Unisys Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year 2013
January 29, 2013 at 05:30 pm
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Unisys Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenue of $979 million, which was down 1% year-over-year. Currency had a 1 percentage point negative impact. So on a constant currency basis, revenue was flat. Operating profit was $114.6 million. Pretax income was $109.4 million compared to $111.3 million in the fourth quarter of 2011. Non-GAAP pretax income was $140.9 million in 2012 compared to $127 million in 2011. Net income attributable to the company was $81.8 million and net income of $88.9 million against net income attributable to the company was $94.3 million and net income was $98.9 million a year ago. The non-GAAP net income rose to $112.2 million from $108.6 million in last year. Diluted earnings per common share was $1.67 compared to $1.94 in the year-ago quarter. Non-GAAP diluted EPS improved to $2.27 compared to $2.22 in the fourth quarter of 2011. Capital expenditures were $35.9 million against $33.3 million in the fourth quarter of 2011. The company generated free cash flow of $118 million against free cash flow generation of $126.2 million for the same period last year. Free cash flow before the pension cash contributions was $144.4 million for the fourth quarter of 2012 against $145.3 million in the fourth quarter of 2011. Excluding the impact of the debt reduction charges and the pension expense, the company generated adjusted EBITDA of $186.6 million for the fourth quarter of 2012 against $182.7 million in the fourth quarter of 2011.
The full year revenue of $3.7 billion was down 4%, down 1% on a constant currency basis. For the full year 2012 on lower revenue, operating profit of $319.2 million was down 2% against 2011. Pretax income in 2012 was $254.1 million compared to $206 million in 2011. Non-GAAP pretax income was $392.9 million in 2012 compared to $339 million in 2011. Net income increased to $129.4 million from $120.5 million for 2011. Non-GAAP net income was $265.4 million in 2012 compared to $242.6 million in 2011. Diluted earnings per common share rose to $2.84 from $2.71 a year ago. Non-GAAP diluted earnings per share was $5.50 compared to $5.18 in 2011. Capital expenditures were $132.6 million against $134.4 million in 2011. Free cash flow before pension cash contributions was $330.2 million during 2012 against $265.5 million in 2011. The company generated adjusted EBITDA of $583.8 million for the full year of 2012 against $589.7 million in 2011. Net cash provided by operating activities was $261.3 million against $317.2 million a year ago. Capital additions of properties was $40.1 million against $42.2 million a year ago. Capital additions of outsourcing assets was $36.1 million against $40.5 million a year ago. The company generated free cash flow of $128.7 million against of $182.8 million for the same period last year. Free cash flow before the pension cash contributions was $330.2 million against $265.5 million a year ago.
The company anticipates full year capital expenditures during 2013 to be in the range of $150 million to $175 million. For 2013, the company expects full year depreciation and amortization to be in the range of $150 million to $175 million. The company exceeded 2013 goal of increasing pretax profit to $350 million excluding pension expense.
Unisys Corporation is an information technology (IT) solutions company. It provides its clients with advice and capabilities to architect, develop, modernize, implement and integrate the technologies that helps their organizations. It operates in three segments: Digital Workplace Solutions (DWS), Cloud, Applications & Infrastructure Solutions (CA&I) and Enterprise Computing Solutions (ECS). The DWS segment provides modern and traditional workplace solutions. The CA&I segment provides solution in Digital Platforms and Applications or Infrastructure, which includes cloud management, hybrid infrastructure, modern applications, data and AI, and cyber security. The ECS segment delivers proprietary and hybrid compute capabilities in the cloud and on-premises. It classifies its solution as either License and Support or Specialized Services and Next-Gen compute. Its product includes Unisys InteliServe, PowerSuite, Unisys Logistics Optimization, CloudForte, ClearPath Forward and Unisys Stealth.
Unisys Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year 2013