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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) July 24, 2012
_______________________________________________________________________________
UNISYS CORPORATION
_______________________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-8729 38-0387840
_______________________________________________________________________________
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
801 Lakeview Drive, Suite 100
Blue Bell, Pennsylvania 19422
_______________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
(215) 986-4011
_______________________________________________________________________________
(Registrant's telephone number, including area code)
N/A
_______________________________________________________________________________
(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:
\ \ 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))
Item 2.02. Results of Operations and Financial Condition.
On July 24, 2012, Unisys Corporation issued a news release to report its
financial results for the quarter ended June 30, 2012. The release is
furnished as Exhibit 99 to this Current Report.
The information in this Current Report, including the Exhibit attached hereto,
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that section. The information contained herein and in the accompanying Exhibit
shall not be incorporated by reference into any registration statement or other
document filed with the Securities and Exchange Commission by Unisys
Corporation, whether before or after the date hereof, regardless of any general
incorporation language in such filing, except as shall be expressly set forth
by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibit is being furnished herewith:
99 News Release, dated July 24, 2012, of Unisys Corporation
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 24, 2012 By: /s/ Janet B. Haugen
-------------------
Janet B. Haugen
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
-------------
Exhibit
No.
------
99 News Release, dated July 24, 2012, of Unisys Corporation
News Release
Investor Contact:
Niels Christensen, 215-986-6651
Niels.Christensen@unisys.com
Media Contact:
Jim Kerr, 215-986-5795
Jim.Kerr@unisys.com
UNISYS ANNOUNCES SECOND-QUARTER 2012 FINANCIAL RESULTS
* NET INCOME OF $46.6 MILLION VS. NET LOSS OF $11.6 MILLION IN 2Q 2011
* DILUTED EPS OF 99 CENTS VS. LOSS OF 27 CENTS IN 2Q 2011
* NON-GAAP DILUTED EPS(1) OF $1.41 VS. NON-GAAP DILUTED EPS OF $1.07 IN 2Q 2011
* REVENUE DECLINES 2 PERCENT; UP 3 PERCENT ON CONSTANT CURRENCY(2) BASIS
* TECHNOLOGY REVENUE UP 12 PERCENT ON STRONG CLEARPATH SALES; UP 23 PERCENT ON
CONSTANT CURRENCY BASIS
* SERVICES REVENUE DECLINES 3 PERCENT; UP 1 PERCENT ON CONSTANT CURRENCY BASIS
* SERVICES OPERATING PROFIT MARGIN IMPROVES TO 8.0 PERCENT
* FREE CASH FLOW(3) OF $22 MILLION, UP FROM $7 MILLION IN 2Q 2011
* FREE CASH FLOW BEFORE PENSION FUNDING OF $73 MILLION VS. $27 MILLION IN 2Q
2011
* COMPANY ANNOUNCES FURTHER DEBT REDUCTION ACTIONS OF $84.5 MILLION
BLUE BELL, Pa., July 24, 2012 - Unisys Corporation (NYSE: UIS) today reported
second-quarter 2012 net income of $46.6 million, or 99 cents per diluted share,
which included $21.5 million of pension expense. In the second quarter of 2011,
the company reported a net loss of $11.6 million, or a loss of 27 cents per
diluted share, which included a $45.7 million debt reduction charge, an after-
tax charge of $8.9 million related to the loss of an old non-income tax case
concerning the company's former Brazilian manufacturing operations, and $7.2
million of pension expense. Excluding these items, non-GAAP diluted earnings
per share in the second quarter of 2012 were $1.41 compared with non-GAAP
diluted earnings per share of $1.07 in the second quarter of 2011.
Revenue in the second quarter of 2012 declined 2 percent to $921 million
compared with $937 million in the year-ago quarter. On a constant currency
basis, second-quarter 2012 revenue grew 3 percent compared to the second
quarter of 2011.
"We made continued progress on our strategic and financial goals in the second
quarter," said Unisys Chairman and CEO Ed Coleman. "We significantly increased
our profitability and grew revenue on a constant currency basis for the third
quarter out of the past four. Our technology business had a particularly good
quarter, led by strong ClearPath sales. In services, we grew our IT outsourcing
business as we added new clients such as the American Red Cross. We also
achieved a second-quarter services operating profit margin of 8 percent, within
our targeted 8 to 10 percent range.
"We continue work to strengthen our balance sheet, announcing actions today to
retire an additional $84.5 million of debt. When these actions are completed,
we will have hit our year-end 2013 debt reduction target and will have reduced
our debt, including borrowings under our former accounts receivable facility,
by about $1 billion since the end of 2008."
SECOND-QUARTER COMPANY AND BUSINESS SEGMENT HIGHLIGHTS
Currency had a 5 percentage point negative impact on revenue in the quarter. On
a constant currency basis, Unisys reported year-over-year revenue growth in all
regions except for Latin America. North American revenue grew 1 percent despite
a 20 percent revenue decline in the company's U.S. Federal business where
market conditions remain challenging.
Unisys said its margins in the quarter benefitted from strong sales of
ClearPath enterprise software and servers as well as continued progress in
reducing expenses and improving the cost-efficiency of service delivery. The
company's overall second-quarter 2012 gross profit margin improved to 26.4
percent from 22.8 percent in the year-ago quarter. Second-quarter 2012
operating profit increased to $79.0 million, or 8.6 percent of revenue, from
$48.1 million, or 5.1 percent of revenue in the second quarter of 2011.
Second-quarter 2012 services revenue declined 3 percent from the prior-year
quarter, reflecting the negative impact of foreign currency fluctuations as
well as lower U.S. Federal revenue. On a constant currency basis, services
revenue grew 1 percent in the quarter. Information technology outsourcing
revenue grew 8 percent in the quarter. Outside of the U.S. Federal business,
systems integration revenue grew in the quarter. Second-quarter 2012 services
gross profit margin improved to 21.0 percent from 20.1 percent a year ago while
services operating profit margin improved to 8.0 percent from 7.1 percent a
year ago.
Second-quarter services orders showed double-digit decreases in the quarter,
primarily reflecting lower orders for outsourcing and infrastructure services.
Services backlog at June 30, 2012 was $5.1 billion, an 8 percent decrease from
services backlog at December 31, 2011.
Second-quarter 2012 technology revenue increased 12 percent from the prior-year
quarter, driven by a double-digit increase in ClearPath sales. Reflecting the
higher ClearPath sales, technology gross profit margin improved to 63.4 percent
from 49.0 percent in the year-ago quarter and technology operating profit
margin increased to 28.6 percent from 2.4 percent in the year-ago quarter.
CASH FLOW AND BALANCE SHEET HIGHLIGHTS
Unisys generated $57 million of cash from operations in the second quarter of
2012, up from $36 million in the second quarter of 2011. Total pension cash
funding increased to $51 million from $20 million in the second quarter of
2011. Capital expenditures in the second quarter of 2012 were $35 million
compared with $29 million in the year-ago quarter. The company generated $22
million of free cash flow in the second quarter of 2012 compared with $7
million in the second quarter of 2011. Free cash flow before pension funding
was $73 million in the second quarter of 2012 compared with $27 million in the
year-ago quarter. At June 30, 2012, the company reported a cash balance of $660
million and total debt of $292 million.
Today Unisys is announcing its intent to call for redemption $84.5 million of
its 12.5% senior notes due January 2016. The notes will be redeemed in
accordance with the provisions of the notes. When the redemption is completed,
the company will have achieved, over a year early, its target of reducing its
debt by 75 percent, or $625 million, from September 2010 levels.
With the recent passage of the "Moving Ahead for Progress in the 21st Century
Act" in the United States, the company has lowered its estimate for U.S.
qualified defined benefit plan pension cash funding for 2012 from $143 million
to approximately $110 million. This estimate may change when the applicable
discount rates are published by the IRS.
NON-GAAP INFORMATION
Unisys reports its results in accordance with Generally Accepted Accounting
Principles (GAAP) in the United States. However, in an effort to provide
investors with additional perspective regarding the company's results as
determined by GAAP, the company also discusses, in its earnings press release
and/or earnings presentation materials, non-GAAP information which management
believes provides useful information to investors. Our management uses
supplemental non-GAAP financial measures internally to understand, manage and
evaluate our business and assess operational alternatives. These non-GAAP
measures may include non-GAAP earnings per diluted share, constant currency,
and free cash flow.
Our non-GAAP measures are not intended to be considered in isolation or as
substitutes for results determined in accordance with GAAP and should be read
only in conjunction with our consolidated financial statements prepared in
accordance with GAAP. (See GAAP to non-GAAP reconciliations attached.)
(1) NON-GAAP EARNINGS PER DILUTED SHARE - As a result of debt reduction
actions, Unisys recorded charges of $0.3 million and $45.7 million during the
second quarters of 2012 and 2011, respectively. The company also recorded
pension expense of $21.5 million and $7.2 million during the second quarters of
2012 and 2011, respectively. In addition, during the second quarter of 2011 the
company recorded an after-tax charge of $8.9 million related to the Brazilian
matter discussed above. In an effort to provide investors with a perspective on
the company's earnings without these charges, they are excluded from the non-
GAAP earnings per diluted share calculations.
(2) CONSTANT CURRENCY - The company refers to growth rates at constant currency
or adjusting for currency 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 for revenue is calculated by retranslating current and prior
period results at a consistent rate. This approach is based on the pricing
currency for each country which is typically the functional currency.
Generally, when the dollar either strengthens or weakens against other
currencies, the growth at constant currency rates will be higher or lower,
respectively, than growth reported at actual exchange rates.
(3) FREE CASH FLOW - To better understand the trends in our business, we
believe that it is helpful to present free cash flow, which we define as cash
flow from operations less capital expenditures. Management believes this
measure gives investors an additional perspective on cash flow from operating
activities in excess of amounts required for reinvestment. Because of the
significance of the company's pension funding obligations in 2012, free cash
flow before pension funding is also provided.
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 via a link 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.
ABOUT UNISYS
Unisys is a worldwide information technology company. We provide a portfolio of
IT services, software, and technology that solves critical problems for
clients. We specialize in helping clients secure their operations, increase the
efficiency and utilization of their data centers, enhance support to their end
users and constituents, and modernize their enterprise applications. To provide
these services and solutions, we bring together offerings and capabilities in
outsourcing services, systems integration and consulting services,
infrastructure services, maintenance services, and high-end server technology.
With approximately 22,500 employees, Unisys serves commercial organizations and
government agencies throughout the world. For more information, visit
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, 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. Risks and uncertainties
that could affect the company's future results include the company's ability to
drive profitable growth in consulting and systems integration; the company's
ability to take on, successfully implement and grow outsourcing operations;
market demand for the company's high-end enterprise servers and maintenance on
those servers; 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 ability to effectively anticipate and
respond to volatility and rapid technological change in its industry; the
adverse effects of global economic conditions; the company's significant
pension obligations and potential requirements to make significant cash
contributions to its defined benefit pension plans; the success of the
company's program to reduce costs, focus its global resources and simplify its
business structure; the risks that the company's contracts may not be as
profitable as expected or provide the expected level of revenues and that
contracts with U.S. governmental agencies may subject it to audits, criminal
penalties, sanctions and other expenses and fines; the risk that the company
may face damage to its reputation or legal liability if its clients are not
satisfied with its services or products; the risk that breaches of data
security could expose the company to legal liability and could harm its
business and reputation; the performance and capabilities of third parties with
whom the company has commercial relationships; the risks of doing business
internationally when more than half of the company's revenue is derived from
international operations; the company's ability to access capital and credit
markets to address its liquidity needs; 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; the company's ability to use its U.S. Federal net
operating loss carryforwards and other tax attributes; 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.: 0724/9116
Unisys is a registered trademark of Unisys Corporation. All other brands and
products referenced herein are acknowledged to be trademarks or registered
trademarks of their respective holders.
UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Millions, except per share data)
Three Months Six Months
Ended June 30 Ended June 30
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
Revenue
Services $815.7 $842.7 $1,638.7 $1,643.0
Technology 105.6 94.5 211.0 205.4
-------- -------- -------- --------
921.3 937.2 1,849.7 1,848.4
Costs and expenses
Cost of revenue:
Services 645.9 676.1 1,314.5 1,330.6
Technology 32.2 47.4 66.2 95.9
-------- -------- -------- --------
678.1 723.5 1,380.7 1,426.5
Selling, general and
administrative 142.0 147.2 283.4 293.2
Research and development 22.2 18.4 42.2 38.7
-------- -------- -------- --------
842.3 889.1 1,706.3 1,758.4
-------- -------- -------- --------
Operating profit 79.0 48.1 143.4 90.0
Interest expense 7.9 13.3 17.2 39.2
Other income (expense), net 4.1 (49.4) (9.1) (73.2)
-------- -------- -------- --------
Income (loss) before
income taxes 75.2 (14.6) 117.1 (22.4)
Provision (benefit)
for income taxes 22.1 (9.2) 44.1 19.0
-------- -------- -------- --------
Consolidated net
income (loss) 53.1 (5.4) 73.0 (41.4)
Net income attributable to
noncontrolling interests 2.4 2.2 4.9 5.6
-------- -------- -------- --------
Net income (loss) attributable
to Unisys Corporation 50.7 (7.6) 68.1 (47.0)
Preferred stock dividend 4.1 4.0 8.1 5.4
-------- -------- -------- --------
Net income (loss) attributable
to Unisys Corporation
common shareholders $46.6 ($11.6) $60.0 ($52.4)
======== ======== ======== ========
Earnings (loss) per common share attributable
to Unisys Corporation
Basic $ 1.06 ($ .27) $ 1.37 ($ 1.22)
======== ======== ======== ========
Diluted $ .99 ($ .27) $ 1.33 ($ 1.22)
======== ======== ======== ========
Shares used in the per share
computations (thousands):
Basic 43,905 43,106 43,758 42,971
Diluted 51,244 43,106 51,110 42,971
UNISYS CORPORATION
SEGMENT RESULTS
(Unaudited)
(Millions)
Elimi-
Total nations Services Technology
-------- -------- -------- ----------
Three Months Ended
June 30, 2012
------------------
Customer revenue $921.3 $815.7 $105.6
Intersegment ($37.6) 0.6 37.0
-------- -------- -------- --------
Total revenue $921.3 ($37.6) $816.3 $142.6
======== ======== ======== ========
Gross profit percent 26.4% 21.0% 63.4%
======== ======== ========
Operating profit
percent 8.6% 8.0% 28.6%
======== ======== ========
Three Months Ended
June 30, 2011
------------------
Customer revenue $937.2 $842.7 $94.5
Intersegment ($22.2) 0.9 21.3
-------- -------- -------- --------
Total revenue $937.2 ($22.2) $843.6 $115.8
======== ======== ======== ========
Gross profit percent 22.8% 20.1% 49.0%
======== ======== ========
Operating profit
percent 5.1% 7.1% 2.4%
======== ======== ========
Six Months Ended
June 30, 2012
------------------
Customer revenue $1,849.7 $1,638.7 $211.0
Intersegment ($69.6) 1.4 68.2
-------- -------- -------- --------
Total revenue $1,849.7 ($69.6) $1,640.1 $279.2
======== ======== ======== ========
Gross profit percent 25.4% 19.9% 62.8%
======== ======== ========
Operating profit
percent 7.8% 6.5% 27.1%
======== ======== ========
Six Months Ended
June 30, 2011
------------------
Customer revenue $1,848.4 $1,643.0 $205.4
Intersegment ($43.8) 1.8 42.0
-------- -------- -------- --------
Total revenue $1,848.4 ($43.8) $1,644.8 $247.4
======== ======== ======== ========
Gross profit percent 22.8% 19.0% 50.1%
======== ======== ========
Operating profit
percent 4.9% 5.6% 7.0%
======== ======== ========
UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions)
June 30, December 31,
2012 2011
---------- ----------
Assets
Current assets
Cash and cash equivalents $659.7 $714.9
Accounts and notes receivable, net 610.3 673.0
Inventories
Parts and finished equipment 31.5 38.1
Work in process and materials 27.4 26.7
Deferred income taxes 27.3 27.1
Prepaid expense and other
current assets 108.7 123.6
---------- ----------
Total 1,464.9 1,603.4
---------- ----------
Properties 1,255.2 1,257.2
Less accumulated depreciation
and amortization 1,076.3 1,065.9
---------- ----------
Properties, net 178.9 191.3
---------- ----------
Outsourcing assets, net 124.4 137.9
Marketable software, net 129.5 129.8
Prepaid postretirement assets 14.2 43.9
Deferred income taxes 181.8 181.5
Goodwill 191.4 192.5
Other long-term assets 112.8 131.9
---------- ----------
Total $2,397.9 $2,612.2
========== ==========
Liabilities and deficit
Current liabilities
Current maturities of long-term debt $0.6 $0.9
Accounts payable 228.4 241.6
Deferred revenue 397.7 448.1
Other accrued liabilities 375.1 425.5
---------- ----------
Total 1,001.8 1,116.1
---------- ----------
Long-term debt 291.8 358.8
Long-term postretirement liabilities 2,081.9 2,224.0
Long-term deferred revenue 119.3 120.3
Other long-term liabilities 93.1 104.0
Commitments and contingencies
Total deficit (1,190.0) (1,311.0)
---------- ----------
Total $2,397.9 $2,612.2
========== ==========
UNISYS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Millions)
Six Months Ended
June 30
------------------
2012 2011
------- -------
Cash flows from operating activities
Consolidated net income (loss) $73.0 ($41.4)
Add (deduct) items to reconcile consolidated net
income (loss) to net cash provided by operating activities:
Loss on debt extinguishment 7.5 77.5
Employee stock compensation 8.9 9.4
Company stock issued for U.S. 401(k) plan 6.2 6.7
Depreciation and amortization of properties 28.7 34.3
Depreciation and amortization of
outsourcing assets 30.7 33.9
Amortization of marketable software 28.9 34.8
Disposals of capital assets 3.1 .7
(Gain) loss on sale of businesses and assets (10.6) .3
Decrease in deferred income taxes, net 13.4 11.4
Decrease in receivables, net 43.1 148.2
Decrease in inventories 4.8 16.5
Decrease in accounts payable
and other accrued liabilities (85.8) (231.4)
Decrease in other liabilities (125.6) (27.7)
Decrease (increase) in other assets 65.7 (8.6)
Other (1.5) (.7)
------- -------
Net cash provided by operating activities 90.5 63.9
------- -------
Cash flows from investing activities
Proceeds from investments 1,631.8 173.7
Purchases of investments (1,630.5) (171.3)
Restricted deposits 1.6 10.3
Investment in marketable software (28.6) (23.3)
Capital additions of properties (17.9) (24.0)
Capital additions of outsourcing assets (18.7) (25.0)
Net proceeds from sale of
businesses and assets 2.7 (10.1)
------- -------
Net cash used for investing activities (59.6) (69.7)
------- -------
Cash flows from financing activities
Proceeds from issuance of preferred stock,
net of issuance costs 249.7
Payments of long-term debt (75.0) (460.3)
Dividends paid to noncontrolling interests (4.5) (.4)
Dividends paid on preferred shares (8.1) (4.1)
Proceeds from exercise of stock options .3 1.4
Financing fees - (2.2)
------- -------
Net cash used for financing activities (87.3) (215.9)
------- -------
Effect of exchange rate changes on cash
and cash equivalents 1.2 18.4
------- -------
Decrease in cash and cash equivalents (55.2) (203.3)
Cash and cash equivalents, beginning of
period 714.9 828.3
------- -------
Cash and cash equivalents, end of period $659.7 $625.0
======= =======
(1)
UNISYS CORPORATION
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited)
(Millions, except per share data)
Three Months Six Months
Ended June 30 Ended June 30
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
GAAP net income (loss)
attributable to Unisys Corporation
common shareholders $46.6 ($11.6) $60.0 ($52.4)
Debt reduction charges,
net of tax 0.3 45.7 7.5 77.5
Brazil non-income tax case,
net of tax 8.9 8.9
FAS87 pension charges,
net of tax 21.5 7.2 46.1 14.4
-------- -------- -------- --------
Non-GAAP net income (loss)
attributable to Unisys Corporation
common shareholders 68.4 50.2 113.6 48.4
Add preferred stock
dividend 4.1 4.0 8.1 5.4
-------- -------- -------- --------
Non-GAAP net income (loss)
attributable to Unisys
Corporation for diluted
earnings per share $72.5 $54.2 $121.7 $53.8
======== ======== ======== ========
Weighted average
shares (thousands) 43,905 43,106 43,758 42,971
Plus incremental shares from assumed conversion:
Employee stock plans 426 571 439 626
Preferred stock 6,913 6,913 6,913 5,881
-------- -------- -------- --------
GAAP adjusted weighted
average shares 51,244 50,590 51,110 49,478
======== ======== ======== ========
Diluted earnings (loss) per share
GAAP basis
GAAP net income (loss)
attributable to Unisys
Corporation for diluted
earnings per share $50.7 ($11.6) $68.1 ($52.4)
Divided by adjusted weighted
average shares 51,244 43,106 51,110 42,971
GAAP net income (loss)
per diluted share $ .99 ($ .27) $ 1.33 ($ 1.22)
======== ======== ======== ========
Non-GAAP basis
Non-GAAP net income
attributable to Unisys
Corporation for diluted
earnings per share $72.5 $54.2 $121.7 $53.8
Divided by Non-GAAP adjusted
weighted average shares 51,244 50,590 51,110 49,478
Non-GAAP net income
per diluted share $ 1.41 $ 1.07 $ 2.38 $ 1.09
======== ======== ======== ========
(2)
UNISYS CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(Millions)
FREE CASH FLOW
--------------
Three Months Six Months
Ended June 30 Ended June 30
----------------- -----------------
2012 2011 2012 2011
-------- -------- -------- --------
Cash provided by
operations $57.1 $35.5 $90.5 $63.9
Additions to marketable
software (14.7) (11.9) (28.6) (23.3)
Additions to properties (10.0) (9.0) (17.9) (24.0)
Additions to outsourcing
assets (10.1) (8.0) (18.7) (25.0)
-------- -------- -------- --------
Free Cash Flow 22.3 6.6 25.3 (8.4)
Pension funding 50.6 20.6 118.8 42.8
-------- -------- -------- --------
Free cash flow before
pension funding $72.9 $27.2 $144.1 $34.4
======== ======== ======== ========