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November 11, 2010

CSC Q2 revenue decreases marginally to $4bn

BSS revenue increases to $869m

By CBR Staff Writer

CSC has reported total revenues of $4bn for the second quarter of 2011, a marginal decrease of 2.4% compared to $4.1bn for the same quarter prior year.

The company said that BSS revenue increased to $869m from $864m, MSS revenue increased to $1.58bn from $1.57bn, while revenue from North American public sector decreased by 5% to $1.54bn.

The company’s income before income taxes was $275m for the second quarter of 2010 compared to $260m for the same period last year.

For the quarter ended 1 October 2010, the company posted net income of $193m, or $1.18 per share, compared to $221m, or $1.40 per share, for the same period last year.

CSC chairman and CEO Michael Laphen said the company’s underlying performance in the quarter continues to track in a positive direction as they have achieved a solid quarter in new business bookings which supports their anticipated growth in the second half of the fiscal year.

"Our pre-tax margin and operating margin improved sequentially, this despite a series of non-recurring accounting adjustments in MSS, primarily in the Nordics Region," Laphen said.

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The company expects new business bookings to cross $18.5bn, and revenue to range between $16.5bn and $17bn, for the full year.

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