Unisys has grown revenues 9% for the third quarter of 2003 and met its targeted earnings per share (EPS) range for the quarter. Unisys generated $114 million of cash from operations in the quarter compared to $57 million in the year-ago period, and the company has reaffirmed its outlook for double-digit EPS growth for the full year.
For the third quarter, Unisys reported net income of $56.2 million, or 17c per share, compared to net income of $59 million, or 18c per share, in the year-ago quarter.
Revenue for the third quarter of 2003 was $1.45 billion, up from revenue of $1.33 billion in the year-ago period. Currency had a 4% positive impact on the company`s revenue in the third quarter, as the US dollar remained weak against most major currencies worldwide.
"Unisys delivered a strong performance in the third quarter of 2003," says Barry Holt, MD of Unisys Africa. "The third quarter is typically weak from a seasonal perspective, but the company met its financial expectations by staying focused and continuing to execute its value-added strategy.
"Locally, Unisys Africa is closely tracking the parent company`s success," adds Holt. "Selected components of our global strategy are being applied locally, with significant success, and like our parent company we are well positioned to meet our financial targets.
"Top-line growth globally has been a consequence of correct strategy, leading to the third straight quarter of revenue growth. This was driven by growth in both services and technology. The services business continued its double-digit growth, driven by growth in all areas. The technology business delivered 3% revenue growth in a tough environment. Sales of our high-end, Intel-based ES7000 servers grew more than 50% again this quarter, relative to 2002."
Key highlights of the quarter:
* Continued expansion of the company`s security offerings. Unisys was chosen for three additional pilot projects as part of the "Operation Safe Commerce" programme funded by the US Transportation Security Administration.
* Expansion of the Unisys Business Blueprinting strategy. Through these services, Unisys consultants and industry experts work with clients to create standards-based, digital models that link strategy to the business processes, software applications, and systems that support the strategy. Unisys is creating blueprints for more than a dozen focused industry segments, including enterprise payments, life and pensions administration, cargo security, and justice and public safety.
* Continued double-digit growth in the Unisys ES7000 server sales. Unisys continues to see strong momentum in this programme, with new and existing clients ordering multiple units of the ES7000 to run enterprise applications and consolidate low-end servers.
Unisys is on track to meet its strategic and financial objectives for 2003. It continues to expect targeted earnings per share of 77c on mid single-digit revenue growth.
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