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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Unisys Corporation | LSE:USY | London | Ordinary Share | COM STK US$0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.51 | 2 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Cmp Integrated Sys Design | 2.02B | -430.7M | -6.2958 | -0.87 | 373.52M |
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TIDMUSY
Unisys Announces Third-Quarter 2016 Financial Results, Reaffirms Full-Year
Guidance
BLUE BELL, Pennsylvania, Oct. 25, 2016 --
3Q 2016:
* Operating cash flow increase of $87 million year over year to $43 million;
free cash flow(1) increase of $106 million to $6 million
* Total Contract Value (TCV)(2) signed increase of 22 percent on a
year-to-date basis versus the comparable period last year, including more
than $1.1 billion of TCV signings in the third quarter. Services backlog of
$4.1 billion, up 6.7 percent versus the prior quarter
* Operating profit margin of (1.4) percent, relative to operating profit
margin of 1.2 percent in 3Q 2015; non-GAAP operating profit margin(3) of
6.7 percent, relative to 7.2 percent in 3Q 2015
* Revenue of $683 million, down 7.6 percent, or 5.9 percent on a
constant-currency basis(4), year over year
* Unisys reaffirms full-year guidance for total company revenue, non-GAAP
operating profit margin and adjusted free cash flow
Unisys Corporation (NYSE: UIS) today reported third-quarter 2016 results
highlighted by strong cash flow growth. Additionally, the company saw strong
contract signings, with Total Contract Value (TCV) signings up 22 percent on a
year-to-date basis versus the comparable period last year, including more than
$1.1 billion in TCV signings in the quarter. Services backlog of $4.1 billion
as of the end of the third quarter was up 6.7 percent sequentially.
"Our year-to-date results show progress toward achieving our goals for 2016
with respect to improving operating profit margin and cash flow generation.
Revenues also continue to track in line with our full-year guidance for 2016,"
said Unisys President and CEO Peter Altabef. "We continue to execute on the
strategy we began in 2015, and we are beginning to see traction with our
vertical go-to-market approach, in addition to bringing a pervasive security
focus to all of our offerings."
Summary of Third-Quarter 2016 Business Results
Company:
* Operating cash flow increased by $87 million versus the prior year to $43
million. The company generated free cash flow of $6 million for the third
quarter, an improvement of $106 million year-over-year. Adjusted free cash
flow(5) in the third quarter increased $105 million from the prior year.
This represented the fourth consecutive quarter of positive operating cash
flow and adjusted free cash flow.
* The company saw strong contract signings in the third quarter, with TCV
signed up 22 percent on a year-to-date basis, including more than $1.1
billion of TCV signings in the quarter. Services backlog ended the third
quarter at $4.1 billion, up 6.7 percent sequentially.
* Operating profit margin of (1.4) percent includes cost-reduction and other
charges and pension expense. Third-quarter 2016 non-GAAP operating profit
margin was 6.7 percent, down slightly versus the third quarter 2015. On a
year-to-date basis, however, operating profit margin was 0.6 percent,
representing a 380 basis point increase over the corresponding year-to-date
period for 2015, reflective of the company's ongoing cost-cutting efforts.
On a year-to-date basis, 2016 non-GAAP operating profit margin was 7.0
percent, an increase of 340 basis points relative to the corresponding
year-to-date period in 2015.
* During the third quarter 2016, the company continued to execute on its
cost-reduction program, largely related to headcount reductions, that are
anticipated to result in $30 million of incremental annualized cost
savings, bringing the total to date to $185 million against a plan of $200
million exiting 2016, with up to another $30 million anticipated in 2017.
* Revenue of $683 million declined 7.6 percent year over year or 5.9 percent
on a constant-currency basis.
* At September 30, 2016, the company had $443 million in cash.
Services:
* Services revenue, which represented 88 percent of total revenue, declined
by 8.4 percent to $601 million, down 6.7 percent in constant currency.
* Services gross margin was down 60 basis points year over year. Nearly
two-thirds of this is attributable to some favorable contracts in 2015
within the Federal business. Excluding this and ongoing investments in
additional solutions capabilities, the margins for the remaining services
business would have been up year over year. Services operating profit
margin was down 220 basis points to 2.6 percent (also due in part to
ongoing investments at the gross margin and SG&A level). Services operating
profit margin saw an increase of 50 basis points sequentially relative to
the prior quarter and represented the strongest quarterly operating margin
for Services in 2016.
Technology:
* Technology revenue, which represented 12 percent of total revenue, was
roughly flat year-over-year, at $82 million versus $83 million in the same
quarter last year.
* Technology operating profit margin improved to 32.3 percent from 20.7
percent in the prior year, reflective of the cost-reduction program.
Continued Execution on Business Strategy
The company recently entered into several key contracts in each of its sectors
of focus:
* U.S. Federal Sector: Unisys was selected by U.S. Customs and Border
Protection, part of the Department of Homeland Security, to modernize the
agency's technology for identifying people and vehicles entering and
exiting the U.S.
* Public Sector: Unisys was awarded a contract by the Philippine Statistics
Authority to design and operate phase 2 of its Civil Registry System
modernization project. Under the 12-year contract, which was the largest
contract the company entered into in the third quarter, Unisys will deliver
digital government services to modernize the Civil Registry System and
manage the end-to-end process to originate, authenticate, secure and issue
civil registry documents such as birth certificates to citizens.
* Financial Services Sector: In financial services, Unisys grew its
long-standing relationship with Prudential Plc., a British multinational
life insurance and financial services company headquartered in London. In
addition to Prudential's use of the company's ClearPath Forward technology
to support its core Life & Pensions business applications, Unisys is now
also providing a fast, automated disaster recovery solution to ensure
uninterrupted service.
* Commercial Sector: Unisys has entered into a contract with TravelSky, the
leading provider of information technology solutions for China's aviation
and travel industry, to provide expanded processing power for their
reservation and distribution systems that run on the company's ClearPath
Forward technology. This work will build on the momentum of Unisys' recent
success with TravelSky toward migrating their passenger sales and service
applications to the company's AirCore next-generation passenger system.
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 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.
Non-GAAP and Other Information
Although appropriate under generally accepted accounting principles (GAAP), the
company's results reflect charges that the company believes are not indicative
of its ongoing operations and that can make its profitability and liquidity
results difficult to compare to prior periods, anticipated future periods, or
to its competitors' results. These items consist of pension and cost-reduction
and other expense. Management believes each of these items can distort the
visibility of trends associated with the company's ongoing performance.
Management also believes that the evaluation of the company's financial
performance can be enhanced by use of supplemental presentation of its results
that exclude the impact of these items in order to enhance consistency and
comparativeness with prior or future period results. The following measures are
often provided and utilized by the company's management, analysts, and
investors to enhance comparability of year-over-year results, as well as to
compare results to other companies in our industry.
(1) Free cash flow - The defines free cash flow as cash flow from operations
less capital expenditures. Management believes this liquidity measure gives
investors an additional perspective on cash flow from on-going operating
activities in excess of amounts required for reinvestment.
(2) Total Contract Value - TCV is the estimated total contractual revenue
related to signed contracts.
(3) Non-GAAP operating profit - Unisys recorded pretax pension expense and a
pretax charge in connection with cost-reduction and other expense. The company
believes that this profitability measure is more indicative of the company's
operating results and aligns those results to the company's external guidance
which is used by the company's management to allocate resources and may be used
by analysts and investors to gauge the company's ongoing performance.
(4) Constant currency - The company refers to growth rates in constant currency
or on a constant currency basis so that the business results can be viewed
without the impact of fluctuations in foreign currency exchange rates to
facilitate comparisons of the company's business performance from one period to
another. Constant currency is calculated by retranslating current and prior
period results at a consistent rate.
(5) Adjusted free cash flow - Because inclusion of the company's pension
contributions and cost-reduction payments in free cash flow may distort the
visibility of the company's ability to generate cash flow from its operations
without the impact of these non-operational costs, management believes that
investors may be interested in adjusted free cash flow, which provides free
cash flow before these payments and is more indicative of its on-going
operations. This liquidity measure was provided to analysts and investors in
the form of external guidance and is used by management to measure operating
liquidity.
(6) Non-GAAP diluted earnings per share - Unisys recorded pension expense and a
charge in connection with cost-reduction and other expense. Management believes
that investors may have a better understanding of the company's performance and
return to shareholders by excluding these charges from the non-GAAP diluted
earnings/loss per share calculations. The tax amounts presented for pension
expense and cost-reduction and other expense for the calculation of non-GAAP
diluted earnings per share include the current and deferred tax expense and
benefits recognized under GAAP for pension expense, cost-reduction and other
expense.
(7) EBITDA & adjusted EBITDA - Earnings before interest, taxes, depreciation
and amortization ("EBITDA") is calculated by starting with net income (loss)
attributable to Unisys Corporation common shareholders and adding or
subtracting the following items: net income attributable to noncontrolling
interests, interest expense (net of interest income) provision for income
taxes, depreciation and amortization. Adjusted EBITDA further excludes pension
expense, cost-reduction and other expense, non-cash share-based expense, and
other (income) expense adjustment. In order to provide investors with
additional understanding of the company's operating results, these charges are
excluded from the adjusted EBITDA calculation.
About Unisys
Unisys is a global information technology company that works with many of the
world's largest companies and government organizations to solve their most
pressing IT and business challenges. Unisys specializes in providing
integrated, leading-edge solutions to clients in the government, financial
services and commercial markets. With more than 20,000 employees serving
clients around the world, Unisys offerings include cloud and infrastructure
services, application services, security solutions, and high-end server
technology. For more information, visit http://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, total contract value 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. In particular, statements concerning total contract value are
based, in part, on the assumption that all options of the contracts included in
the calculation of such value will be exercised and that each of those
contracts will continue for their full contracted term. Risks and uncertainties
that could affect the company's future results include the company's ability to
effectively anticipate and respond to volatility and rapid technological
innovation in its industry; the company's ability to improve margins in its
services business; the company's ability to sell new products while maintaining
its installed base in its technology business; the company's ability to access
financing markets to refinance its outstanding debt; the company's ability to
realize anticipated cost savings and to successfully implement its cost
reduction initiatives to drive efficiencies across all of its operations; the
company's significant pension obligations and requirements to make significant
cash contributions to its defined benefit plans; the company's ability to
attract, motivate and retain experienced and knowledgeable personnel in key
positions; the risks of doing business internationally when a significant
portion of the company's revenue is derived from international operations; 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 contracts may not be as profitable as expected or
provide the expected level of revenues; cybersecurity breaches could result in
significant costs and could harm the company's business and reputation; a
significant disruption in the company's IT systems could adversely affect the
company's business and reputation; 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 adverse effects of global
economic conditions, acts of war, terrorism or natural disasters; contracts
with U.S. governmental agencies may subject the company to audits, criminal
penalties, sanctions and other expenses and fines; 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; 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.: 1025/9461
Unisys and other Unisys products and services mentioned herein, as well as
their respective logos, are trademarks or registered trademarks of Unisys
Corporation. Any other brand or product referenced herein is acknowledged to be
a trademark or registered trademark of its respective holder.
UIS-Q
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Millions, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2016 2015 2016 2015
Revenue
Services $ 600.9 $ 656.0 $ 1,809.8 $ 1,956.5
Technology 82.4 83.2 289.2 268.7
683.3 739.2 2,099.0 2,225.2
Costs and expenses
Cost of revenue:
Services 531.3 564.7 1,594.1 1,714.7
Technology 30.4 33.9 106.5 128.6
561.7 598.6 1,700.6 1,843.3
Selling, general and 120.0 115.4 345.8 389.6
administrative
Research and development 11.4 16.6 40.5 63.2
693.1 730.6 2,086.9 2,296.1
Operating profit (loss) (9.8) 8.6 12.1 (70.9)
Interest expense 7.7 3.0 19.9 8.3
Other income (expense), net 2.3 1.7 3.7 8.0
Income (loss) before income (15.2) 7.3 (4.1) (71.2)
taxes
Provision for income taxes 9.9 14.9 34.2 33.3
Consolidated net income (loss) (25.1) (7.6) (38.3) (104.5)
Net income attributable to 3.1 2.0 8.2 6.5
noncontrolling interests
Net income (loss) attributable $ (28.2) $ (9.6) $ (46.5) $ (111.0)
to Unisys Corporation
Earnings (loss) per share
attributable to Unisys
Corporation
Basic $ (0.56) $ (0.19) $ (0.93) $
(2.22)
Diluted $ (0.56) $ (0.19) $ (0.93) $
(2.22)
Shares used in the per share
computations (in thousands)
Basic 50,082 49,934 50,052 49,894
Diluted 50,082 49,934 50,052 49,894
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Total Eliminations Services Technology
Three Months Ended
September 30, 2016
Customer revenue $ 683.3 $ 600.9 $ 82.4
Intersegment $ (5.8) - 5.8
Total revenue $ 683.3 $ (5.8) $ 600.9 $ 88.2
Gross profit percent 17.8 % 16.7 % 59.8 %
Operating profit (loss) (1.4)% 2.6 % 32.3 %
percent
Three Months Ended
September 30, 2015
Customer revenue $ 739.2 $ 656.0 $ 83.2
Intersegment $ (11.9) - 11.9
Total revenue $ 739.2 $ (11.9) $ 656.0 $ 95.1
Gross profit percent 19.0 % 17.3 % 55.0 %
Operating profit (loss) 1.2 % 4.8 % 20.7 %
percent
Total Eliminations Services Technology
Nine Months Ended
September 30, 2016
Customer revenue $ 2,099.0 $ 1,809.8 $ 289.2
Intersegment $ (17.3) - 17.3
Total revenue $ 2,099.0 $ (17.3) $ 1,809.8 $ 306.5
Gross profit percent 19.0 % 15.9 % 60.2 %
Operating profit (loss) 0.6 % 1.8 % 36.0 %
percent
Nine Months Ended
September 30, 2015
Customer revenue $ 2,225.2 $ 1,956.5 $ 268.7
Intersegment $ (40.6) 0.1 40.5
Total revenue $ 2,225.2 $ (40.6) $ 1,956.6 $ 309.2
Gross profit percent 17.2 % 15.7 % 49.0 %
Operating profit (loss) (3.2)% 1.9 % 14.2 %
percent
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
September 30, 2016 December 31, 2015
Assets
Current assets
Cash and cash equivalents $ $
442.7 365.2
Accounts and notes receivable, net 532.5 581.6
Inventories:
Parts and finished equipment 25.3 20.9
Work in process and materials 14.2 22.9
Prepaid expenses and other current 119.0 120.9 *
assets
Total 1,133.7 1,111.5 *
Properties 889.2 876.6
Less-Accumulated depreciation and 746.2 722.8
amortization
Properties, net 143.0 153.8
Outsourcing assets, net 183.0 182.0
Marketable software, net 137.7 138.5
Prepaid postretirement assets 79.3 45.1
Deferred income taxes 117.5 127.4 *
Goodwill 180.1 177.4
Other long-term assets 201.8 194.3 *
Total $ $ *
2,176.1 2,130.0
Liabilities and deficit
Current liabilities
Notes payable $ $
- 65.8
Current maturities of 220.4 11.0
long-term-debt
Accounts payable 175.5 219.3
Deferred revenue 318.9 335.1
Other accrued liabilities 353.1 329.9 *
Total 1,067.9 961.1 *
Long-term debt 201.2 233.7 *
Long-term postretirement 1,943.9 2,111.3
liabilities
Long-term deferred revenue 142.2 123.3
Other long-term liabilities 79.0 79.2 *
Commitments and contingencies
Total deficit (1,258.1) (1,378.6)
Total $ $ *
2,176.1 2,130.0
* Certain amounts have been reclassified to conform to the current-year
presentation.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions)
Nine Months Ended
September 30,
2016 2015
Cash flows from operating activities
Consolidated net income (loss) $ (38.3) $ (104.5)
Add (deduct) items to reconcile consolidated net loss to net cash provided by
(used for) operating activities:
Foreign currency transaction losses 0.4 8.0
Non-cash interest expense 4.9 -
Employee stock compensation 7.7 7.9
Depreciation and amortization of properties 28.6 34.1
Depreciation and amortization of outsourcing assets 39.7 41.2
Amortization of marketable software 48.0 50.3
Other non-cash operating activities 1.4 1.8
Loss on disposal of capital assets 2.0 6.1
Pension contributions (104.0) (115.6)
Pension expense 63.0 81.5
Increase in deferred income taxes, net (2.7) (2.8)
Decrease in receivables, net 59.9 11.7
Decrease (increase) in inventories 5.5 (7.7)
Decrease in accounts payable and other accrued liabilities (45.3) (121.4)
Increase (decrease) in other liabilities 10.5 (8.3)
Decrease in other assets 20.0 9.2
Net cash provided by (used for) operating activities 101.3 (108.5)
Cash flows from investing activities
Proceeds from investments 3,307.3 2,904.0
Purchases of investments (3,331.6) (2,884.2)
Investment in marketable software (47.1) (46.8)
Capital additions of properties (18.3) (40.2)
Capital additions of outsourcing assets (41.4) (80.4)
Other (1.3) 6.1
Net cash used for investing activities (132.4) (141.5)
Cash flows from financing activities
Proceeds from issuance of long-term debt 213.5 31.8
Payments for capped call transactions (27.3) -
Issuance costs relating to long-term debt (7.3) -
Payments of long-term debt (2.1) (1.3)
Proceeds from exercise of stock options - 3.7
Net (payments) proceeds from short-term borrowings (65.8) 55.0
Financing fees - (0.2)
Net cash provided by financing activities 111.0 89.0
Effect of exchange rate changes on cash and cash equivalents (2.4) (40.2)
Increase (decrease) in cash and cash equivalents 77.5 (201.2)
Cash and cash equivalents, beginning of period 365.2 494.3
Cash and cash equivalents, end of period $ 442.7 $ 293.1
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Nine Months
Ended September 30 Ended September 30
2016 2015 2016 2015
GAAP net income (loss) attributable to Unisys $ (28.2) $ (9.6) $ (46.5) $ (111.0)
Corporation common shareholders
Cost reduction and other pretax 34.6 17.4 71.7 70.0
expense:
tax provision (2.6) (1.0) (4.7) (5.0)
(benefit)
net of tax 32.0 16.4 67.0 65.0
Pension Expense: pretax 21.2 27.2 63.0 81.5
tax provision 0.3 (0.6) 0.9 (1.6)
(benefit)
net of tax 21.5 26.6 63.9 79.9
Non-GAAP net income (loss) attributable to Unisys 25.3 33.4 84.4 33.9
Corporation common shareholders
Add interest expense on convertible notes 4.6 - 9.9 -
Non-GAAP net income (loss) attributable to Unisys $ 29.9 $ 33.4 $ 94.3 $ 33.9
Corporation for diluted earnings per share
Weighted average shares (thousands) 50,082 49,934 50,052 49,894
Plus incremental shares from assumed conversion:
Employee stock plans 226 114 175 163
Convertible notes 21,868 - 15,685 -
Non-GAAP adjusted weighted average shares 72,176 50,048 65,912 50,057
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss) attributable to Unisys $ (28.2) $ (9.6) $ (46.5) $ (111.0)
Corporation
for diluted earnings per share
Divided by adjusted weighted average shares 50,082 49,934 50,052 49,894
GAAP diluted earnings (loss) per share $ (0.56) $ (0.19) $ (0.93) $
(2.22)
Non-GAAP basis
Non-GAAP net income (loss) attributable to Unisys $ 29.9 $ 33.4 $ 94.3 $ 33.9
Corporation for diluted earnings per share
Divided by Non-GAAP adjusted weighted average 72,176 50,048 65,912 50,057
shares
Non-GAAP diluted earnings (loss) per share $ 0.41 $ 0.67 $ 1.43 $ 0.68
UNISYS CORPORATION
RECONCILIATION OF GAAP OPERATING PROFIT TO NON-GAAP OPERATING PROFIT
(Unaudited)
(Millions)
Three Months Nine Months
Ended September 30 Ended September 30
2016 2015 2016 2015
GAAP operating profit (loss) $ (9.8) $ 8.6 $ 12.1 $ (70.9)
Cost reduction and other expense 34.6 17.4 71.7 70.0
FAS87 pension expense 21.2 27.2 63.0 81.5
Non-GAAP operating profit (loss) $ 46.0 $ 53.2 $ 146.8 $ 80.6
Customer Revenue $ 683.3 $ 739.2 $ 2,099.0 $ 2,225.2
GAAP operating profit (loss) % (1.4)% 1.2 % 0.6 % (3.2)%
Non-GAAP operating profit (loss) % 6.7 % 7.2 % 7.0 % 3.6 %
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
Three Months Nine Months
Ended September 30 Ended September 30
2016 2015 2016 2015
Cash provided by (used for) $ 42.5 $ (44.1) $ 101.3 $ (108.5)
operations
Additions to marketable software (16.9) (13.4) (47.1) (46.8)
Additions to properties (7.3) (15.5) (18.3) (40.2)
Additions to outsourcing assets (12.6) (27.7) (41.4) (80.4)
Free cash flow 5.7 (100.7) (5.5) (275.9)
Pension funding 39.9 39.9 104.0 115.6
Cost reduction payments 23.1 24.4 62.3 37.6
Adjusted free cash flow $ 68.7 $ (36.4) $ 160.8 $ (122.7)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
EBITDA
Three Months Nine Months
Ended September 30 Ended September 30
2016 2015 2016 2015
Net income (loss) attributable to $ (28.2) $ (9.6) $ (46.5) $ (111.0)
Unisys
Corporation common shareholders
Net income attributable to 3.1 2.0 8.2 6.5
noncontrolling interests
Interest expense, net of interest 4.8 - 11.4 1.6
income of $2.9, $3,
$8.5, $6.7 respectively*
Provision for income taxes 9.9 14.9 34.2 33.3
Depreciation 23.3 26.5 68.3 75.3
Amortization 15.6 17.4 48.0 50.3
EBITDA $ 28.5 $ 51.2 $ 123.6 $ 56.0
Pension Expense 21.2 27.2 63.0 81.5
Cost reduction and other expense 34.6 17.4 71.7 70.0
Non-cash share based expense 2.4 1.7 7.7 7.9
Other (income) expense adjustment** 0.6 1.3 4.8 (1.3)
Adjusted EBITDA $ 87.3 $ 98.8 $ 270.8 $ 214.1
* Included in Other (income) expense, net on the Consolidated Statements of
Income
** Other (income) expense, net as reported on the Consolidated Statements of
Income less Interest income
SOURCE: Unisys Corporation
CONTACT: Investors: Courtney Holben, Unisys, 215-986-3379,
courtney.holben@unisys.com, or Media: John Clendening, Unisys, 214-403-1981,
john.clendening@unisys.com
END
(END) Dow Jones Newswires
October 26, 2016 02:00 ET (06:00 GMT)
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