-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, eBbxTMUktOGrDbynocHQLIhDAY7VpdGqyLZM30qxeMTO/D5YtTOVYbmfP/npd3mI YLrBKODm+GeC49mtvCRlGQ== 0000023082-95-000004.txt : 19950608 0000023082-95-000004.hdr.sgml : 19950608 ACCESSION NUMBER: 0000023082-95-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950120 ITEM INFORMATION: Other events FILED AS OF DATE: 19950123 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUTER SCIENCES CORP CENTRAL INDEX KEY: 0000023082 STANDARD INDUSTRIAL CLASSIFICATION: 7373 IRS NUMBER: 952043126 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04850 FILM NUMBER: 95502212 BUSINESS ADDRESS: STREET 1: 2100 E GRAND AVE CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3106150311 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Date of Report January 20, 1995 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-4850 COMPUTER SCIENCES CORPORATION Incorporated in the State of Nevada Employer Identification No. 95-2043126 2100 East Grand Avenue El Segundo, California 90245 Telephone (310) 615-0311 Item 5 - Other Events On January 20, 1995, the Company publicly disclosed its summarized results of operations for its fiscal third quarter ended December 30, 1994, in a routine press release, a copy of which is appended as a part of this report. This information will be filed with the Securities and Exchange Commission on Form 10-Q in due course on or before February 13, 1995. However, the Company is voluntarily filing this earlier report on Form 8-K in connection with the Company's registration statement for the sale of 4 million shares of its common stock filed with the Securities and Exchange Commission on Form S-3 on January 13, 1995. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMPUTER SCIENCES CORPORATION Date: January 20, 1995 by: /s/Denis M. Crane ----------------------------- Denis M. Crane Vice President and Controller Chief Accounting Officer Contact: Bruce Plowman or Mary Rhodes 310.615.0311 FOR IMMEDIATE RELEASE Moved On Business Wire Jan. 20, 1995 CSC EARNS $26.7 MILLION FOR 3RD QUARTER, UP 23.4% EL SEGUNDO, Calif., Jan. 20---Computer Sciences Corporation (NYSE:CSC) earned $26.7 million, or 51 cents per share, for its fiscal 1995 third quarter (ended Dec. 30, 1994), a 23.4% increase over the $21.7 million, or 42 cents per share, for last year's third quarter on a greater number of shares outstanding. Revenues for the quarter were up 33.2 %, from $621.4 million last year to $827.9 million. "These excellent results reflect strong contributions from both our commercial and federal markets," said William R. Hoover, CSC's chairman and chief executive officer. "The large amount of new business won in recent quarters fueled a significant increase in revenue growth." Since the beginning of the third quarter, the company has announced five new contracts that it estimates will generate $2.2 billion in revenue over their terms. This includes an eight-year outsourcing pact with Hughes Aircraft that CSC estimates will generate $1.5 billion. CSC also acquired a majority interest in Ploenzke AG, Germany's largest independent computer services company, which has annual revenues of approximately $170 million. Domestic commercial revenue rose 12%, from $255.4 million to $285 million, paced by a 40% increase in CSC's commercial consulting business. International revenue more than doubled, rising from $82.2 million to $175.1 million. The growth resulted from major contract wins in recent quarters, including a 10-year outsourcing agreement with British Aerospace that was signed during March 1994. CSC estimates that the contract will generate $1.5 billion over its term. Federal revenue increased 30%, from $283.8 million to $367.8 million, reflecting new contracts won during the fiscal year, including an eight-year contract with NASA's Marshall SpaceFlight Center in Huntsville, Ala., awarded in May 1994. CSC estimates that the contract will generate $1 billion over its term. About half of the federal revenue increase is attributable to an acquisition made Dec. 31, 1993. Hoover said the difference in the growth rates of earnings and revenues is partly due to increased marketing and proposal costs during the quarter as CSC pursued numerous new business opportunities. Also, net interest expense rose $4.7 million, from $2.8 million to $7.5 million. The change was due principally to higher interest rates and increased borrowing for acquisitions and the capital required for outsourcing contracts. Pre-tax income totaled $43.3 million, up 23.9% from the $35 million reported for last year's third quarter, and the effective tax rates for the two quarters were 38.3% and 38%, respectively. - - -more- Computer Sciences Corporation - Page 2 Jan. 20, 1995 Revenues for the first nine months of CSC's fiscal year 1995 totaled $2.4 billion, up 27.2% from the $1.9 billion reported for the same period last year. Pre-tax income rose 20%, to $115.5 million from $96.2 million, and the effective tax rates for the two periods were 38.1% and 39.6%, respectively. Earnings from operations for the nine months were $71.5 million, or $1.37 per share, up 23% over last year's $58.1 million, or $1.14 per share. Including a gain of $4.9 million, or 9 cents per share, as the result of the adoption of Financial Accounting Standard 109, net income for last year's first nine months was $63 million, or $1.23 per share. "Since the beginning of fiscal year 1995, CSC has booked approximately $3.5 billion of new business," said Hoover, "and we see a strong set of opportunities going forward." Hoover said the same factors that caused the different rates of growth for revenues and earnings in the third quarter also applied to the first nine months. Domestic commercial revenue for the first nine months of this year was $812.2 million compared with $764.9 million a year ago. International revenue totaled $474.4 million versus $209.3 million, and federal revenue was $1.1 billion, compared with $877.6 million. Computer Sciences Corporation had $3.1 billion in annual revenues for the 12 months ended Dec. 30, 1994, about 55% of which came from commercial clients and the rest from the U.S. government. The company is headquartered in El Segundo, Calif., and has 30,000 employees in 450 offices, primarily in the U.S., Europe and Pacific Rim countries. CSC provides clients with a wide range of professional services including management consulting; business reengineering; information systems consulting and integration; and outsourcing. Editors: Please see attached tables. January 20, 1995 Consolidated Statements of Earnings Computer Sciences Corporation
Third Quarter Ended Nine Months Ended ___________________ ______________________ Dec. 30, Dec. 31, Dec. 30, Dec. 31, In thousands except 1994 1993 1994 1993 per-share amounts ________ ________ __________ __________ Revenues $827,901 $621,361 $2,354,532 $1,851,767 ________ ________ __________ __________ Costs of services 661,815 494,176 1,877,354 1,494,737 Selling, general and administrative 73,471 56,121 223,567 159,640 Depreciation and amortization 41,812 33,292 119,644 93,369 Interest, net 7,475 2,811 18,470 7,773 ________ ________ __________ __________ Total costs and expenses 784,573 586,400 2,239,035 1,755,519 ________ ________ __________ __________ Income before taxes 43,328 34,961 115,497 96,248 Taxes on income 16,580 13,285 44,004 38,143 ________ ________ __________ __________ Net earnings before cumulative effect of accounting change 26,748 21,676 71,493 58,105 Cumulative effect of accounting change for income taxes 4,900 ________ ________ __________ _________ Net earnings $26,748 $21,676 $71,493 $63,005 ======== ======== ========== ========= Earnings per common share before cumulative effect of accounting change $0.51 $0.42 $1.37 $1.14 Cumulative effect of accounting change for income taxes 0.09 ________ ________ __________ _________ Earnings per common share $0.51 $0.42 $1.37 $1.23 ======== ======== ========== ========= Average shares and equivalents 52,505 51,550 52,334 51,186 (Figures shown hereon are unaudited)
January 20, 1995 Revenues By Market Sector Computer Sciences Corporation
Third Quarter Nine Months _____________________________ ______________________________ Fiscal Fiscal % of Total Fiscal Fiscal % of Total In millions 1995 1994 1995 1994 1995 1994 1995 1994 ________________________ ______ ____ ____ ________ ________ ____ ____ U.S. Federal Gov't. DoD $204.0 $167.6 25% 27% $604.6 $519.2 26% 28% NASA 81.4 54.6 10 9 219.4 163.2 9 9 Civil agencies 82.4 61.6 10 10 243.9 195.2 10 10 ______ ______ ____ ____ ________ ________ ____ ____ Total 367.8 283.8 45 46 1,067.9 877.6 45 47 Commercial 285.0 255.4 34 41 812.2 764.9 35 42 International 175.1 82.2 21 13 474.4 209.3 20 11 ______ ______ ____ ____ ________ ________ ____ ____ $827.9 $621.4 100% 100% $2,354.5 $1,851.8 100% 100% ====== ====== ==== ==== ======== ======== ==== ====
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