Unisys Revises Estimate of One-Time, Non-Cash, Pre-Tax Settlement Charge Related to Previously Announced Purchase of Group Annuity Contracts
BLUE BELL, Pa., December 14, 2023 – Unisys (NYSE: UIS) announced in a previous statement released on November 27, 2023, annuity purchase agreements to transfer a portion of its U.S. pension obligations. In the release, the company anticipated the action would result in a one-time, non-cash, pre-tax settlement charge of approximately $244 million. The company is revising that estimate to approximately $179 million. The settlement charge will be finalized and communicated as part of the company’s year-end 2023 financial results.
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Any statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys’ ability to control or estimate precisely and are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon Unisys. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on Unisys will be those anticipated by management. Forward-looking statements in this release include the impact on the U.S. pension. Additional information and factors that could cause actual results to differ materially from Unisys’ expectations are contained in Unisys’ filings with the U.S. Securities and Exchange Commission (SEC), including Unisys’ Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only and while Unisys periodically reassesses material trends and uncertainties affecting Unisys’ results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Investors: Michaela Pewarski, Unisys, 215-274-1254
Media: Patricia Gonzalez, Unisys, 817-846-7662
RELEASE NO.: [1214/9934]
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