Consolidated Financial Statements
Consolidated Statements of Income
Year ended December 31 (millions, except per share data) |
2009 | 2008 | 2007 |
Revenue | | | |
Services |
$4,036.9 | $4,603.6 | $4,846.7 |
Technology |
560.8 | 629.6 | 805.8 |
|
4,597.7 | 5,233.2 | 5,652.5 |
Costs and expenses | | | |
Cost of revenue: | | | |
Services |
3,214.4 | 3,765.9 | 3,989.3 |
Technology |
246.6 | 340.6 | 376.2 |
|
3,461.0 | 4,106.5 | 4,365.5 |
Selling, general and administrative expenses |
689.2 | 957.0 | 1,022.1 |
Research and development expenses |
101.9 | 129.0 | 179.0 |
|
4,252.1 | 5,192.5 | 5,566.6 |
Operating profit |
345.6 | 40.7 | 85.9 |
Interest expense |
95.2 | 85.1 | 76.3 |
Other income (expense), net |
(15.8) | (20.1) | 19.8 |
Income (loss) before income taxes |
234.6 | (64.5) | 29.4 |
Provision for income taxes |
41.6 | 53.2 | 82.7 |
Consolidated net income (loss) |
193.0 | (117.7) | (53.3) |
Net income attributable to noncontrolling interests |
(3.7) | (12.4) | (25.8) |
Net income (loss) attributable to Unisys Corporation |
$189.3 | ($130.1) | ($79.1) |
Earnings (loss) per share attributable to Unisys Corporation | | | |
Basic |
$4.82 | ($3.62) | ($2.26) |
Diluted |
$4.75 | ($3.62) | ($2.26) |
See notes to consolidated financial statements.
Consolidated Balance Sheets
December 31 (millions) |
2009 | 2008 |
Assets | | |
Current assets | | |
Cash and cash equivalents |
$647.6 | $544.0 |
Accounts and notes receivable, net |
790.7 | 818.5 |
Inventories: | | |
- Parts and finished equipment |
57.5 | 64.7 |
- Work in process and materials |
43.0 | 70.7 |
Deferred income taxes |
19.9 | 23.8 |
Prepaid expenses and other current assets |
144.7 | 116.7 |
Total |
1,703.4 | 1,638.4 |
Properties |
1,374.3 | 1,416.0 |
Less -- Accumulated depreciation and amortization |
1,146.4 | 1,139.5 |
Properties, net |
227.9 | 276.5 |
Outsourcing assets, net |
277.1 | 314.9 |
Marketable software, net |
154.9 | 202.0 |
Prepaid postretirement assets |
-- | 20.7 |
Deferred income taxes |
180.6 | 87.6 |
Goodwill |
198.5 | 189.4 |
Other long-term assets |
214.5 | 94.6 |
Total |
$2,956.9 | $2,824.1 |
Liabilities and stockholders' deficit | | |
Current liabilities | | |
Current maturities of long-term debt |
$65.8 | $1.5 |
Accounts payable |
307.4 | 379.2 |
Other accrued liabilities |
1,021.6 | 1,045.7 |
Total |
1,394.8 | 1,426.4 |
Long-term debt |
845.9 | 1,059.1 |
Long-term postretirement liabilities |
1,640.6 | 1,497.0 |
Other long-term liabilities |
347.3 | 265.4 |
Commitments and contingencies | | |
Stockholders' deficit | | |
Common stock, par value $0.01 per share
(72.0 million shares authorized; 42.5 million shares and 37.2 million shares issued) |
0.4 | 0.4 |
Accumulated deficit |
(2,406.7) | (2,596.0) |
Treasury stock, at cost |
(45.0) | (44.8) |
Paid-in capital |
4,196.5 | 4,102.6 |
Accumulated other comprehensive loss |
(3,013.5) | (2,904.6) |
Noncontrolling interests |
(3.4) | 18.6 |
Stockholders' deficit |
(1,271.7) | (1,423.8) |
Total |
$2,956.9 | $2,824.1 |
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Year ended December 31 (millions, except per share data) |
2009 | 2008 | 2007 |
Cash flows from operating activities | | | |
Consolidated net income (loss) |
$193.0 | ($117.7) | ($53.3) |
Add (deduct) items to reconcile consolidated net income (loss) to net cash provided by operating activities: | | | |
Company stock issued for U.S. 401(k) plan |
-- | 41.8 | 47.4 |
Employee stock compensation |
0.7 | 1.1 | 7.7 |
Depreciation and amortization of properties |
96.9 | 105.7 | 115.1 |
Depreciation and amortization of outsourcing assets |
151.0 | 162.6 | 143.8 |
Amortization of marketable software |
104.6 | 149.7 | 121.6 |
Disposal of capital assets |
10.8 | 12.9 | 14.2 |
Loss (gain) on sale of assets |
8.8 | -- | (24.7) |
(Increase) decrease in deferred income taxes, net |
(87.9) | (9.9) | 82.7 |
Decrease in receivables, net |
62.1 | 186.7 | 176.2 |
Decrease in inventories |
14.0 | 27.2 | 10.7 |
Increase in other assets |
(121.9) | (119.7) | (32.2) |
Decrease in accounts payable and other accrued liabilities |
(70.7) | (110.9) | (298.9) |
Increase (decrease) in other liabilities |
37.3 | (79.1) | (129.1) |
Other |
(1.9) | 4.2 | (8.1) |
Net cash provided by operating activities |
396.8 | 254.6 | 173.1 |
Cash flows from investing activities | | | |
Proceeds from investments |
404.1 | 6,208.2 | 7,718.5 |
Purchases of investments |
(402.8) | (6,190.3) | (7,728.3) |
Collateralized letters of credit |
(86.8) | -- | -- |
Investment in marketable software |
(57.6) | (84.5) | (94.0) |
Capital additions of properties |
(45.9) | (76.9) | (77.5) |
Capital additions of outsourcing assets |
(97.8) | (133.1) | (137.5) |
Proceeds from sales of assets |
17.4 | -- | 29.3 |
Purchase of businesses |
(1.9) | (6.4) | (1.2) |
Net cash used for investing activities |
(271.3) | (283.0) | (290.7) |
Cash flows from financing activities | | | |
Payments of long-term debt |
(30.0) | (200.0) | -- |
Financing fees |
(16.1) | (0.8) | -- |
Net reduction in short-term borrowings |
-- | (0.1) | (1.1) |
Proceeds from exercise of stock options |
-- | -- | 12.3 |
Dividends paid to noncontrolling interests |
-- | -- | (5.8) |
Proceeds from issuance of long-term debt |
-- | -- | 204.2 |
Net cash (used for) provided by financing activities |
(46.1) | (200.9) | 209.6 |
Effect of exchange rate changes on cash and cash equivalents |
24.2 | (56.9) | 18.9 |
Increase (decrease) in cash and cash equivalents |
103.6 | (286.2) | 110.9 |
Cash and cash equivalents, beginning of year |
544.0 | 830.2 | 719.3 |
Cash and cash equivalents, end of year |
$647.6 | $544.0 | $830.2 |
See notes to consolidated financial statements.
Consolidated Statements of Stockholders' Equity (Deficit)
| Unisys Corporation | |
| CommonStock | | TreasuryStock | | |
(millions) | Total | Comprehensive
Income (Loss) | Total | Par Value | Shares | Accumulated Deficit | Cost | Shares | Paid-in Capital | Accumulated Other Comprehensive Loss | Non- controlling Interests |
Balance at December 31, 2006 | ($47.3) | | ($59.5) | $3.5 | 347.5 | ($2,386.8) | ($43.6) | (2.1) | $3,988.7 | ($1,621.3) | $12.2 |
Retroactive application of one-for-ten reverse stock split | | | | (3.1) | (312.8) | | | 1.9 | 3.1 | | |
Stock-based compensation | 66.8 | | 66.8 | | 0.9 | | (0.9) | | 67.7 | | |
Dividends paid to noncontrolling interests | (5.8) | | | | | | | | | | (5.8) |
Comprehensive Income: | | | | | | | | | | | |
Consolidated net income (loss) | (53.3) | ($53.3) | (79.1) | | | (79.1) | | | | | 25.8 |
Other comprehensive income: | | | | | | | | | | | |
Translation adjustments | 38.4 | 38.4 | 37.8 | | | | | | | 37.8 | 0.6 |
Postretirement plans | 405.3 | 405.3 | 420.6 | | | | | | | 420.6 | (15.3) |
| 443.7 | 443.7 | | | | | | | | | |
Comprehensive income | 390.4 | 390.4 | | | | | | | | | |
Balance at December 31, 2007 | 404.1 | | 386.6 | 0.4 | 35.6 | (2,465.9) | (44.5) | (0.2) | 4,059.5 | (1,162.9) | 17.5 |
Stock-based compensation | 42.8 | | 42.8 | | 1.6 | | (0.3) | | 43.1 | | |
Dividends paid to noncontrolling interests | (0.9) | | | | | | | | | | (0.9) |
Share purchase of noncontrolling interests | (3.7) | | | | | | | | | | (3.7) |
Comprehensive Loss: | | | | | | | | | | | |
Consolidated net income (loss) | (117.7) | (117.7) | (130.1) | | | (130.1) | | | | | 12.4 |
Other comprehensive loss: | | | | | | | | | | | |
Translation adjustments | (121.0) | (121.0) | (106.2) | | | | | | | (106.2) | (14.8) |
Postretirement plans | (1,627.4) | (1,627.4) | (1,635.5 | | | | | | | (1,635.5) | 8.1 |
| (1,748.4) | (1,748.4) | | | | | | | | | |
Comprehensive loss | (1,866.1) | (1,866.1) | | | | | | | | | |
Balance at December 31, 2008 | (1,423.8) | | (1,442.4) | 0.4 | 37.2 | (2,596.0) | (44.8) | (0.2) | 4,102.6 | (2,904.6) | 18.6 |
Stock-based compensation | 1.9 | | 1.9 | | 0.1 | | (0.2) | | 2.1 | | |
Shares issued in debt exchange | 91.8 | | 91.8 | | 5.2 | | | | 91.8 | | |
Comprehensive Income: | | | | | | | | | | | |
Consolidated net income | 193.0 | 193.0 | 189.3 | | | 189.3 | | | | | 3.7 |
Other comprehensive income: | | | | | | | | | | | |
Translation adjustments | 78.1 | 78.1 | 71.6 | | | | | | | 71.6 | 6.5 |
Postretirement plans | (212.7) | (212.7) | (180.5) | | | | | | | (180.5) | (32.2) |
| (134.6) | (134.6) | | | | | | | | | |
Comprehensive income | 58.4 | 58.4 | | | | | | | | | |
Balance at December 31, 2009 | ($1,271.7) | | ($1,268.3) | $0.4 | 42.5 | ($2,406.7) | ($45.0) | (0.2) | $4,196.5 | ($3,013.5) | ($3.4) |
See notes to consolidated financial statements.