Unisys: Computer Solutions and Services Worldwide Message Board

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Technology Stocks : Unisys: Computer Solutions and Services Worldwide

UIS 2.930

-2.0%

Dec 12 9:30 AM EST

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To: The Duke of URL© who wrote (2290)	3/4/1999 2:10:00 PM
From: jopawa	Read Replies (1) of 2818

Thursday March 4, 9:56 am Eastern Time Company Press Release Unisys Completes Redemption of 6 Million Shares of Series A Cumulative Convertible Preferred Stock BLUE BELL, Pa.--(BUSINESS WIRE)--March 4, 1999--Unisys Corporation (NYSE: UIS - news) announced today that it had completed its previously announced call of 6 million shares of the Series A Cumulative Convertible Preferred Stock. During the call period, approximately 2.9 million shares of preferred stock were converted into common stock. Cash redemptions during the period were approximately $156 million. ''We were pleased with the results of this call,'' said Unisys Chairman and CEO Lawrence A. Weinbach. ''With the completion of this call and an earlier call in January, the company has now eliminated 8.2 million shares of preferred stock, reducing the total number of preferred shares outstanding by nearly 30% to 20.2 million shares. ''These actions reduce the company's annual preferred stock dividend payments by more than $30 million and are accretive to 1999 earnings per share. ''In light of the recent weakness in technology stocks, we are keeping a close eye on the market and expect to announce further actions on the preferred stock as conditions improve. In the meantime, we are focused on continuing our strategic and operational progress.'' Unisys said that, based on the 2.9 million shares of preferred stock that were converted during the call period, the company had issued 4.9 million shares of common stock, increasing the number of common shares outstanding to approximately 268 million. Unisys is a registered trademark of Unisys Corporation

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