Unisys Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 27, 2017 at 03:20 am IST
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Unisys Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenue of $721.7 million compared to $789.9 million for the same period last year. Operating profit was $35.5 million compared to $15.8 million for the same period last year. Income before income taxes was $24.6 million compared to $12.4 million for the same period last year. Consolidated net income was $1.6 million compared to $1.3 million for the same period last year. Net loss attributable to the company was $1.2 million compared to net income of $1.1 million for the same period last year. Basic and diluted loss per common share attributable to the company was $0.02 compared to EPS of $0.02 for the same period last year. Non-GAAP operating profit was $69.9 million compared to $95.5 million for the same period last year. Non-GAAP net income attributable to the company’s common shareholders was $38.5 million compared to $79.3 million a year ago. Non-GAAP net income per diluted share was $0.60 compared to $1.58 a year ago. The company generated free cash flow of $77 million for the fourth quarter, an improvement of 21% year over year. Adjusted free cash flow in the fourth quarter of $117 million was flat relative to the prior year.
For the year, the company reported revenue of $2,820.7 million compared to $3,015.1 million for the same period last year. Operating profit was $47.6 million compared to operating loss of $55.1 million for the same period last year. Income before income taxes was $20.5 million compared to loss before income taxes of $58.8 million for the same period last year. Consolidated net income was $36.7 million compared to consolidated net loss of $103.2 million for the same period last year. Net loss attributable to the company was $47.7 million compared to $109.9 million for the same period last year. Basic and diluted loss per common share attributable to the company was $0.95 compared to $2.20 for the same period last year. Net cash provided by operating activities was $218.2 million against $1.2 million a year ago. Capital additions of properties were $32.5 million compared to $49.6 million for the same period last year. Capital additions of outsourcing assets were $51.3 million compared to $102.0 million for the same period last year. Non-GAAP operating profit was $216.7 million compared to $176.1 million for the same period last year. Non-GAAP net income attributable to the company’s common shareholders was $122.9 million compared to $113.2 million a year ago. Non-GAAP net income per diluted share was $2.03 compared to $2.26 a year ago. The company generated free cash flow of $71 million for the year, an improvement of $284 million year-over-year. Adjusted free cash flow for the year of $278 million increased $283 million from 2015 and exceeded full-year guidance. Improvements to free cash flow and adjusted free cash flow were driven principally by a significant improvement in cash flow from operations, in addition to an over 30% year-over-year decline in capital expenditures in 2016, reflecting the company’s shift to a more asset-lite business model.
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.