Unisys recorded fourth-quarter 2000 net income of $128.6 million, or 41 cents per diluted common share, before a one-time charge, compared to net income of $144.4 million, or 46 cents per diluted share, in the fourth quarter of 1999. The company’s fourth-quarter 2000 revenue of $1.93 billion declined 1.6% from year-ago levels. Without the negative impact of foreign currency translation, revenue in the quarter increased 4% from a year ago.
As previously announced, the company took a one-time, pre-tax charge of $127.6 million ($89.5 million after tax) against fourth-quarter 2000 net income for actions taken to focus on higher-growth, higher-margin, value-added business and reduce its cost structure in line with its more focused business model. Including this charge, the company reported fourth-quarter 2000 net income of $39.1 million, or 12 cents per share.
For the full year of 2000, Unisys reported net income of $334.3 million, or $1.06 per diluted common share, on revenue of $6.89 billion. This compared to net income of $500.8 million, or $1.56 per share after payment of preferred dividends, on revenue of $7.54 billion in 1999. These amounts do not include special items in both 2000 and 1999. On a full-year basis including such special items, Unisys reported net income of $225.0 million, or $.71 per common share, in 2000 compared to net income of $510.7 million, or $1.59 per common share, in 1999.
We closed a challenging year with a solid fourth-quarter performance, said Unisys Chairman and CEO Lawrence A. Weinbach. In the midst of a major repositioning of our business model, we met our fourth-quarter revenue and earnings targets, driven by a strong performance in our technology business. We also achieved good operating cash flow that enabled us to pay down a substantial portion of our short-term debt, continued Weinbach.
