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Unisys Announces First-Quarter 2012 Financial Results

BLUE BELL, Pa. April 24, 2012

– Revenue grows 2 percent; Services revenue grows 3 percent

$13.4 million $40.8 million

30 cents 95 cents

97 cents 4 cents

$3 million $15 million

$71 million $7 million

$66 million

$13.4 million 30 cents $7.2 million $24.6 million $40.8 million 95 cents $31.8 million $7.2 million 97 cents 4 cents $928 million $911 million

Ed Coleman $66 million September 2010 $540 million $69 million

First-Quarter Company and Business Segment Highlights

the United States

$64.4 million $41.9 million

First-quarter 2012 services revenue increased 3 percent from the prior-year quarter, primarily reflecting growth in systems integration revenue. Excluding the U.S. Federal business, services revenue grew 7 percent compared with the first quarter of 2011. The company reported a first-quarter 2012 services gross profit margin of 18.9 percent compared with 18.0 percent a year ago while services operating profit margin improved to 5.0 percent from 4.0 percent a year ago.

March 31, 2012 $5.4 billion December 31, 2011

First-quarter 2012 technology revenue declined 5 percent from the prior-year quarter. While revenue declined, technology gross profit margin improved to 62.2 percent from 51.1 percent in the year-ago quarter and technology operating profit margin increased to 25.6 percent from 10.9 percent in the year-ago quarter, reflecting a richer mix of enterprise software in the current quarter.

Cash Flow and Balance Sheet Highlights

$33 million $28 million $68 million $22 million $30 million $43 million $3 million (2) $15 million (2) $71 million $7 million

$66 million March 31, 2012 $296 million $655 million

Non-GAAP Information

the United States

Our non-GAAP measures are not intended to be considered in isolation or as substitutes for results determined in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. (See GAAP to non-GAAP reconciliations attached.)

Non-GAAP earnings per diluted share – $7.2 million $31.8 million $24.6 million $7.2 million

Free cash flow

Conference Call

5:30 p.m. Eastern Time www.unisys.com/investor

About Unisys

www.unisys.com

Forward-Looking Statements

Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any projections of earnings, revenues, or other financial items; any statements of the company’s plans, strategies or objectives for future operations; statements regarding future economic conditions or performance; and any statements of belief or expectation. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Risks and uncertainties that could affect the company’s future results include the company’s ability to drive profitable growth in consulting and systems integration; the company’s ability to take on, successfully implement and grow outsourcing operations; market demand for the company’s high-end enterprise servers and maintenance on those servers; the potential adverse effects of aggressive competition in the information services and technology marketplace; the company’s ability to retain significant clients; the company’s ability to effectively anticipate and respond to volatility and rapid technological change in its industry; the adverse effects of global economic conditions; the company’s significant pension obligations and potential requirements to make significant cash contributions to its defined benefit pension plans; the success of the company’s program to reduce costs, focus its global resources and simplify its business structure; the risks that the company’s contracts may not be as profitable as expected or provide the expected level of revenues and that contracts with U.S. governmental agencies may subject it to audits, criminal penalties, sanctions and other expenses and fines; the risk that the company may face damage to its reputation or legal liability if its clients are not satisfied with its services or products; the risk that breaches of data security could expose the company to legal liability and could harm its business and reputation; the performance and capabilities of third parties with whom the company has commercial relationships; the risks of doing business internationally when more than half of the company’s revenue is derived from international operations; the company’s ability to access capital and credit markets to address its liquidity needs; the potential for intellectual property infringement claims to be asserted against the company or its clients; the possibility that pending litigation could affect the company’s results of operations or cash flow; the business and financial risk in implementing future dispositions or acquisitions; the company’s ability to use its U.S. Federal net operating loss carryforwards and other tax attributes; and the company’s consideration of all available information following the end of the quarter and before the filing of the Form 10-Q and the possible impact of this subsequent event information on its financial statements for the reporting period. Additional discussion of factors that could affect the company’s future results is contained in its periodic filings with the Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements.

RELEASE NO.: 0424/9097

Unisys is a registered trademark of Unisys Corporation.  All other brands and products referenced herein are acknowledged to be trademarks or registered trademarks of their respective holders.  

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Millions, except per share data)

Three Months

Ended March 31

2012

2011

Revenue

 

$823.0

$800.3

 

105.4

110.9

928.4

911.2

Costs and expenses

 

   

668.6

654.5

   

34.0

48.5

702.6

703.0

Selling, general and administrative

141.4

146.0

Research and development

20.0

20.3

864.0

869.3

Operating profit

64.4

41.9

Interest expense

9.3

25.9

Other income (expense), net

(13.2)

(23.8)

Income (loss) before income taxes

41.9

(7.8)

Provision for income taxes

22.0

28.2

Consolidated net income (loss)

19.9

(36.0)

 

noncontrolling interests

2.5

3.4

 

Corporation

17.4

(39.4)

Preferred stock dividend

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