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April 30, 2009

Unisys reports weak Q1

Attributes the decline to the weak dollar and fewer large outsourcing contracts wins

By CBR Staff Writer

Infrastructure services provider Unisys has reported a net loss of $24.4m for the first quarter 2009, compared to a loss of $23.4m in the year-ago quarter.on revenue down 15% at $1.09 billion.

For the first quarter 2009, the company posted a revenue of $1.09 billion, down 15% compared to $1.30 billion in the year-ago quarter. The decline was attributed to the weak dollar and fewer large outsourcing contracts wins.

Operating income during the quarter fell 21% to $22m, while diluted net loss per share was flat at $0.07. Operating cash flow generated was $39m compared to $49m in the year-ago quarter.

The company said services revenue fell 13% to $984m, while technology revenue fell 29% to $116.1m. Services order backlog fell 6% to $5.7 billion. Geographically, US revenue was flat at $539m, and international revenue declined 27% to $561m.

Ed Coleman, chairman and chief executive at Unisys, said: We made progress in the quarter, in a tough environment, in driving our turnaround program. Despite the impact of lower revenue volume on gross margins, I am encouraged by our progress in reducing expenses and in significantly improving our cash flow. Our US federal government business also had a good quarter, reporting year-over-year growth in revenue and orders.

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