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November 2, 1999

Perot Hits Earnings Expectations On New Contract Signings

By CBR Staff Writer

Dallas, Texas-based computer services company, Perot Systems Corp, matched analysts’ earnings expectation for its third- quarter, notching profits up 68% on the year-ago and reporting strong sales for the three months to September 30. Profits from operations rose to $15.3m, or 14 cents a share, from net income of $9.1m, or 9 cents a share in the year-earlier quarter. Revenue was up 12% to $304.8m.

Ross Perot, two-time US presidential challenger and founder of Perot Systems, cited orders taken during the quarter in the rising profit. These included the second-most lucrative deal in the firm’s 11-year existence – worth $700m over 10 years – to provide computer services to Harvard Pilgrim Health Care Inc, the largest health maintenance group in Massachusetts. Perot said he expected the firm to sustain new sales momentum into the current quarter to December 31. The firm took a $4.8m one-time gain, translating into 4 cents a share, from UK utility, East Midlands Electricity, which terminated its outsourcing contract with Perot Systems during the quarter. Net income was $20.1m or 18 cents a share including this gain.

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