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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Computer Sciences Corp. | NYSE:CSC | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 69.01 | 0.00 | 01:00:00 |
From Apr 2019 to Apr 2024
CSC (NYSE: CSC) today reported results for the second quarter of fiscal year 2017.
“In the second quarter, CSC delivered revenue growth and sequential margin improvement as we continue to execute on our transformation strategy," said Mike Lawrie, chairman, president and CEO. "We have integrated our recent acquisitions, and are growing our next generation offerings, such as Business Process Services. Recent wins such as MetLife are a strong confirmation of our leadership in the insurance market and other sectors. Today, we announced a global alliance with PwC to deliver end-to-end digital transformation solutions to our clients. Finally, we remain on track to close our proposed merger with the Enterprise Services business of Hewlett Packard Enterprise on or about April 1st.”
Financial Highlights
Global Business Services
GBS revenue of $1,035 million in the quarter compares with $891 million in the year ago quarter, an increase of 16.2%. GBS revenue increased 19.2% year-over-year in constant currency. The GBS revenue increase included the contributions of our recent acquisitions. GBS consolidated segment operating margin in the quarter, excluding the impact of certain items, was 10.1% compared to 12.3% in the prior year. New business awards for GBS were $2 billion in the second quarter.
Global Infrastructure Services
GIS revenue of $836 million in the quarter compares with $854 million in the year-ago quarter, a decrease of 2.1%. GIS revenue increased 1.1% year-over-year in constant currency. The GIS revenue increase was driven by the growth in our next generation offerings and the inclusion of our recent acquisitions. GIS consolidated segment operating margin in the quarter, excluding the impact of certain items, was 7.9% up from 7.4% in the prior year. New business awards for GIS were $0.5 billion in the second quarter.
Returning Capital to Shareholders
During the second quarter, CSC returned $20 million to shareholders consisting of common stock dividends.
CSC had 140,770,133 basic shares outstanding on September 30, 2016.
Earnings Conference Call and Webcast
CSC senior management will host a conference call and webcast today at 5 p.m. EDT. The dial-in number for domestic callers is 800-218-2154. Callers who reside outside of the United States or Canada should dial 913-981-5550. The passcode for all participants is 7167172. The webcast audio and any presentation slides will be available on CSC’s Investor Relations website.
A replay of the conference call will be available from approximately two hours after the conclusion of the call until November 15, 2016. The replay dial-in number is 888-203-1112 for domestic callers and 719-457-0820 for callers who reside outside of the United States and Canada. The replay passcode is also 7167172. A replay of this webcast will also be available on CSC’s website.
Non-GAAP Measures
In an effort to provide investors with additional information regarding the Company’s preliminary and unaudited results as determined by U.S. generally accepted accounting principles (GAAP), the Company has also disclosed in this press release preliminary non-GAAP information and certain further adjustments thereto, which management believes provides useful information to investors, including: constant currency, consolidated segment operating income, consolidated segment commercial operating income, consolidated segment commercial operating margin, consolidated segment adjusted operating income, consolidated segment operating and adjusted operating margin, earnings before interest and taxes (EBIT), adjusted EBIT, EBIT and adjusted EBIT margin, adjusted free cash flow and non-GAAP results including non-GAAP income from continuing operations and non-GAAP diluted earnings per share from continuing operations. Reconciliations of the preliminary non-GAAP measures to the respective and most directly comparable GAAP measures, as well as the rationale for management’s use of non-GAAP measures are included below.
About CSC
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit the company's website at www.csc.com.
All statements in this press release and in all future press releases that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent the Company’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company’s control. These factors could cause actual results to differ materially from such forward looking statements. For a written description of these factors, see the section titled “Risk Factors” in CSC’s Form 10-K for the fiscal year ended April 1, 2016 and any updating information in subsequent SEC filings. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise, except as required by law.
Note: On November 27, 2015, CSC completed the separation of CSRA. The Company’s results of operations for the second quarter and first six months of fiscal 2016 have been adjusted to reflect the separation.
Business Segment Revenues, Consolidated Segment Operating Income and Consolidated Segment Operating Margins(preliminary and unaudited)
Revenues by Segment
Three Months Ended (in millions)September 30,2016
October 2,2015
% Change% Change atConstantCurrency(1)
Global Business Services $ 1,035 $ 891 16.2 % 19.2 % Global Infrastructure Services 836 854 (2.1 )% 1.1 % Total Revenues $ 1,871 $ 1,745 7.2 % 10.3 %Revenues by Segment
Six Months Ended (in millions)September 30,2016
October 2,2015
% Change% Change atConstantCurrency(1)
Global Business Services $ 2,084 $ 1,810 15.1 % 17.8 % Global Infrastructure Services 1,717 1,739 (1.3 )% 1.4 % Total Revenues $ 3,801 $ 3,549 7.1 % 9.7 %(1) Selected references are made on a “constant currency basis” so that certain financial results can be viewed without the impact of fluctuations in foreign currency rates, thereby providing comparisons of operating performance from period to period. Financial results on a “constant currency basis” are non-U.S. Generally Accepted Accounting Principle (GAAP) measures calculated by translating current period activity into U.S. dollars using the comparable prior period’s currency conversion rates. This approach is used for all results where the functional currency is not the U.S. dollar.
Consolidated Segment Operating Income and Consolidated Segment Operating Margins by Segment Three Months Ended September 30, 2016 October 2, 2015 (in millions)ConsolidatedSegmentOperatingIncome
ConsolidatedSegmentOperatingMargin
ConsolidatedSegmentOperatingIncome
ConsolidatedSegmentOperatingMargin
Global Business Services $ 83 8.0 % $ 101 11.3 % Global Infrastructure Services 26 3.1 % 64 7.5 % Consolidated Segment Commercial Operating Income 109 5.8 % 165 9.5 % Corporate (11 ) — (35 ) — Total Consolidated Segment Operating Income $ 98 5.2 % $ 130 7.4 % Six Months Ended September 30, 2016 October 2, 2015 (in millions)
ConsolidatedSegmentOperatingIncome
ConsolidatedSegmentOperatingMargin
ConsolidatedSegmentOperatingIncome
ConsolidatedSegmentOperatingMargin
Global Business Services 156 7.5 % $ 198 10.9 % Global Infrastructure Services 22 1.3 % 117 6.7 % Consolidated Segment Commercial Operating Income 178 4.7 % 315 8.9 % Corporate (28 ) — (41 ) — Total Consolidated Segment Operating Income $ 150 3.9 % $ 274 7.7 %Condensed Consolidated Statements of Operations
(preliminary and unaudited)
Three Months Ended Six Months Ended (in millions, except per-share amounts)September 30,2016
October 2,2015
September 30,2016
October 2,2015
Revenues $ 1,871 $ 1,745 $ 3,801 $ 3,549 Costs of services (excludes depreciation and amortization and restructuring costs) 1,363 1,237 2,784 2,509 Selling, general and administrative (excludes depreciation and amortization and restructuring costs) 293 269 598 540 Depreciation and amortization 167 168 333 342 Restructuring costs 25 5 82 5 Interest expense 29 29 54 59 Interest income (8 ) (7 ) (18 ) (18 ) Other expense (income), net 3 (3 ) 5 (7 ) Total costs and expenses 1,872 1,698 3,838 3,430 (Loss) income from continuing operations, before taxes (1 ) 47 (37 ) 119 Income tax benefit (22 ) (46 ) (38 ) (39 ) Income from continuing operations 21 93 1 158 Income from discontinued operations, net of taxes — 84 — 186 Net income 21 177 1 344 Less: net income attributable to noncontrolling interest, net of tax 6 6 7 10 Net income (loss) attributable to CSC common stockholders $ 15 $ 171 $ (6 ) $ 334 Earnings (loss) per common share Basic: Continuing operations $ 0.11 $ 0.68 $ (0.04 ) $ 1.14 Discontinued operations — 0.56 — 1.28 $ 0.11 $ 1.24 $ (0.04 ) $ 2.42 Diluted: Continuing operations $ 0.10 $ 0.66 $ (0.04 ) $ 1.12 Discontinued operations — 0.55 — 1.24 $ 0.10 $ 1.21 $ (0.04 ) $ 2.36 Cash dividend per common share $ 0.14 $ 0.23 $ 0.28 $ 0.46 Weighted average common shares outstanding for: Basic EPS 140.53 138.30 139.76 138.11 Diluted EPS 143.78 140.85 139.76 141.27 Selected Balance Sheet Data(preliminary and unaudited)
As of (in millions)September 30, 2016
April 1, 2016 Assets Cash and cash equivalents $ 1,054 $ 1,178 Receivables, net 1,893 1,831 Prepaid expenses and other current assets 379 403 Total current assets 3,326 3,412 Intangible assets, net 1,882 1,328 Goodwill 1,843 1,277 Deferred income taxes, net 327 345 Property and equipment, net 984 1,025 Other assets 457 349 Total Assets $ 8,819 $ 7,736 Liabilities Short-term debt and current maturities of long-term debt 794 710 Accounts payable 281 341 Accrued payroll and related costs 285 288 Accrued expenses and other current liabilities 787 720 Deferred revenue and advance contract payments 537 509 Income taxes payable 17 40 Total current liabilities 2,701 2,608 Long-term debt, net of current maturities 2,506 1,934 Non-current deferred revenue 313 348 Deferred tax liabilities 221 181 Non-current income tax liabilities 184 175 Other liabilities 569 458 Total Liabilities 6,494 5,704 Total Equity 2,325 2,032 Total Liabilities and Equity $ 8,819 $ 7,736 Condensed Consolidated Statements of Cash Flows(preliminary and unaudited)
Six Months Ended (in millions)September 30,2016
October 2,2015
Cash flows from operating activities: Net income $ 1 $ 344 Adjustments to reconcile net loss income to net cash provided by operating activities: Depreciation and amortization 339 410 Stock-based compensation 35 7 Gain on dispositions — (55 ) Unrealized foreign currency exchange loss 90 7 Other non-cash charges, net — 12 Changes in assets and liabilities, net of acquisitions and dispositions: Decrease in assets 64 176 Decrease in liabilities (287 ) (417 ) Net cash provided by operating activities 242 484 Cash flows from investing activities: Purchases of property and equipment (143 ) (184 ) Payments for outsourcing contract costs (49 ) (53 ) Software purchased and developed (78 ) (104 ) Payments for acquisitions, net of cash acquired (434 ) (236 ) Business dispositions — 34 Proceeds from sale of assets 9 50 Other investing activities, net (26 ) 12 Net cash used in investing activities (721 ) (481 ) Cash flows from financing activities: Borrowings of commercial paper 1,163 299 Repayments of commercial paper (1,058 ) (84 ) Borrowings under lines of credit 920 1,310 Repayment of borrowings under lines of credit (529 ) (1,150 ) Debt borrowings 107 — Debt repayments (188 ) (461 ) Proceeds from stock options 42 45 Taxes paid related to net share settlements of stock-based compensation awards (12 ) (27 ) Repurchase of common stock — (118 ) Dividend payments (39 ) (64 ) Other financing activities, net (30 ) (6 ) Net cash provided by (used in) financing activities 376 (256 ) Effect of exchange rate changes on cash and cash equivalents (21 ) (27 ) Net decrease in cash and cash equivalents (124 ) (280 ) Cash and cash equivalents at beginning of year 1,178 2,098 Cash and cash equivalents at end of period $ 1,054 $ 1,818Non-GAAP Financial Measures
We present non-GAAP financial measures of performance which are derived from the condensed consolidated financial information of CSC. These non-GAAP financial measures include consolidated segment operating income and margin, consolidated segment adjusted operating income and margin, consolidated segment commercial operating income and margin, earnings before interest and taxes (EBIT), adjusted EBIT, EBIT and adjusted EBIT margin, non-GAAP income from continuing operations before taxes, non-GAAP net income from continuing operations, non-GAAP EPS from continuing operations and adjusted free cash flow.
We present these non-GAAP financial measures to supplement financial information presented on a GAAP basis. Non-GAAP financial measures exclude certain items from GAAP which management believes are not indicative of core operating performance. These non-GAAP financial measures allow management to better understand the consolidated financial performance of the Company exclusive of corporate wide strategic decisions. Management believes that adjusting for certain items not indicative of our core operating performance provides investors with additional measures to evaluate our operating financial performance on a more comparable basis. We believe the non-GAAP measures we provide are also considered important measures used by financial analysts covering CSC and its peers.
There are limitations to the use of the non-GAAP financial measures we present. One of the limitations is that they do not reflect complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Additionally, other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Reconciliation of Non-GAAP Financial Measures
Our non-GAAP adjustments include:
Reconciliation of Non-GAAP Financial Measures(preliminary and unaudited)
Consolidated Segment Operating Income and Consolidated Segment Adjusted Operating Income
We define consolidated segment operating income as revenue less costs of services, depreciation and amortization expense, restructuring costs and segment SG&A expenses. Consolidated segment operating income excludes corporate G&A and pension and OPEB actuarial and settlement losses. A reconciliation of consolidated segment operating income and consolidated segment adjusted operating income to (loss) income from continuing operations, before taxes is as follows:
Three Months Ended Six Months Ended (in millions)September 30,2016
October 2,2015
September 30,2016
October 2,2015
Consolidated segment adjusted operating income $ 160 $ 156 $ 304 $ 304 Restructuring costs (25 ) (20 ) (82 ) (20 ) Transaction and integration-related costs (37 ) (2 ) (72 ) (2 ) Certain overhead costs — (18 ) — (36 ) U.S. Pension and OPEB — 14 — 28 Consolidated segment operating income 98 130 150 274 Corporate G&A (75 ) (64 ) (145 ) (121 ) Pension and OPEB actuarial and settlement losses — — (1 ) — Interest expense (29 ) (29 ) (54 ) (59 ) Interest income 8 7 18 18 Other (expense) income, net (3 ) 3 (5 ) 7 (Loss) income from continuing operations, before taxes $ (1 ) $ 47 $ (37 ) $ 119 Consolidated segment adjusted operating margin 8.6 % 8.9 % 8.0 % 8.6 % Consolidated segment operating margin 5.2 % 7.4 % 3.9 % 7.7 %Earnings Before Interest and Taxes and Adjusted Earnings Before Interest and Taxes
A reconciliation of EBIT and adjusted EBIT to net (loss) income is as follows:
Three Months Ended Six Months Ended (in millions)September 30,2016
October 2,2015
September 30,2016
October 2,2015
Adjusted EBIT $ 120 $ 117 $ 226 $ 233 Restructuring costs (25 ) (20 ) (82 ) (20 ) Transaction and integration-related costs (75 ) (7 ) (145 ) (10 ) Certain overhead costs — (33 ) — (66 ) U.S. Pension and OPEB — 14 — 28 SEC settlement-related items — (2 ) — (5 ) EBIT $ 20 $ 69 $ (1 ) $ 160 Interest expense (29 ) (29 ) (54 ) (59 ) Interest income 8 7 18 18 Income tax benefit 22 46 38 39 (Loss) income from continuing operations $ 21 $ 93 $ 1 $ 158 Income from discontinued operations, net of taxes — 84 — 186 Net income $ 21 $ 177 $ 1 $ 344 Adjusted EBIT margin 6.4 % 6.7 % 5.9 % 6.6 % EBIT margin 1.1 % 4.0 % — % 4.5 %Adjusted Free Cash Flow(preliminary and unaudited)
A reconciliation of net cash provided by operating activities to adjusted free cash flow is as follows:
Three Months Ended Six Months Ended (in millions)September 30,2016
October 2,2015
September 30,2016
October 2,2015
Net cash provided by operating activities $ 192 $ 122 $ 242 $ 484 Net cash used in investing activities (154 ) (397 ) (678 ) (481 ) Acquisitions, net of cash acquired 11 236 434 236 Business dispositions — — — (34 ) Short-term investments — — — — Payments on capital leases and other long-term asset financings (50 ) (42 ) (95 ) (111 ) Payments on transaction and integration-related costs 50 49 143 60 Payments on restructuring costs 26 32 61 51 SEC settlement-related payments — 1 — 187 Sale of NPS accounts receivables $ — $ 57 $ — $ (176 ) Adjusted free cash flow $ 75 $ 58 $ 107 $ 216(1) Excludes capital expenditures financed through CSC Finco and other investments.
Consolidated Segment Adjusted Operating Income and Consolidated Segment Adjusted Operating Margin
A reconciliation of consolidated segment operating income to consolidated segment adjusted operating income is as follows:
Three months ended September 30, 2016 (in millions)ConsolidatedSegmentOperatingIncome
Restructuringcosts
Transaction andintegration-related costs
ConsolidatedSegmentAdjustedOperatingIncome
ConsolidatedSegmentAdjustedOperatingMargin
Global Business Services $ 83 $ (2 ) $ (20 ) $ 105 10.1 % Global Infrastructure Services 26 (23 ) (17 ) 66 7.9 % Total Commercial 109 (25 ) (37 ) 171 9.1 % Corporate (11 ) — — (11 ) — Total $ 98 $ (25 ) $ (37 ) $ 160 8.6 % Six months ended September 30, 2016 (in millions)ConsolidatedSegmentOperatingIncome
Restructuringcosts
Transaction andintegration-related costs
ConsolidatedSegmentAdjustedOperatingIncome
ConsolidatedSegmentAdjustedOperatingMargin
Global Business Services $ 156 (22 ) (37 ) $ 215 10.3 % Global Infrastructure Services 22 (60 ) (35 ) 117 6.8 % Total Commercial 178 (82 ) (72 ) 332 8.7 % Corporate (28 ) — — (28 ) — Total $ 150 $ (82 ) $ (72 ) $ 304 8.0 % Three months ended October 2, 2015 (in millions)ConsolidatedSegmentOperatingIncome
Certainoverhead costs
U.S. Pensionand OPEB
Restructuringcosts
Transactionandintegration-related costs
ConsolidatedSegmentAdjustedOperatingIncome
ConsolidatedSegmentAdjustedOperatingMargin
Global Business Services $ 101 — 4 $ (12 ) $ (1 ) $ 110 12.3 % Global Infrastructure Services 64 — 10 (8 ) (1 ) 63 7.4 % Total Commercial 165 — 14 (20 ) (2 ) 173 9.9 % Corporate (35 ) (18 ) — — — (17 ) — Total $ 130 $ (18 ) $ 14 $ (20 ) $ (2 ) $ 156 8.9 % Six months ended October 2, 2015 (in millions)ConsolidatedSegmentOperatingIncome
Certainoverhead costs
U.S. Pensionand OPEB
Restructuringcosts
Transactionandintegration-related costs
ConsolidatedSegmentAdjustedOperatingIncome
ConsolidatedSegmentAdjustedOperatingMargin
Global Business Services $ 198 — 8 (12 ) (1 ) $ 203 11.2 % Global Infrastructure Services 117 — 20 (8 ) (1 ) 106 6.1 % Total Commercial 315 — 28 (20 ) (2 ) 309 8.7 % Corporate (41 ) (36 ) — — — (5 ) — Total $ 274 $ (36 ) $ 28 $ (20 ) $ (2 ) $ 304 8.6 %Non-GAAP Results
A reconciliation of non-GAAP results to the respective most directly comparable financial measure calculated and presented in accordance with GAAP is as follows:
Three months ended September 30, 2016 (in millions, except per-share amounts) As reportedRestructuringcosts
Transactionandintegration-related costs
Non-GAAPresults
Costs of services (excludes depreciation and amortization and restructuring costs) $ 1,363 $ — $ — $ 1,363 Selling, general and administrative (excludes depreciation and amortization, restructuring costs and transaction costs) 293 — (53 ) 240 (Loss) income from continuing operations, before taxes (1 ) (25 ) (78 ) 102 Income tax (benefit) expense (22 ) (6 ) (24 ) 8 Income from continuing operations 21 (19 ) (54 ) 94 Net income 21 (19 ) (54 ) 94 Less: net income attributable to noncontrolling interest, net of tax 6 — — 6 Net income attributable to CSC common stockholders $ 15 $ (19 ) $ (54 ) $ 88 Effective Tax Rate n/m 7.8 % Basic EPS from continuing operations $ 0.11 $ (0.14 ) $ (0.38 ) $ 0.63 Diluted EPS from continuing operations $ 0.10 $ (0.13 ) $ (0.38 ) $ 0.61 Weighted average common shares outstanding for: Basic EPS 140.53 140.53 140.53 140.53 Diluted EPS 143.78 143.78 143.78 143.78 Six months ended September 30, 2016 (in millions, except per-share amounts) As reportedRestructuringcosts
Transactionandintegration-related costs
Non-GAAPresults
Costs of services (excludes depreciation and amortization and restructuring costs) 2,784 $ — $ — $ 2,784 Selling, general and administrative (excludes depreciation and amortization, restructuring costs and transaction costs) 598 — (109 ) 489 (Loss) income from continuing operations, before taxes (37 ) (82 ) (148 ) 193 Income tax (benefit) expense (38 ) (18 ) (43 ) 23 Income from continuing operations 1 (64 ) (105 ) 170 Net income 1 (64 ) (105 ) 170 Less: net income attributable to noncontrolling interest, net of tax 7 — — 7 Net (loss) income attributable to CSC common stockholders $ (6 ) $ (64 ) $ (105 ) $ 163 Effective Tax Rate 102.7 % 11.9 % Basic EPS from continuing operations $ (0.04 ) $ (0.46 ) $ (0.75 ) $ 1.17 Diluted EPS from continuing operations $ (0.04 ) $ (0.45 ) $ (0.73 ) $ 1.14 Weighted average common shares outstanding for: Basic EPS 139.76 139.76 139.76 139.76 Diluted EPS 139.76 143.14 143.14 143.14 Three months ended October 2, 2015 (in millions, except per-share amounts)Asreported
Certainoverheadcosts
U.S.Pensionand OPEB
Restructuringcosts
Transactionandintegration-related costs
SECsettlement-relateditems
Taxadjustment
Non-GAAPresults
Costs of services (excludes depreciation and amortization and restructuring costs) $ 1,237 $ (17 ) $ 12 $ — $ — $ — $ — $ 1,232 Selling, general and administrative (excludes depreciation and amortization and restructuring costs) 269 (16 ) 2 — (7 ) (2 ) — 246 Income from continuing operations, before taxes 47 (33 ) 14 (20 ) (7 ) (2 ) — 95 Income tax (benefit) expense (46 ) (13 ) 6 (6 ) (3 ) (1 ) (46 ) 17 Income from continuing operations 93 (20 ) 8 (14 ) (4 ) (1 ) 46 78 Net income 177 (20 ) 8 (14 ) (4 ) (1 ) 46 162 Less: net income attributable to noncontrolling interest, net of tax 6 — — — — — — 6 Net income attributable to CSC common stockholders $ 171 $ (20 ) $ 8 $ (14 ) $ (4 ) $ (1 ) $ 46 $ 156 Effective Tax Rate (97.9 )% 17.9 % Basic EPS from continuing operations $ 0.68 $ (0.14 ) $ 0.06 $ (0.10 ) $ (0.03 ) $ (0.01 ) $ 0.33 $ 0.56 Diluted EPS from continuing operations $ 0.66 $ (0.14 ) $ 0.06 $ (0.10 ) $ (0.03 ) $ (0.01 ) $ 0.33 $ 0.55 Weighted average common shares outstanding for: Basic EPS 138.30 138.30 138.30 138.30 138.30 138.30 138.30 138.30 Diluted EPS 140.85 140.85 140.85 140.85 140.85 140.85 140.85 140.85 Six months ended October 2, 2015 (in millions, except per-share amounts)Asreported
Certainoverheadcosts
U.S.PensionandOPEB
Restructuringcosts
Transactionandintegration-relatedcosts
SECsettlement-relateditems
Taxadjustment
Non-GAAPresults
Costs of services (excludes depreciation and amortization and restructuring costs) $ 2,509 $ (34 ) $ 24 $ — $ — $ — $ — $ 2,499 Selling, general and administrative (excludes depreciation and amortization and restructuring costs) 540 (32 ) 4 — (10 ) (5 ) — 497 Income from continuing operations, before taxes 119 (66 ) 28 (20 ) (10 ) (5 ) — 192 Income tax expense (39 ) (26 ) 11 (6 ) (4 ) (2 ) (60 ) 48 Income from continuing operations 158 (40 ) 17 (14 ) (6 ) (3 ) 60 144 Net income 344 (40 ) 17 (14 ) (6 ) (3 ) 60 330 Less: net income attributable to noncontrolling interest, net of tax 10 — — — — — — 10 Net income attributable to CSC common stockholders $ 334 $ (40 ) $ 17 $ (14 ) $ (6 ) $ (3 ) $ 60 $ 320 Effective Tax Rate (32.8 )% 25.0 % Basic EPS from continuing operations $ 1.14 $ (0.29 ) $ 0.12 $ (0.10 ) $ (0.04 ) $ (0.02 ) $ 0.43 $ 1.04 Diluted EPS from continuing operations $ 1.12 $ (0.28 ) $ 0.12 $ (0.10 ) $ (0.04 ) $ (0.02 ) $ 0.42 $ 1.02 Weighted average common shares outstanding for: Basic EPS 138.11 138.11 138.11 138.11 138.11 138.11 138.11 138.11 Diluted EPS 141.27 141.27 141.27 141.27 141.27 141.27 141.27 141.27
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103006724/en/
CSCRichard Adamonis, Corporate Media Relations862-228-3481radamonis@csc.comorNeil DeSilva, Global M&A and Investor Relations703-245-9700neildesilva@csc.com
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