CSC's second quarter earnings per share up 20.5%.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)-- Oct. 23, 1995--Computer Sciences Corp. (NYSE NYSE See: New York Stock Exchange :CSC (Card Security Code) A three- or four-digit number printed on the back of credit cards for security purposes. Called "Card Verification Value" (CVV) by Visa, "Card Validation Code" (CVC) by MasterCard and "Card Identification (CID) by American Express and Discover, ) reported earnings per share for its second fiscal quarter (ended Sept. 29, 1995) rose 20.5% to 53 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from the 44 cents per share reported for the same period last year. Earnings per share in the quarter just ended were based on five million additional average shares outstanding, compared with last year's second quarter. The increase in outstanding shares was principally due to a four-million-share common stock offering completed Feb. 15, 1995. The second quarter's net income of $30.4 million increased 32.4% over the year-ago quarter's $22.9 million. Revenues for the quarter rose 27.4% to $1,005 million, up from $788 million reported for the second quarter of last year. Net income for the first six months of this year was 29.8% higher at $58.1 million, versus last year's $44.7 million. Revenue improved 29.1% to $1,971 million, compared with last year's same-period $1,527 million. Earnings per share for the first six months were $1.02 per share, up 18.6%, compared with last year's $.86 per share. "The year thus far has been characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by robust international and domestic markets for our commercial services," said Van B. Honeycutt, the company's president and chief executive officer. "The company has achieved significant increases in revenue and in the dollar value of new contracts won in spite of the impact of restrained government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. on our federal revenue. During the first half of this year, CSC announced nearly $4.8 billion in new multi-year commercial and federal agreements -- compared to $4 billion announced for all of last year." Commercial revenue for this year's second quarter, including both domestic and international activities, rose 51.6%, from $417 million to $632 million and constituted 63% of CSC's total revenue for the second quarter. For the quarter, domestic commercial revenue grew 40%, from $262 million to $367 million. The growth was primarily fueled by previously announced domestic outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. contracts and consulting activities. New contracts announced during the quarter included Service Corporation International, Standard Register, James River James River or Dakota River River in the U.S. rising in central North Dakota and flowing southeast across South Dakota. It joins the Missouri River about 5 mi (8 km) below Yankton after a course of 710 mi (1,140 km). , First National Bank of Chicago, BellSouth, and US WEST. International revenue rose 71.2%, from $155 million to $265 million. The increase was mainly due to increased international outsourcing business. New contracts announced during the quarter included John Menzies John Menzies plc is a Scottish business established in 1833. It has two main divisions: Menzies Distribution and Menzies Aviation. Menzies Distribution is a major distributor of newspapers and magazines throughout the United Kingdom. Retail, Oxford Consortium, and National Health Services health services Managed care The benefits covered under a health contract in Scotland. Federal revenue for the second quarter was nearly unchanged at $373 million and now accounts for 37% of CSC's total revenue. This compares with federal revenue constituting 47% of CSC's total revenue for the same quarter last year. So far this year, CSC has been awarded federal contacts at a record pace. However, many new and some existing contracts allow the government discretion as to the timing and extent of expenditures. Recent awards include work for the Department of Defense (security applications), FAA (National Airspace Enroute Systems Command), Navy (U.S. Space and Naval Warfare naval warfare Military operations conducted on, under, or over the sea and waged against other seagoing vessels or targets on land or in the air. The earliest naval attacks were raids by the armed men of a tribe or town using fishing boats or merchant ships. Systems Command), Air Force (testing), Defense Commissary Agency The Defense Commissary Agency (DeCA) is an agency of the United States Department of Defense that manages more than 260 grocery establishments on U.S. military installations worldwide. (retailing systems), Health Care Financing Administration Health Care Financing Administration, n.pr department in the U.S. agency of Health and Human Services responsible for the oversight of the Medicaid and Medicare benefit programs, including guidelines, payment, and coverage policies. (Medicare/Medicaid), and Department of Defense (engineering services). Computer Sciences Corp. had $3.8 billion in revenue for the 12 months ended Sept. 29, 1995. The company is headquartered in El Segundo and has 33,000 employees in 575 offices worldwide. CSC provides clients with a wide range of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. including management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects ; business reengineering; information systems consulting and integration; and outsourcing. -0-
COMPUTER SCIENCES CORP.
Consolidated Statements of Income
(In thousands, except per-share amounts)
Second Quarter Ended Six Months Ended
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
1995 1994 1995 1994
Revenues $1,004,714 $788,486 $1,971,497 $1,526,631 Costs of services 803,915 631,878 1,578,296 1,215,539 Selling, general and administrative 86,578 74,134 172,471 150,096 Depreciation and amortization 56,765 39,928 111,353 77,832 Interest expense 8,566 6,054 17,228 12,288 Interest income (663) (481) (2,221) (1,293) Total costs and expenses 955,161 751,513 1,877,127 1,454,462 Income before taxes 49,553 36,973 94,370 72,169 Taxes on income 19,200 14,050 36,300 27,424 Net income $ 30,353 $ 22,923 $ 58,070 $ 44,745 Earnings per common share 53 cents 44 cents $ 1.02 $ 86 cents Average shares and equivalents 57,192 52,316 57,021 52,247 (Figures shown hereon are unaudited)
Computer Sciences Corp.
Revenue by Market Sector
(in millions)
Second Quarter
Fiscal Fiscal % of total
1996 1995 '96 '95
U.S. Federal Government:
Dept. of Defense $ 223.9 $205.1 22% 26%
NASA 77.5 77.4 8 10
Civil agencies 71.5 89.2 7 11
Total 372.9 371.7 37 47
Commercial 367.3 262.3 37 33
International 264.5 154.5 26 20
$1,004.7 $788.5 100% 100%
Six Months
Fiscal Fiscal % of total
1996 1995 '96 '95
U.S. Federal Government:
Dept. of Defense $ 448.5 $390.3 23% 26%
NASA 156.5 138.0 8 9
Civil agencies 150.6 171.8 7 11
Total 755.6 700.1 38 46
Commercial 712.8 527.2 36 34
International 503.1 299.3 26 20
$1,971.5 $1,526.6 100% 100%
CONTACT: Computer Sciences Corp., El Segundo Bruce Plowman, Spencer Davis For a former Governor of Saint Helena, see . Spencer David Nelson Davis (born 17 July, 1939 in South Wales, UK) is a musician and multi-instrumentalist, and the founder of the 1960s rock band, the Spencer Davis Group. or Mary Rhodes Mary Rhodes is a regular sports presenter on BBC World throughout the week and often presents the sport on the BBC One Weekend Bulletins. She has held this role since 2000, but prior to this was with BBC News 24 since its 1997 launch. 310/615-0311 |
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