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January 23, 1997updated 05 Sep 2016 12:30pm

UNISYS BACK ON EVEN KEEL BUT HAS IT LOST THE GROWTH HABIT?

By CBR Staff Writer

Commenting on its year-end figures, Unisys Corp says it is on track towards achieving its goal of seeing annual cost savings of $600m by year-end 1997 as a result of the restructuring announced in the 1995 fourth quarter. The company also said it experienced lower-than-anticipated costs for workforce reductions associated with the restructuring, and was therefore able to reverse some 1995 restructuring reserves in the fourth quarter of 1996. But the reversal was offset by charges of $84m related to refocusing and discontinuing some of its products and initiatives. We have made good headway in 1996 under our new business structure, said James Unruh, chairman and chief executive. We are working to build on that progress in the year ahead. Our business units are well positioned in their respective markets and focused on execution. The company managed a fourth quarter profit of $0.15 after payment of preferred dividends, against a loss of $0.16 a share a year earlier, but the growth habit seems to have been lost completely, and the company saw sales slip by 3.2% to $1.81bn. Global Customer Services unit continued good revenue growth, but Computer Systems revenues declined.

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