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Unisys posts net profit vs net loss

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CIOL Bureau
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NEW YORK: Computer services and hardware company Unisys Corp has reported a fourth quarter net profit compared with a net loss a year earlier as cost cuts, including trimming its work force, offset nearly flat sales.



Unisys also reined in Wall Street analyst expectations for the first quarter slightly, saying it sees improved technology demand in the second half of next year.



The company reported fourth quarter net income of $89 million, or 27 cents per share, compared with a net loss of $169 million, or 53 cents per share a year earlier when the company took a $276 million restructuring charge. Revenue was practically flat at $1.553 billion compared with $1.557 billion a year earlier.



Unisys said services operating margins and revenue improved while technology revenues fell and operating margins increased. Unisys said it expects 2003 earnings of 77 cents to 82 cents per share. Where Unisys falls in that range depends on whether corporations begin spending more on technology.



Unisys sees first quarter 2003 earnings of 11 cents to 3 cents per share on revenue that is practically equal to a year earlier when it booked $1.36 billion in revenue.



Analysts expect the company to report earnings of 15 cents per share on revenue of $1.37 billion in the first quarter and earnings of 80 cents a share on revenue of $5.745 billion in 2003, according to Multex.



© Reuters

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