0000746838-11-000138.txt : 20110725
0000746838-11-000138.hdr.sgml : 20110725
20110725164017
ACCESSION NUMBER: 0000746838-11-000138
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20110725
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20110725
DATE AS OF CHANGE: 20110725
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: UNISYS CORP
CENTRAL INDEX KEY: 0000746838
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
IRS NUMBER: 380387840
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08729
FILM NUMBER: 11985061
BUSINESS ADDRESS:
STREET 1: UNISYS WAY
CITY: BLUE BELL
STATE: PA
ZIP: 19424
BUSINESS PHONE: 2159864011
MAIL ADDRESS:
STREET 1: TOWNSHIP LINE & UNION MEETING ROADS
CITY: BLUE BELL
STATE: PA
ZIP: 19424
FORMER COMPANY:
FORMER CONFORMED NAME: BURROUGHS CORP /DE/
DATE OF NAME CHANGE: 19861204
8-K
1
secondqearnings.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) July 25, 2011
_______________________________________________________________________________
UNISYS CORPORATION
_______________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-8729 38-0387840
_______________________________________________________________________________
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
801 Lakeview Drive, Suite 100
Blue Bell, Pennsylvania 19422
_______________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
(215) 986-4011
_______________________________________________________________________________
(Registrant's telephone number, including area code)
N/A
_______________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
\ \ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
\ \ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
\ \ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)
\ \ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On July 25, 2011, Unisys Corporation issued a news release to report its
financial results for the quarter ended June 30, 2011. The release is
furnished as Exhibit 99 to this Current Report.
The information in this Current Report, including the Exhibit attached hereto
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that section. The information contained herein and in the accompanying Exhibit
shall not be incorporated by reference into any registration statement or other
document filed with the Securities and Exchange Commission by Unisys
Corporation, whether before or after the date hereof, regardless of any general
incorporation language in such filing, except as shall be expressly set forth
by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibit is being furnished herewith:
99 News Release, dated July 25, 2011, of Unisys Corporation
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.
UNISYS CORPORATION
Date: July 25, 2011 By: /s/ Janet B. Haugen
-------------------
Janet B. Haugen
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
-------------
Exhibit
No.
------
99 News Release, dated July 25, 2011, of Unisys Corporation
EX-99
2
ex99secondq.txt
News Release
Investor Contact:
Niels Christensen, 215-986-6651
Niels.Christensen@unisys.com
Media Contact:
Jim Kerr, 215-986-5795
Jim.Kerr@unisys.com
UNISYS ANNOUNCES SECOND-QUARTER 2011 FINANCIAL RESULTS
* NET LOSS OF $11.6 MILLION OR 27 CENTS PER SHARE INCLUDES PREVIOUSLY ANNOUNCED
$45.7 MILLION DEBT REDUCTION CHARGE
* NON-GAAP EPS OF 93 CENTS(1)
* RESULTS IMPACTED BY CONTINUED WEAKNESS IN U.S. FEDERAL MARKETPLACE AND LOWER
TECHNOLOGY REVENUE
* OUTSIDE THE U.S. FEDERAL BUSINESS, SERVICES REVENUE ESSENTIALLY FLAT YEAR
OVER YEAR
* SIXTH CONSECUTIVE QUARTER OF YEAR-OVER-YEAR GROWTH IN IT OUTSOURCING REVENUE
OUTSIDE THE U.S. FEDERAL BUSINESS
* IMPROVED SERVICES OPERATING PROFIT MARGIN SEQUENTIALLY AND YEAR OVER YEAR TO
7.1 PERCENT
* GENERATED ADJUSTED EBITDA(2) OF $106 MILLION
* FURTHER STRENGTHENED BALANCE SHEET; REDUCED DEBT BY $179 MILLION IN QUARTER
* CASH NET OF DEBT INCREASED BY $518 MILLION FROM A YEAR AGO
BLUE BELL, Pa., July 25, 2011 - Unisys Corporation (NYSE: UIS) today reported a
second-quarter 2011 net loss of $11.6 million, or a loss of 27 cents per
diluted share. The results include a previously announced charge of $45.7
million related to debt reduction and a pre-tax charge of $13.5 million related
to the loss of an old non-income tax case concerning the company's former
Brazilian manufacturing operations. Excluding these charges, non-GAAP earnings
per diluted share were 93 cents in the quarter. In the second quarter of 2010,
the company reported net income from continuing operations of $59.2 million, or
$1.36 per diluted share. Revenue in the second quarter of 2011 declined 10
percent to $937 million compared with $1.04 billion in the year-ago quarter.
Foreign currency fluctuations had a five percentage-point positive impact on
revenue in the quarter.
"Our second-quarter results were impacted by continued softness in the U.S.
Federal marketplace and lower sales of ClearPath systems," said Unisys Chairman
and CEO Ed Coleman. "In spite of this, we made important progress in the
quarter against our three-year financial goals. Outside the U.S. Federal
business, our overall services revenue was essentially flat year over year and
we grew our IT outsourcing revenue for the sixth consecutive quarter. We
improved our services operating profit margin, both sequentially and year-over-
year, to 7.1 percent as we work toward a consistent 8 to 10 percent services
operating margin target. We also continued to strengthen the balance sheet in
the quarter, further reducing debt by $179 million. Cash net of debt has
increased $518 million from a year ago.
"The decline in ClearPath sales in the quarter followed growth last quarter and
in 2010," Coleman said. "As ClearPath sales can vary greatly from quarter to
quarter, we believe the best way to measure this business is on an annual basis.
We continue to focus on achieving our goal of maintaining flat ClearPath
revenue compared with 2010."
OVERALL COMPANY AND BUSINESS SEGMENT HIGHLIGHTS
Unisys said its overall profit margins in the quarter were impacted by lower
sales of ClearPath systems and a $9.9 million increase in pension expense. The
company reported a second-quarter 2011 gross profit margin of 22.8 percent,
down from 27.8 percent in the year-ago quarter. Operating expenses (selling,
general and administrative expenses plus research and development) declined 9
percent from the year-ago quarter. Second-quarter 2011 operating profit was
$48.1 million, or 5.1 percent of revenue, compared to $106.5 million, or 10.3
percent of revenue, in the second quarter of 2010.
Second-quarter 2011 services revenue declined 6 percent year over year,
primarily reflecting $50 million lower revenue in the company's U.S. Federal
business. Outside of the U.S. Federal business, services revenue was
essentially flat with the second quarter of 2010 as growth in IT outsourcing
and infrastructure services was offset by a decline in systems integration.
Services gross profit margin improved to 20.1 percent compared with 19.3
percent a year ago, reflecting continued improvements in service delivery
execution. Services operating profit margin improved to 7.1 percent compared
with 6.1 percent a year ago.
Services backlog at June 30, 2011 was $5.7 billion, an increase of 3 percent
from June 30, 2010. Second-quarter services orders showed double-digit declines
in the quarter reflecting lower outsourcing orders.
Second-quarter 2011 technology revenue declined 35 percent from the prior-year
quarter. The decline was due to lower sales of ClearPath systems following
growth in the prior quarter and in 2010. Reflecting the lower ClearPath sales,
technology gross profit margins declined to 49.0 percent compared with 61.2
percent in the year-ago quarter and technology operating profit margin declined
to 2.4 percent compared with 26.8 percent a year ago.
CASH FLOW AND BALANCE SHEET HIGHLIGHTS
Unisys generated $36 million of cash from operations in the second quarter of
2011 compared with $52 million in the year-ago quarter. Excluding the debt
reduction charge and the impact of the Brazilian tax matter, the company
generated adjusted EBITDA of $106 million in the second quarter of 2011.
Capital expenditures in the second quarter of 2011 declined to $29 million
compared with $48 million in the year-ago quarter. The company generated $7
million of free cash flow (cash provided by operations less capital
expenditures) in the second quarter of 2011. This compared with free cash flow
of $4 million in the year-ago quarter.
As previously announced, on April 11 the company completed a cash tender offer
for principal amounts of $134.8 million of its 14 1/4% Senior Secured Notes due
2015 and $44.1 million of its 12 3/4% Senior Security Notes due 2014. At June
30, 2011, Unisys reported total debt of $447 million and a cash balance of $625
million.
NON-GAAP INFORMATION
Unisys reports its results in accordance with Generally Accepted Accounting
Principles (GAAP) in the United States. However, in an effort to provide
investors with additional perspective regarding the company's results as
determined by GAAP, the company also discusses, in its earnings press release
and/or earnings presentation materials, non-GAAP information which management
believes provides useful information to investors. Our management uses
supplemental non-GAAP financial measures internally to understand, manage and
evaluate our business and assess operational alternatives. These non-GAAP
measures may include non-GAAP earnings per diluted share and adjusted EBITDA.
Our non-GAAP measures are not intended to be considered in isolation or as
substitutes for results determined in accordance with GAAP and should be read
only in conjunction with our condensed consolidated financial statements
prepared in accordance with GAAP.
(1) Non-GAAP earnings per diluted share - Unisys completed debt redemptions of
$211.0 million in principal during the first quarter of 2011 and $178.9 million
in principal during the second quarter of 2011. As a result of the debt
reductions, Unisys recorded charges of $31.8 million and $45.7 million,
respectively, during the first and second quarters of 2011. In addition, during
the second quarter of 2011 the company recorded an after-tax charge of $8.9
million related to the Brazilian matter discussed above. In an effort to
provide investors with a perspective on the company's earnings without these
unusual charges, they are excluded from the non-GAAP earnings per diluted share
calculation. (See GAAP to non-GAAP reconciliation attached.)
(2) Adjusted EBITDA - Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) is an approximate measure of a company's operating cash
flow based on data from the company's income statement. EBITDA is calculated as
earnings before the deduction of interest expenses, taxes, depreciation, and
amortization. Management believes this measure may be relevant to investors due
to the level of fixed assets and related depreciation charges. This measure is
also of interest to the company's creditors, since it provides a perspective on
earnings available for interest payments.
In addition to the debt reduction charge in the second quarter of 2011
referenced above, the company recorded a pre-tax charge of $13.5 million
related to the Brazilian matter discussed above. In order to provide investors
with an understanding of the company's operating results, these unusual charges
are excluded from the Adjusted EBITDA calculation. (See GAAP to non-GAAP
reconciliation attached.)
CONFERENCE CALL
Unisys will hold a conference call today at 5:30 p.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 company. We provide a portfolio of
IT services, software, and technology that solves critical problems for clients.
We specialize in helping clients secure their operations, increase the
efficiency and utilization of their data centers, enhance support to their end
users and constituents, and modernize their enterprise applications. To provide
these services and solutions, we bring together offerings and capabilities in
outsourcing services, systems integration and consulting services,
infrastructure services, maintenance services, and high-end server technology.
With approximately 23,000 employees, Unisys serves commercial organizations and
government agencies throughout the world. 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. Risks and uncertainties
that could affect the company's future results include the company's ability to
drive profitable growth in consulting and systems integration; the company's
ability to take on, successfully implement and grow outsourcing operations;
market demand for the company's high-end enterprise servers and maintenance on
those servers; the potential adverse effects of aggressive competition in the
information services and technology marketplace; the company's ability to
retain significant clients; the company's ability to effectively anticipate and
respond to volatility and rapid technological change in its industry; the
adverse effects of global economic conditions; the company's significant
pension obligations and potential requirements to make significant cash
contributions to its defined benefit pension plans; the success of the
company's program to reduce costs, focus its global resources and simplify its
business structure; the risks that the company's contracts may not be as
profitable as expected or provide the expected level of revenues and that
contracts with U.S. governmental agencies may subject it to audits, criminal
penalties, sanctions and other expenses and fines; the risk that the company
may face damage to its reputation or legal liability if its clients are not
satisfied with its services or products; the performance and capabilities of
third parties with whom the company has commercial relationships; the risks of
doing business internationally when more than half of the company's revenue is
derived from international operations; the company's ability to access capital
and credit markets to address its liquidity needs; the potential for
intellectual property infringement claims to be asserted against the company or
its clients; the possibility that pending litigation could affect the company's
results of operations or cash flow; the business and financial risk in
implementing future dispositions or acquisitions; the company's ability to use
its U.S. federal net operating loss carryforwards and other tax attributes; and
the company's consideration of all available information following the end of
the quarter and before the filing of the Form 10-Q and the possible impact of
this subsequent event information on its financial statements for the reporting
period. Additional discussion of factors that could affect the company's future
results is contained in its periodic filings with the Securities and Exchange
Commission. The company assumes no obligation to update any forward-looking
statements.
####
RELEASE NO.: 0725/9055
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
(Unaudited)
(Millions, except per share data)
Three Months Six Months
Ended June 30 Ended June 30
------------------ ------------------
2011 2010 * 2011 2010 *
-------- -------- -------- --------
Revenue
Services $842.7 $892.0 $1,643.0 $1,742.5
Technology 94.5 145.0 205.4 271.9
-------- -------- -------- --------
937.2 1,037.0 1,848.4 2,014.4
Costs and expenses
Cost of revenue:
Services 676.1 707.0 1,330.6 1,394.6
Technology 47.4 42.0 95.9 96.6
-------- -------- -------- --------
723.5 749.0 1,426.5 1,491.2
Selling, general and
administrative 147.2 160.4 293.2 316.3
Research and development 18.4 21.1 38.7 41.9
-------- -------- -------- --------
889.1 930.5 1,758.4 1,849.4
-------- -------- -------- --------
Operating profit 48.1 106.5 90.0 165.0
Interest expense 13.3 25.3 39.2 51.8
Other income (expense), net (49.4) (7.5) (73.2) (44.4)
-------- -------- -------- --------
(Loss) income from continuing
operations before
income taxes (14.6) 73.7 (22.4) 68.8
(Benefit) provision for
income taxes (9.2) 13.3 19.0 24.5
-------- -------- -------- --------
Consolidated (loss) income before
discontinued operations (5.4) 60.4 (41.4) 44.3
Income from discontinued
operations, net of taxes - 61.0 - 66.7
-------- -------- -------- --------
Net (loss) income (5.4) 121.4 (41.4) 111.0
Less: Net income attributable to
noncontrolling interests 2.2 1.2 5.6 2.4
Less: Preferred stock
dividends 4.0 - 5.4 -
-------- -------- -------- --------
Net (loss) income attributable
to Unisys Corporation
common shareholders ($11.6) $120.2 ($52.4) $108.6
======== ======== ======== ========
Amounts attributable to Unisys
Corporation common shareholders
(Loss) income from
continuing operations,
net of tax ($11.6) $59.2 ($52.4) $41.9
Income from discontinued
operations, net of tax - 61.0 - 66.7
-------- -------- -------- --------
Net (loss) income attributable
to Unisys Corporation
common shareholders ($11.6) $120.2 ($52.4) $108.6
======== ======== ======== ========
Earnings (loss) per common share attributable
to Unisys Corporation
Basic
Continuing operations ($ .27) $ 1.39 ($ 1.22) $ .99
Discontinued operations .00 1.43 .00 1.57
-------- -------- -------- --------
Total ($ .27) $ 2.82 ($ 1.22) $ 2.56
======== ======== ======== ========
Diluted
Continuing operations ($ .27) $ 1.36 ($ 1.22) $ .96
Discontinued operations .00 1.41 .00 1.54
-------- -------- -------- --------
Total ($ .27) $ 2.77 ($ 1.22) $ 2.50
======== ======== ======== ========
Shares used in the per share
computations (thousands):
Basic 43,106 42,590 42,971 42,494
Diluted 43,106 43,329 42,971 43,356
* Reclassified for discontinued operations
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Elimi-
Total nations Services Technology
-------- -------- -------- ----------
Three Months Ended
June 30, 2011
------------------
Customer revenue $937.2 $842.7 $94.5
Intersegment ($22.2) 0.9 21.3
-------- -------- -------- --------
Total revenue $937.2 ($22.2) $843.6 $115.8
======== ======== ======== ========
Gross profit percent 22.8% 20.1% 49.0%
======== ======== ========
Operating profit
percent 5.1% 7.1% 2.4%
======== ======== ========
Three Months Ended
June 30, 2010 *
------------------
Customer revenue $1,037.0 $892.0 $145.0
Intersegment ($36.2) 1.5 34.7
-------- -------- -------- --------
Total revenue $1,037.0 ($36.2) $893.5 $179.7
======== ======== ======== ========
Gross profit percent 27.8% 19.3% 61.2%
======== ======== ========
Operating profit
percent 10.3% 6.1% 26.8%
======== ======== ========
Six Months Ended
June 30, 2011
------------------
Customer revenue $1,848.4 $1,643.0 $205.4
Intersegment ($43.8) 1.8 42.0
-------- -------- -------- --------
Total revenue $1,848.4 ($43.8) $1,644.8 $247.4
======== ======== ======== ========
Gross profit percent 22.8% 19.0% 50.1%
======== ======== ========
Operating profit
percent 4.9% 5.6% 7.0%
======== ======== ========
Six Months Ended
June 30, 2010 *
------------------
Customer revenue $2,014.4 $1,742.5 $271.9
Intersegment ($59.3) 2.4 56.9
-------- -------- -------- --------
Total revenue $2,014.4 ($59.3) $1,744.9 $328.8
======== ======== ======== ========
Gross profit percent 26.0% 18.9% 57.0%
======== ======== ========
Operating profit
percent 8.2% 5.4% 20.7%
======== ======== ========
* Reclassified for discontinued operations
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, December 31,
2011 2010
---------- ----------
Assets
Current assets
Cash and cash equivalents $625.0 $828.3
Accounts and notes receivable, net 667.1 789.7
Inventories
Parts and finished equipment 39.4 44.8
Work in process and materials 35.7 44.1
Deferred income taxes 36.4 40.7
Prepaid expense and other
current assets 128.3 127.8
---------- ----------
Total 1,531.9 1,875.4
---------- ----------
Properties 1,377.3 1,339.0
Less accumulated depreciation
and amortization 1,164.5 1,119.3
---------- ----------
Properties, net 212.8 219.7
---------- ----------
Outsourcing assets, net 157.3 162.3
Marketable software, net 132.3 143.8
Prepaid postretirement assets 36.6 31.2
Deferred income taxes 178.5 179.6
Goodwill 201.0 197.9
Other long-term assets 192.5 211.0
---------- ----------
Total $2,642.9 $3,020.9
========== ==========
Liabilities and stockholders' deficit
Current liabilities
Current maturities of long-term debt $0.9 $0.8
Accounts payable 236.5 260.7
Deferred revenue 477.9 556.3
Other accrued liabilities 441.9 518.9
---------- ----------
Total 1,157.2 1,336.7
---------- ----------
Long-term debt 446.5 823.2
Long-term postretirement liabilities 1,445.3 1,509.2
Long-term deferred revenue 146.7 149.4
Other long-term liabilities 109.0 136.2
Commitments and contingencies
Total stockholders' deficit (661.8) (933.8)
---------- ----------
Total $2,642.9 $3,020.9
========== ==========
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30
-------------------
2011 2010
-------- --------
Cash flows from operating activities
Consolidated (loss) income before
discontinued operations ($41.4) $44.3
Income from discontinued operations,
net of taxes - 66.7
Add (deduct) items to reconcile
consolidated net (loss) income to net
cash provided by operating activities:
Foreign currency transaction loss - 19.9
Loss on debt extinguishment 77.5 1.4
Employee stock compensation 9.4 5.8
Company stock issued for U.S. 401(k) plan 6.7 -
Depreciation and amortization of properties 34.3 39.6
Depreciation and amortization of
outsourcing assets 33.9 58.6
Amortization of marketable software 34.8 31.2
Disposals of capital assets .7 7.4
Loss (gain) on sale of businesses and assets .3 (62.0)
Decrease (increase) in deferred
income taxes, net 11.4 (9.3)
Decrease (increase) in receivables, net 148.2 (52.2)
Decrease in inventories 16.5 5.8
Decrease in accounts payable
and other accrued liabilities (231.4) (65.6)
Decrease in other liabilities (27.7) (34.4)
Increase in other assets (8.6) (35.0)
Other (.7) 1.0
------- -------
Net cash provided by operating activities 63.9 23.2
------- -------
Cash flows from investing activities
Proceeds from investments 173.7 211.8
Purchases of investments (171.3) (211.4)
Restricted deposits 10.3 (80.6)
Investment in marketable software (23.3) (27.3)
Capital additions of properties (24.0) (37.3)
Capital additions of outsourcing assets (25.0) (51.7)
Net proceeds from sale of
businesses and assets (10.1) 130.3
------- -------
Net cash used for investing activities (69.7) (66.2)
------- -------
Cash flows from financing activities
Proceeds from issuance of preferred stock,
net of issuance costs 249.7 -
Payments of long-term debt (460.3) (78.0)
Dividends paid to noncontrolling interests (.4) -
Dividends paid on preferred shares (4.1) -
Proceeds from exercise of stock options 1.4 1.2
Financing fees (2.2) (.1)
------- -------
Net cash used for financing activities (215.9) (76.9)
------- -------
Effect of exchange rate changes on cash
and cash equivalents 18.4 (31.2)
------- -------
Decrease in cash and cash equivalents (203.3) (151.1)
Cash and cash equivalents, beginning of
period 828.3 647.6
------- -------
Cash and cash equivalents, end of period $625.0 $496.5
======= =======
(1)
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except share and per share data)
Three Months Six Months
Ended Ended
June 30, 2011 June 30, 2011
-------------- --------------
GAAP net loss attributable to
Unisys Corporation common
shareholders ($11.6) ($52.4)
Debt reduction charge 45.7 77.5
Brazil non-income tax case,
net of tax 8.9 8.9
-------------- --------------
Non-GAAP net income attributable
to Unisys Corporation
common shareholders 43.0 34.0
Add preferred stock dividends 4.0 5.4
-------------- --------------
Non-GAAP net income attributable
to Unisys Corporation for
diluted earnings per share $47.0 $39.4
============== ==============
Weighted average
shares (thousands) 43,106 42,971
Plus incremental shares from assumed
conversion of employee stock
plans and preferred stock 7,484 5,273
-------------- --------------
Adjusted weighted average shares 50,590 48,244
============== ==============
Earnings per Share
GAAP basis
GAAP net loss attributable to
Unisys Corporation common
shareholders ($11.6) ($52.4)
Divided by weighted average shares 43,106 42,971
GAAP net loss per share ($ .27) ($ 1.22)
============== ==============
Non-GAAP basis
Non-GAAP net income attributable
to Unisys Corporation for
diluted earnings per share $47.0 $39.4
Divided by adjusted weighted
average shares 50,590 48,244
Non-GAAP net income per
diluted share $ .93 $ .82
============== ==============
(2)
UNISYS CORPORATION
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(Unaudited)
(Millions)
Three Months Six Months
Ended Ended
June 30, 2011 June 30, 2011
-------------- --------------
Net loss from continuing
operations available to
common shareholders ($11.6) ($52.4)
Preferred stock dividends 4.0 5.4
-------------- --------------
Net loss before preferred
dividends (7.6) (47.0)
Interest 13.3 39.2
Income taxes (9.2) 19.0
Depreciation 32.4 68.2
Amortization 17.4 34.8
-------------- --------------
EBITDA 46.3 114.2
Debt reduction charge 45.7 77.5
Brazil non-income tax case 13.5 13.5
-------------- --------------
Adjusted EBITDA $105.5 $205.2
============== ==============