CSC posts 22% revenue increase
From Information Week:
___Computer Sciences Finishes Year On Strong Note___
Computer Sciences Corp. yesterday reported that fourth-
quarter revenue rose 22% from the year-earlier quarter to
$1.87 billion -- meeting financial projections made in March
as part of CSC's successful efforts to defeat the hostile
takeover bid of Computer Associates.
But that defense came at a price: $20.7 million in legal and
investment banking fees, resulting in a $13.9 million
special charge that cut into earnings. Still, net income was
up 5.1% in the quarter, to $80.1 million.
"CSC is solid as a rock," says Stephen McClellan, an analyst
with Merrill Lynch in New York. Among the fourth-quarter
highlights: the expansion of a $3 billion outsourcing
contract CSC signed with General Dynamics Corp. in 1991, and
13% growth in CSC's federal sector, reversing a trend of
declining revenue there.
The sector's fiscal year revenue, however, was slightly
down, to $1.63 billion. For the year, CSC posted net income
of $192.4 million, on revenue of $6.6 billion. -- Bruce
Caldwell
Market looks good, performance looks good, Steve McClellan likes it, WOW! |
