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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): July 15, 1999
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UNISYS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-8729 38-0387840
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
Unisys Way
Blue Bell, Pennsylvania 19424
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(Address of Principal Executive Offices) (Zip Code)
(215) 986-4011
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(Registrant's telephone number, including area code)
Item 5. Other Events.
On July 15, 1999, Unisys Corporation announced its results for the
quarter ended June 30, 1999. The income statement and balance sheet
included in the announcement are attached as exhibits to this Current
Report.
Item 7. Exhibits
99.1 Consolidated Statement of Income
99.2 Consolidated Balance Sheet
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
UNISYS CORPORATION
Date: July 26, 1999 By: /s/ Janet Brutschea Haugen
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Name: Janet Brutschea Haugen
Title: Vice President and
Controller
EXHIBIT INDEX
Exhibit No.
99.1 Consolidated Statement of Income
99.2 Consolidated Balance Sheet
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Millions, except per share data)
Three Months Six Months
Ended June 30 Ended June 30
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1999 1998 1999 1998
-------- -------- -------- --------
Revenue $1,886.4 $1,728.5 $3,698.8 $3,378.2
-------- -------- -------- --------
Costs and expenses
Cost of revenue 1,227.9 1,145.6 2,377.7 2,236.1
Selling, general and
administrative 341.5 328.6 672.5 658.8
Research and development 81.2 70.0 158.4 142.9
-------- -------- -------- --------
1,650.6 1,544.2 3,208.6 3,037.8
-------- -------- -------- --------
Operating income 235.8 184.3 490.2 340.4
Interest expense 34.7 42.6 68.9 89.1
Other income
(expense), net (16.9) (0.9) (66.1) (12.5)
-------- -------- -------- --------
Income before income tax 184.2 140.8 355.2 238.8
Estimated income taxes 64.5 50.7 124.3 86.0
-------- -------- -------- --------
Net income 119.7 90.1 230.9 152.8
Dividends on preferred
shares 12.0 26.6 34.8 53.3
-------- -------- -------- --------
Earnings on common share $107.7 $63.5 $196.1 $99.5
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Earnings per common share
Basic $ .40 $ .25 $ .73 $ .40
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Diluted $ .38 $ .24 $ .70 $ .38
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Shares used in the per share
computations (thousands):
Basic 272,558 251,134 266,850 249,704
======== ======== ======== ========
Diluted 282,941 266,473 278,934 264,497
======== ======== ======== ========
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEET
(Millions)
June 30, December 31,
1999 1998
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Assets
Current assets
Cash and cash equivalents $438.8 $604.3
Accounts and notes receivable, net 1,201.4 1,232.0
Inventories
Parts and finished equipment 216.1 263.6
Work in process and materials 167.7 199.7
Deferred income taxes 459.8 428.8
Other current assets 103.1 88.3
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Total 2,586.9 2,816.7
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Properties 1,662.9 1,720.5
Less accumulated depreciation 1,110.5 1,139.6
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Properties, net 552.4 580.9
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Investments at equity 193.4 184.6
Software, net of accumulated amortization 237.9 246.6
Prepaid pension cost 888.1 833.8
Deferred income taxes 694.4 694.4
Other assets 298.3 220.7
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Total $5,451.4 $5,577.7
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Liabilities and stockholders' equity
Current liabilities
Notes payable $62.0 $50.6
Current maturities of long-term debt 24.2 4.0
Accounts payable 895.1 922.7
Other accrued liabilities 1,119.8 1,301.9
Dividends payable 12.6 26.6
Estimated income taxes 314.3 276.7
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Total 2,428.0 2,582.5
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Long-term debt 1,088.8 1,105.2
Other liabilities 344.6 373.0
Stockholders' equity
Preferred stock 670.8 1,420.0
Common stock 2.8 2.6
Accumulated deficit (1,258.3) (1,456.3)
Other capital 2,749.9 2,082.3
Accumulated other comprehensive loss (575.2) (531.6)
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Stockholders' equity 1,590.0 1,517.0
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Total $5,451.4 $5,577.7
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