Unisys Corp. (UIS, Financial) filed Quarterly Report for the period ended 2012-03-31.
Unisys has a market cap of $847.1 million; its shares were traded at around $18.71 with a P/E ratio of 3.8 and P/S ratio of 0.2. Unisys had an annual average earning growth of 33.4% over the past 5 years.
Services revenue increased 3% and Technology revenue decreased 5% in the current quarter compared with the year-ago period. U.S. revenue increased 6% in the first quarter compared with the year-ago period. The decline in revenue from the companys U.S. Federal business negatively impacted the growth rate of U.S. revenue by approximately 20 percentage points in the current quarter. International revenue decreased 1% in the current quarter principally due to declines in Latin America and Asia partially offset by an increase in Europe/Africa. Foreign currency had a 1-percentage-point negative impact on international revenue in the three months ended March 31, 2012 compared with the three months ended March 31, 2011.
Selling, general and administrative expense in the three months ended March 31, 2012 was $141.4 million (15.2% of revenue) compared with $146.0 million (16.0% of revenue) in the year-ago period. The current quarter includes a gain of $11.3 million related to the sale of a subsidiary which has been recorded as a reduction of selling, general and administrative expense (see note (l) of the Notes to Consolidated Financial Statements).
Services gross profit was 18.9% in the first quarter of 2012 compared with 18.0% in the year-ago period. Services operating income percent was 5.0% in the three months ended March 31, 2012 compared with 4.0% in the three months ended March 31, 2011.
Technology gross profit was 62.2% in the current quarter compared with 51.1% in the year-ago quarter. Technology operating income percent was 25.6% in the three months ended March 31, 2012 compared with 10.9% in the three months ended March 31, 2011. The increases reflected a richer mix of enterprise software in the current quarter.
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Unisys has a market cap of $847.1 million; its shares were traded at around $18.71 with a P/E ratio of 3.8 and P/S ratio of 0.2. Unisys had an annual average earning growth of 33.4% over the past 5 years.
Highlight of Business Operations:
The company reported first-quarter 2012 net income of $13.4 million, or $.30 per diluted share, compared with a first-quarter 2011 net loss of $40.8 million, or $.95 per diluted share. Revenue for the quarter ended March 31, 2012 was $928.4 million compared with $911.2 million for the first quarter of 2011, an increase of 2% from the prior year. The companys results in the first quarter of 2012 and 2011 were impacted by debt-reduction charges, discussed below, of approximately $7.2 million and $31.8 million, respectively, pension expense of $25.7 million and $9.0 million, respectively, foreign exchange losses of $7.0 million and gains of $7.6 million, respectively, and a gain of $11.3 million on the sale of a subsidiary in the current quarter. Also impacting the companys first quarter 2012 results was a $31 million, or 20%, revenue decline in the companys U.S. Federal government business, reflecting continued softness in this business.Services revenue increased 3% and Technology revenue decreased 5% in the current quarter compared with the year-ago period. U.S. revenue increased 6% in the first quarter compared with the year-ago period. The decline in revenue from the companys U.S. Federal business negatively impacted the growth rate of U.S. revenue by approximately 20 percentage points in the current quarter. International revenue decreased 1% in the current quarter principally due to declines in Latin America and Asia partially offset by an increase in Europe/Africa. Foreign currency had a 1-percentage-point negative impact on international revenue in the three months ended March 31, 2012 compared with the three months ended March 31, 2011.
Selling, general and administrative expense in the three months ended March 31, 2012 was $141.4 million (15.2% of revenue) compared with $146.0 million (16.0% of revenue) in the year-ago period. The current quarter includes a gain of $11.3 million related to the sale of a subsidiary which has been recorded as a reduction of selling, general and administrative expense (see note (l) of the Notes to Consolidated Financial Statements).
Services gross profit was 18.9% in the first quarter of 2012 compared with 18.0% in the year-ago period. Services operating income percent was 5.0% in the three months ended March 31, 2012 compared with 4.0% in the three months ended March 31, 2011.
Technology gross profit was 62.2% in the current quarter compared with 51.1% in the year-ago quarter. Technology operating income percent was 25.6% in the three months ended March 31, 2012 compared with 10.9% in the three months ended March 31, 2011. The increases reflected a richer mix of enterprise software in the current quarter.
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