by the bargaining unit.

The investment funds are held by the CCT. The fixed income fund investments are in a Master Trust.

The following table represents the assets in the Master Trust:

 

         December 31,       

 

   2003   

 

   2002   

Investments at fair value:

 

 

 

  Black Rock Core Bond Total Return

$ 1,996,249

 

$ 2,068,241

  Collective Short Term Investment Fund

42,443

 

 

Accrued income

              6

 

                

 

$ 2,038,698
========

 

$ 2,068,241
========

At December 31, 2003 and 2002, the Plan's interest in the net assets of the fixed income investment fund was approximately 10.8% and 10.9%, respectively.

Investment income for the Master Trust is as follows:

     December 31,      

 

   2003   

 

   2002   

Investment income:

 

 

 

  Net (depreciation) appreciation in fair value of
    investments

$ (41,957)

 

$  72,514

  Dividends

130,500 

 

132,294

  Interest

        61 

 

        51

 

$ 88,604 
====== 

 

$ 204,859
=======

Investment income and administrative expenses relating to the fixed income investment fund are allocated to individual plans based upon average monthly balances invested by each plan.

Note 6  Participant Loans

The Plan has a loan provision in place which is available to participants covered by the bargaining unit.


10


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

The loans are deducted from the participants' accounts according to a priority specified in the Plan's loan rules and, within each account, pro rata from the funds based on their balances at the time. Loan repayments are reinvested in the participants' funds according to their current investment election. The repayments are similarly allocated among participants' accounts according to the priority specified in the Plan's rules.

Note 7  Investments in Common/Collective Trust

The following table presents investments in the CCT at fair value.

        December 31,        

     2003     

     2002     

Investments at Fair Value as Determined by

Quoted Market Price

Cash (overdrafts)

$   2,461,294

$   (7,062,096)

Short-term investment fund

61,847,211

82,631,988 

Money market fund

133,017,884

134,905,932 

Bonds and debentures

364,928,255

313,525,841 

CSC Stock Fund

750,057,291

271,451,187 

International portfolio fund

127,067,765

80,999,745 

Investment in registered investment companies

Active Allocation Fund

113,850,006

89,474,915 

Brinson Balanced Fund

53,799,264

44,971,781 

Brinson Equity Fund

159,022,807

121,505,104 

Mellon Capital Aggr. Bond Fund

19,442,536 

Mellon Corporate Bond Fund

122,096,617

128,727,920 

Mellon EB Enhanced Asset Allocation Fund

72,712

72,130 

Mellon EB Stock Index Fund

18,103,136 

Mellon Equity Fund

413,025,228

252,041,662 

Mellon Equity Completion Fund

174,398,903

100,432,455 

Mellon Gov't Bond Fund

1,063,103

1,100,655 

Mellon Index Fund

124,536

91,480 

Mellon S&P 500 Index Fund

297,564,493

214,747,696 

Pacific Mutual Enhanced Bond Fund

44,115,319

42,048,116 

BlackRock Core Bond Fund

1,996,249

2,068,241 

Vanguard High Yield Bond Fund

20,271,765

11,456,659 

(continued)


11


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Table of CCT Investments, continued

       December 31,       

    2003    

    2002    

Mellon Balanced 40/60 Fund

33,263,641

25,197,973

Mellon Balanced 60/40 Fund

57,080,095

40,452,622

Mellon Balanced 80/20 Fund

71,212,974

49,760,056

Mellon S&P 500 Select Fund

44,344,320

29,669,793

Russell Equity I Fund

   129,963,466

    97,710,335

3,176,645,198

2,165,527,862

Investments at Estimated Fair Value

Geewax Terker Hedge Fund

14,304,472

14,208,865

Guaranteed investment contracts

        221,728

       208,402

14,526,200

14,417,267

Investments at Cost, Which Approximates Fair Value

Employee loans

        19,666,768

      20,861,715

  Total Common/Collective Trust

$3,210,838,166
===========

$2,200,806,844
===========

Plan's Interest in the Common/Collective Trust
  investments

$          872,028
===========

$          738,718
===========

The investment income (loss) of the CCT is summarized as follows:

 

 

   Year Ended December 31,   

 

 

    2003    

 

    2002    

 

 

 

 

 

 

Bonds and debentures

$   (3,203,211)

 

$  10,015,510 

 

CSC Stock Fund

225,688,912 

 

(108,787,494)

 

International portfolio fund

31,616,897 

 

(8,622,821)

 

Active Allocation Fund

22,947,087 

 

(20,078,067)

 

Brinson Balanced Fund

8,198,982 

 

(5,805,752)

 

Brinson Equity Fund

35,011,373 

 

(24,647,781)

 

Mellon Capital Aggr. Bond Fund

(140,146)

 

690,020 

 

Mellon Corporate Bond Fund

1,115,632 

 

3,612,141 

 

Mellon EB Enhanced Asset Allocation Fund

18,131 

 

(17,344)

 

Mellon EB Stock Index Fund

2,612,968 

 

(5,441,571)

 

Mellon Equity Fund

81,802,979 

 

(66,788,887)

(continued)

 

12


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003

Table of CCT income (loss), continued

 

 

     Year Ended December 31,     

 

 

    2003    

 

    2002    

 

Mellon Equity Completion Fund

48,521,154 

 

(19,801,599)

 

Mellon Government Bond Fund

(25,508)

 

41,899 

 

Mellon Index Fund

25,167 

 

(34,571)

 

Mellon S&P 500 Index Fund

60,150,473 

 

(63,790,246)

 

Pacific Mutual Enhanced Bond Fund

2,067,203 

 

4,264,662 

 

BlackRock Core Bond Fund

(41,957)

 

72,514 

 

Vanguard High Yield Bond Fund

1,249,638 

 

(626,885)

 

Mellon Balanced 40/60 Fund

3,819,800 

 

(782,720)

 

Mellon Balanced 60/40 Fund

8,449,807 

 

(4,249,948)

 

Mellon Balanced 80/20 Fund

13,140,177 

 

(9,206,704)

 

Mellon S&P 500 Select Fund

8,613,367 

 

(8,038,147)

 

Frank Russell Active Equity Fund

29,714,910 

 

(27,340,693)

 

Geewax Terker Hedge fund

          7,248 

 

        (128,110)

Net appreciation (depreciation) in fair value of investments

581,361,083 

 

(355,492,594)

Dividends

26,702,043 

 

35,005,228 

Interest

    24,604,425 

 

     20,008,593 

 

Common/Collective Trust income (loss)

$ 632,667,551 
========== 

 

$ (300,478,773)
===========

Plan's Interest in the Common/Collective Trust income    (loss)

$        157,008 
==========

$        (262,510)
===========

Note 8  Related-Party Transactions

Certain short-term investment funds are managed by The Bank of New York. The Bank of New York is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. The fees associated with these short-term investment funds were paid by the Company.

At December 31, 2003 and 2002, the Plan held 8,570 and 8,170 shares, respectively, of common stock of Computer Sciences Corporation, the sponsoring employer, with a cost basis of $375,275 and $363,314, respectively.


13


CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
For the Two Years Ended December 31, 2003


Note 9  Nonparticipant-Directed Investments

Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows as of December 31, 2003 and 2002, and for the two years ended December 31, 2003:

 

 

 

 

 

 

    2003   

 

    2002    

Net assets:

 

 

 

 

 

 

 

CSC common stock

 

 

$ 379,051 

 

$ 281,457 

 

Short-term investments

 

 

37 

 

3,673 

 

Accrued income

 

 

   

 

Transfers from (to) participant-directed
  investments receivable (payable)

 

223 

 

(320)

 

Net receivable

 

 

    30,566 

 

    28,253 

 

CSC Stock Fund

 

 

409,879 

 

313,065 

 

 

 

 

 

 

 

 

 

Changes in net assets:

 

 

 

 

 

 

Net appreciation (depreciation) in fair
  value of investments

82,029 

 

(200,420)

 

Interest income

 

 

27 

   

120 

 

Employer contributions

 

 

21,302 

 

28,939 

 

Participant contributions

 

 

27,935 

 

36,717 

 

Transfers from participant-directed
  investments

152 

 

5,676 

 

Benefits paid to participants

 

   (34,631)

 

   (216,690)

 

 

 

 

 

 

 

 

 

 

Net Change

 

 

 

96,814

 

(345,658)

 

 

 

 

 

 

 

 

 

CSC Stock Fund beginning of the year

   313,065 

 

   658,723 

CSC Stock Fund end of the year

 

$ 409,879 
======= 

 

$ 313,065 
======= 

 

14


 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Act of 1934, the Computer Sciences Corporation Retirement Plans Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

CSC OUTSOURCING INC. CUTW HOURLY SAVINGS PLAN

 

 

 

 

Date: June 28, 2004

By: /s/ LEON J. LEVEL    
Leon J. Level
Chairman
Computer Sciences Corporation
Retirement Plans Committee

 

15


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