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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 |
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): February 9, 2016 |
COMPUTER SCIENCES CORPORATION | ||
(Exact name of Registrant as specified in its charter) |
Nevada | 1-4850 | 95-2043126 | |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
3170 Fairview Park Drive | 22042 | ||
Falls Church, Virginia | (Zip Code) | ||
(Address of Principal Executive Offices) | |||
Registrant’s telephone number, including area code (703) 876-1000 | |||
Not Applicable | |||
(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 (see General Instruction A.2. below): | |||
[ ] 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)) |
Exhibit No. | Description |
99.1 | Earnings Press Release issued February 9, 2016 |
COMPUTER SCIENCES CORPORATION | ||||
Dated: | February 9, 2016 | By: | /s/ Paul N. Saleh | |
Paul N. Saleh | ||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description |
99.1 | Earnings Press Release issued February 9, 2016 |
Moved on Business Wire | |
February 9, 2016 |
• | Diluted Earnings per Share from Continuing Operations of $0.10 Includes Cumulative Impact of Certain Items of ($0.61) per Share |
• | Non-GAAP Diluted Earnings per Share from Continuing Operations of $0.71, up 16% YoY |
• | Income from Continuing Operations Before Taxes of $78 Million Includes Cumulative Impact from Certain Items of ($46) Million |
• | Operating Income, adjusted for certain items, of $190 Million and Operating Income Margin on the same basis of 10.9%, up 200 basis points YoY |
• | Diluted earnings per share from continuing operations were $0.10 in the third quarter and included the cumulative impact of certain items of ($0.61) per share. These items included ($0.25) per share in separation, restructuring and other transaction costs, $0.04 per share in U.S. pension and OPEB impacts related to our separation of CSRA, ($0.10) per share in certain CSRA overhead costs, $0.09 per share in pension & OPEB actuarial and settlement gains, and ($0.38) per share from tax valuation allowance impacts. Excluding these items, non-GAAP diluted earnings per share from continuing operations were $0.71, up 16 percent when compared with $0.61 in the third quarter of fiscal 2015. |
• | Income from continuing operations before taxes was $78 million, which includes the cumulative cost of certain items of ($46) million. Excluding the impact of these items, non-GAAP income from continuing operations before taxes was $124 million compared with $109 million a year ago. |
• | Operating income, adjusted for certain items, was $190 million and compares with $174 million in the prior year. Operating margin on the same basis was 10.9 percent, up from 8.9 percent in the prior year. |
• | Income from continuing operations was $15 million for the third quarter. Excluding the impact of the items discussed above, non-GAAP income from continuing operations was $100 million, compared with $87 million in the prior year. |
Revenues by Segment | ||||||||||||||
Quarter Ended | ||||||||||||||
(Amounts in millions) | January 1, 2016 | January 2, 2015 | % Change | % Change at Constant Currency | ||||||||||
Global Business Services | $ | 886 | $ | 965 | (8.2 | )% | (2.5 | )% | ||||||
Global Infrastructure Services | 864 | 984 | (12.2 | ) | (7.2 | ) | ||||||||
Total Revenues | $ | 1,750 | $ | 1,949 | (10.2 | )% | (4.9 | )% |
Nine Months Ended | ||||||||||||||
(Amounts in millions) | January 1, 2016 | January 2, 2015 | % Change | % Change at Constant Currency | ||||||||||
Global Business Services | $ | 2,696 | $ | 3,056 | (11.8 | )% | (4.7 | )% | ||||||
Global Infrastructure Services | 2,603 | 3,151 | (17.4 | ) | (11.3 | ) | ||||||||
Total Revenues | $ | 5,299 | $ | 6,207 | (14.6 | )% | (8.0 | )% |
Operating Income and Operating Margins by Segment | ||||||||||||||
Quarter Ended | ||||||||||||||
January 1, 2016 | January 2, 2015 | |||||||||||||
(Amounts in millions) | Operating Income | Operating Margin | Operating Income | Operating Margin | ||||||||||
Global Business Services | $ | 101 | 11.4 | % | $ | 128 | 13.3 | % | ||||||
Global Infrastructure Services | 70 | 8.1 | 72 | 7.3 | ||||||||||
Corporate | (23 | ) | — | (22 | ) | — | ||||||||
Total Operating Income | $ | 148 | 8.5 | % | $ | 178 | 9.1 | % |
Nine Months Ended | ||||||||||||||
January 1, 2016 | January 2, 2015 | |||||||||||||
(Amounts in millions) | Operating Income | Operating Margin | Operating Income | Operating Margin | ||||||||||
Global Business Services | $ | 299 | 11.1 | % | $ | 366 | 12.0 | % | ||||||
Global Infrastructure Services | 187 | 7.2 | % | 211 | 6.7 | % | ||||||||
Corporate & Eliminations | (64 | ) | — | (79 | ) | — | ||||||||
Total Operating Income | $ | 422 | 8.0 | % | $ | 498 | 8.0 | % |
Quarter Ended | Nine Months Ended | |||||||||||||||
(Amounts in millions, except per-share amounts) | January 1, 2016 | January 2, 2015 | January 1, 2016 | January 2, 2015 | ||||||||||||
Revenues | $ | 1,750 | $ | 1,949 | $ | 5,299 | $ | 6,207 | ||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | 1,216 | 1,572 | 3,725 | 4,541 | ||||||||||||
Selling, general and administrative (excludes SEC settlement related charges and restructuring costs) | 257 | 322 | 789 | 954 | ||||||||||||
Selling, general and administrative - SEC settlement related charges | — | 195 | — | 195 | ||||||||||||
Depreciation and amortization | 161 | 205 | 503 | 658 | ||||||||||||
Restructuring costs | 7 | 12 | 12 | 15 | ||||||||||||
Separation costs | 2 | — | 10 | — | ||||||||||||
Interest expense | 33 | 32 | 92 | 96 | ||||||||||||
Interest income | (8 | ) | (4 | ) | (26 | ) | (14 | ) | ||||||||
Other expense (income), net | 4 | 1 | (3 | ) | 5 | |||||||||||
Total costs and expenses | 1,672 | 2,335 | 5,102 | 6,450 | ||||||||||||
Income (loss) from continuing operations, before taxes | 78 | (386 | ) | 197 | (243 | ) | ||||||||||
Income tax expense (benefit) | 63 | (192 | ) | 31 | (157 | ) | ||||||||||
Income (loss) from continuing operations | 15 | (194 | ) | 166 | (86 | ) | ||||||||||
Income (loss) from discontinued operations, net of taxes | 30 | (119 | ) | 216 | 80 | |||||||||||
Net income (loss) | 45 | (313 | ) | 382 | (6 | ) | ||||||||||
Less: net income attributable to noncontrolling interest, net of tax | 2 | 1 | 12 | 11 | ||||||||||||
Net income (loss) attributable to CSC common stockholders | $ | 43 | $ | (314 | ) | $ | 370 | $ | (17 | ) | ||||||
Earnings (loss) per common share | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.11 | $ | (1.35 | ) | $ | 1.19 | $ | (0.60 | ) | ||||||
Discontinued operations | 0.20 | (0.84 | ) | 1.48 | 0.48 | |||||||||||
$ | 0.31 | $ | (2.19 | ) | $ | 2.67 | $ | (0.12 | ) | |||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | (1.35 | ) | $ | 1.17 | $ | (0.60 | ) | ||||||
Discontinued operations | 0.20 | (0.84 | ) | 1.45 | 0.48 | |||||||||||
$ | 0.30 | $ | (2.19 | ) | $ | 2.62 | $ | (0.12 | ) | |||||||
Cash dividend per common share | $ | 2.39 | $ | 0.23 | $ | 2.85 | $ | 0.69 | ||||||||
Weighted average common shares outstanding for: | ||||||||||||||||
Basic EPS | 138.864 | 143.279 | 138.359 | 144.346 | ||||||||||||
Diluted EPS | 141.183 | 143.279 | 141.003 | 144.346 |
As of | ||||||||
(Amounts in millions) | January 1, 2016 | April 3, 2015 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 1,830 | $ | 2,076 | ||||
Receivables, net | 1,691 | 1,678 | ||||||
Prepaid expenses and other current assets | 412 | 290 | ||||||
Assets of discontinued operations - current | — | 806 | ||||||
Total current assets | 3,933 | 4,850 | ||||||
Property and equipment, net | 1,028 | 1,110 | ||||||
Software, net | 729 | 718 | ||||||
Outsourcing contract costs, net | 335 | 326 | ||||||
Goodwill | 1,026 | 838 | ||||||
Other assets | 977 | 928 | ||||||
Assets of discontinued operations - noncurrent | — | 1,457 | ||||||
Total Assets | $ | 8,028 | $ | 10,227 | ||||
Liabilities | ||||||||
Short-term debt and current maturities of long-term debt | 760 | 883 | ||||||
Accounts payable | 211 | 295 | ||||||
Accrued payroll and related costs | 305 | 265 | ||||||
Accrued expenses and other current liabilities | 800 | 948 | ||||||
Deferred revenue and advance contract payments | 463 | 457 | ||||||
Income taxes payable and deferred income taxes | 100 | — | ||||||
Liabilities of discontinued operations - current | — | 691 | ||||||
Total current liabilities | $ | 2,639 | $ | 3,539 | ||||
Long-term debt, net of current maturities | 1,909 | 1,635 | ||||||
Income tax liabilities and deferred income taxes | 446 | 523 | ||||||
Other long-term liabilities | 817 | 850 | ||||||
Liabilities of discontinued operations - noncurrent | — | 731 | ||||||
Total Equity | 2,217 | 2,949 | ||||||
Total Liabilities and Equity | $ | 8,028 | $ | 10,227 | ||||
• | Certain CSRA overhead costs - Reflects costs historically allocated to CSRA but not included in discontinued operations based on Accounting Standards Codification Subtopic 205-20 "Presentation of Financial Statements - Discontinued Operations." These costs are expected to be largely eliminated on a prospective basis. |
• | U.S. Pension and OPEB - Reflects the impact of certain U.S. pension and other postretirement benefit (OPEB) plans historically included in CSC's financial results that have been transferred to CSRA as part of the previously announced separation. |
• | Pension and OPEB actuarial & settlement gains (losses) - Reflects pension and OPEB actuarial and settlement gains (losses) from mark-to-market accounting. |
• | Separation, restructuring & other transaction costs - Reflects non-recurring costs related to CSC's (1) previously announced separation, (2) certain special accelerated workforce optimization and real estate charges, and (3) previously announced acquisitions. |
• | SEC settlement-related items - Reflects costs associated with certain SEC charges and settlements. |
• | Tax valuation allowance & adjustments - Reflects the adjustments to tax valuation allowances in certain jurisdictions and the application of a 20% tax rate, for the first and second quarters, which is at the low end of the prospective targeted effective tax rate range of 20% to 25% and effectively excludes the impact of discrete tax adjustments for those periods. |
Quarter Ended | Nine Months Ended | |||||||||||||||
(Amounts in millions) | January 1, 2016 | January 2, 2015 | January 1, 2016 | January 2, 2015 | ||||||||||||
Adjusted Operating income | $ | 190 | $ | 174 | $ | 494 | $ | 491 | ||||||||
Certain CSRA overhead costs | (12 | ) | (9 | ) | (48 | ) | (31 | ) | ||||||||
U.S. Pension & OPEB | 10 | 13 | 38 | 38 | ||||||||||||
Separation, restructuring & other transaction costs | (40 | ) | — | (62 | ) | — | ||||||||||
Operating income | $ | 148 | $ | 178 | $ | 422 | $ | 498 | ||||||||
Corporate G&A | (58 | ) | (55 | ) | (171 | ) | (173 | ) | ||||||||
Pension & OPEB actuarial & settlement gains (losses) | 19 | (285 | ) | 19 | (286 | ) | ||||||||||
SEC settlement related charges | — | (195 | ) | — | (195 | ) | ||||||||||
Separation costs | (2 | ) | — | (10 | ) | — | ||||||||||
Interest expense | (33 | ) | (32 | ) | (92 | ) | (96 | ) | ||||||||
Interest income | 8 | 4 | 26 | 14 | ||||||||||||
Other (expense) income, net | (4 | ) | (1 | ) | 3 | (5 | ) | |||||||||
Income from continuing operations before taxes | $ | 78 | $ | (386 | ) | $ | 197 | $ | (243 | ) | ||||||
Adjusted Operating margin | 10.9 | % | 8.9 | % | 9.3 | % | 7.9 | % | ||||||||
Operating margin | 8.5 | % | 9.1 | % | 8.0 | % | 8.0 | % |
Quarter Ended | Year to date | |||||||||||||||
(Amounts in millions) | January 1, 2016 | January 2, 2015 | January 1, 2016 | January 2, 2015 | ||||||||||||
Adjusted EBIT | $ | 147 | $ | 137 | $ | 375 | $ | 362 | ||||||||
Certain CSRA overhead costs | (22 | ) | (28 | ) | (88 | ) | (80 | ) | ||||||||
U.S. Pension & OPEB | 10 | 13 | 38 | 38 | ||||||||||||
Separation, restructuring & other transaction costs | (51 | ) | — | (81 | ) | — | ||||||||||
SEC settlement related charges | — | (195 | ) | — | (195 | ) | ||||||||||
Pension & OPEB actuarial & settlement gains (losses) | 19 | (285 | ) | 19 | (286 | ) | ||||||||||
EBIT | $ | 103 | $ | (358 | ) | $ | 263 | $ | (161 | ) | ||||||
Interest expense | (33 | ) | (32 | ) | (92 | ) | (96 | ) | ||||||||
Interest income | 8 | 4 | 26 | 14 | ||||||||||||
Income tax (expense) benefit | (63 | ) | 192 | (31 | ) | 157 | ||||||||||
Income from continuing operations | $ | 15 | $ | (194 | ) | $ | 166 | $ | (86 | ) | ||||||
Adjusted EBIT margin | 8.4 | % | 7.0 | % | 7.1 | % | 5.8 | % | ||||||||
EBIT margin | 5.9 | % | (18.4 | )% | 5.0 | % | (2.6 | )% |
Quarter Ended January 1, 2016 | |||||||||||||||||||||||
(Amounts in millions) | Operating income | Certain CSRA overhead costs | U.S. Pension & OPEB | Separation, restructuring & other transaction costs | Adjusted operating income | Adjusted operating margin | |||||||||||||||||
Global Business Solutions | $ | 101 | — | (3 | ) | 18 | $ | 116 | 13.1 | % | |||||||||||||
Global Infrastructure Services | 70 | — | (7 | ) | 16 | 79 | 9.1 | ||||||||||||||||
Corporate | (23 | ) | 12 | — | 6 | (5 | ) | ||||||||||||||||
Total | $ | 148 | $ | 12 | $ | (10 | ) | $ | 40 | $ | 190 | 10.9 | % |
Nine Months Ended January 1, 2016 | |||||||||||||||||||||||
(Amounts in millions) | Operating income | Certain CSRA overhead costs | U.S. Pension & OPEB | Separation, restructuring & other transaction costs | Adjusted operating income | Adjusted operating margin | |||||||||||||||||
Global Business Solutions | $ | 299 | $ | — | $ | (11 | ) | $ | 31 | $ | 319 | 11.8 | % | ||||||||||
Global Infrastructure Services | 187 | — | (27 | ) | 25 | 185 | 7.1 | ||||||||||||||||
Corporate | (64 | ) | 48 | — | 6 | (10 | ) | ||||||||||||||||
Total | $ | 422 | $ | 48 | $ | (38 | ) | $ | 62 | $ | 494 | 9.3 | % |
Quarter ended January 1, 2016 | ||||||||||||||||||||||||||||
(Amounts in millions, except per-share amounts) | As reported | Certain CSRA overhead costs | U.S. Pension & OPEB | Separation, restructuring & other transaction costs | Pension & OPEB actuarial & settlement gains | Tax valuation allowance & adjustments | Non-GAAP results | |||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 1,216 | $ | (7 | ) | $ | 8 | $ | (5 | ) | $ | 16 | $ | — | $ | 1,228 | ||||||||||||
Selling, general and administrative (excludes restructuring costs) | $ | 257 | $ | (15 | ) | $ | 2 | $ | (13 | ) | $ | 3 | $ | — | $ | 234 | ||||||||||||
Income (loss) from continuing operations, before taxes | $ | 78 | $ | (22 | ) | $ | 10 | $ | (53 | ) | $ | 19 | $ | — | $ | 124 | ||||||||||||
Income tax expense (benefit) | 63 | (8 | ) | 4 | (17 | ) | 6 | 54 | 24 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 15 | $ | (14 | ) | $ | 6 | $ | (36 | ) | $ | 13 | $ | (54 | ) | $ | 100 | |||||||||||
Net income (loss) | $ | 45 | $ | (14 | ) | $ | 6 | $ | (36 | ) | $ | 13 | $ | (54 | ) | $ | 130 | |||||||||||
Less: net income attributable to noncontrolling interest, net of tax | 2 | — | 2 | |||||||||||||||||||||||||
Net income (loss) attributable to CSC common stockholders | $ | 43 | $ | (14 | ) | $ | 6 | $ | (36 | ) | $ | 13 | $ | (54 | ) | $ | 128 | |||||||||||
Effective tax rate | 80.6 | % | 19.4 | % | ||||||||||||||||||||||||
Basic EPS from continuing operations | $ | 0.11 | $ | (0.10 | ) | $ | 0.04 | $ | (0.26 | ) | $ | 0.09 | $ | (0.39 | ) | $ | 0.72 | |||||||||||
Diluted EPS from continuing operations | $ | 0.10 | $ | (0.10 | ) | $ | 0.04 | $ | (0.25 | ) | $ | 0.09 | $ | (0.38 | ) | $ | 0.71 | |||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||
Basic EPS | 138.864 | 138.864 | 138.864 | 138.864 | 138.864 | 138.864 | 138.864 | |||||||||||||||||||||
Diluted EPS | 141.183 | 141.183 | 141.183 | 141.183 | 141.183 | 141.183 | 141.183 |
Nine months ended January 1, 2016 | ||||||||||||||||||||||||||||||||
(Amounts in millions, except per-share amounts) | As reported | Certain CSRA overhead costs | U.S. Pension & OPEB | Separation, restructuring & other transaction costs | Pension & OPEB actuarial & settlement gains | SEC settlement-related items | Tax valuation allowance & adjustments | Non-GAAP results | ||||||||||||||||||||||||
Costs of services (excludes depreciation and amortization and restructuring costs) | $ | 3,725 | $ | (41 | ) | $ | 32 | $ | (5 | ) | $ | 16 | $ | — | $ | — | $ | 3,727 | ||||||||||||||
Selling, general and administrative (excludes restructuring costs) | $ | 789 | $ | (47 | ) | $ | 6 | $ | (15 | ) | $ | 3 | $ | (5 | ) | $ | — | $ | 731 | |||||||||||||
Income (loss) from continuing operations, before taxes | $ | 197 | $ | (88 | ) | $ | 38 | $ | (83 | ) | $ | 19 | $ | (5 | ) | $ | — | $ | 316 | |||||||||||||
Income tax expense (benefit) | 31 | (34 | ) | 15 | (27 | ) | 6 | (2 | ) | 10 | 63 | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 166 | $ | (54 | ) | $ | 23 | $ | (56 | ) | $ | 13 | $ | (3 | ) | $ | (10 | ) | $ | 253 | ||||||||||||
Net income (loss) | $ | 382 | $ | (54 | ) | $ | 23 | $ | (56 | ) | $ | 13 | $ | (3 | ) | $ | (10 | ) | $ | 469 | ||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | 12 | — | — | — | — | — | — | 12 | ||||||||||||||||||||||||
Net income (loss) attributable to CSC common stockholders | $ | 370 | $ | (54 | ) | $ | 23 | $ | (56 | ) | $ | 13 | $ | (3 | ) | $ | (10 | ) | $ | 457 | ||||||||||||
Effective tax rate | 15.6 | % | 19.9 | % | ||||||||||||||||||||||||||||
Basic EPS from continuing operations | $ | 1.19 | $ | (0.39 | ) | $ | 0.17 | $ | (0.40 | ) | $ | 0.09 | $ | (0.02 | ) | $ | (0.07 | ) | $ | 1.82 | ||||||||||||
Diluted EPS from continuing operations | $ | 1.17 | $ | (0.38 | ) | $ | 0.16 | $ | (0.40 | ) | $ | 0.09 | $ | (0.02 | ) | $ | (0.07 | ) | $ | 1.79 | ||||||||||||
Weighted average common shares outstanding for: | ||||||||||||||||||||||||||||||||
Basic EPS | 138.359 | 138.359 | 138.359 | 138.359 | 138.359 | 138.359 | 138.359 | 138.359 | ||||||||||||||||||||||||
Diluted EPS | 141.003 | 141.003 | 141.003 | 141.003 | 141.003 | 141.003 | 141.003 | 141.003 |
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