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Computer Sciences Corporation |
November 11, 2003 |
Revenues by Market Sector
|
Revenues by Market Sector |
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(unaudited) |
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Second Quarter Ended |
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|
Oct. 3, |
Sept. 27, |
% of Total |
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(In millions) |
2003 |
2002 |
Fiscal 2004 |
Fiscal 2003 |
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|
U.S. commercial |
$ 932.0 |
$ 950.1 |
26% |
35% |
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|
Europe |
851.9 |
703.5 |
24 |
26 |
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|
Other international |
288.1 |
294.8 |
8 |
11 |
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Global commercial |
2,072.0 |
1,948.4 |
58 |
72 |
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Department of Defense |
984.6 |
449.3 |
27 |
16 |
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Civil agencies |
534.6 |
322.4 |
15 |
12 |
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|
U.S. federal government |
1,519.2 |
771.7 |
42 |
28 |
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|
$3,591.2 |
$2,720.1 |
100% |
100% |
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Six Months Ended |
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|
Oct. 3, |
Sept. 27, |
% of Total |
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|
(In millions) |
2003 |
2002 |
Fiscal 2004 |
Fiscal 2003 |
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|
U.S. commercial |
$1,894.1 |
$1,946.2 |
27% |
36% |
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|
Europe |
1,671.1 |
1,382.3 |
23 |
25 |
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|
Other international |
581.4 |
582.3 |
8 |
11 |
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Global commercial |
4,146.6 |
3,910.8 |
58 |
72 |
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|
Department of Defense |
1,889.2 |
921.8 |
26 |
17 |
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|
Civil agencies |
1,110.2 |
641.2 |
16 |
11 |
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|
U.S. federal government |
2,999.4 |
1,563.0 |
42 |
28 |
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|
$7,146.0 |
$5,473.8 |
100% |
100% |
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|
Note: |
The table presents revenue by market sector. Revenue by operating segment will be presented in the Company's Quarterly Report on Form 10-Q. |
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Computer Sciences Corporation |
November 11, 2003 |
|
Consolidated Statements of Income |
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(unaudited) |
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Second Quarter Ended |
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Six Months Ended |
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|
Oct. 3, |
|
Sept. 27, |
|
Oct. 3, |
|
Sept. 27, |
|
(In millions except per-share amounts) |
2003 |
|
2002* |
|
2003 |
|
2002* |
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|
|
|
|
|
|
|
|
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Revenues* |
$3,591.2 |
|
$2,720.1 |
|
$7,146.0 |
|
$5,473.8 |
|
|
|
|
|
|
|
|
|
|
Costs of services* |
2,958.6 |
|
2,185.1 |
|
5,890.3 |
|
4,416.8 |
|
|
|
|
|
|
|
|
|
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Selling, general and administrative* |
199.9 |
|
174.3 |
|
408.6 |
|
356.9 |
|
|
|
|
|
|
|
|
|
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Depreciation and amortization* |
229.0 |
|
197.5 |
|
464.0 |
|
393.1 |
|
|
|
|
|
|
|
|
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Interest expense |
40.5 |
|
35.7 |
|
83.6 |
|
70.0 |
|
|
|
|
|
|
|
|
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Interest income |
(1.4) |
|
(2.0) |
|
(4.4) |
|
(3.7) |
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Special items |
9.2 |
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|
15.4 |
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|
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|
|
|
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|
|
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Total costs and expenses |
3,435.8 |
|
2,590.6 |
|
6,857.5 |
|
5,233.1 |
|
|
|
|
|
|
|
|
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Income before taxes |
155.4 |
|
129.5 |
|
288.5 |
|
240.7 |
|
|
|
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|
|
|
|
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Taxes on income |
47.3 |
|
36.6 |
|
88.1 |
|
68.8 |
|
|
|
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Net income |
$ 108.1 |
|
$ 92.9 |
|
$ 200.4 |
|
$ 171.9 |
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Earnings per share: |
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Basic |
$ 0.58 |
|
$ 0.54 |
|
$ 1.07 |
|
$ 1.00 |
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Diluted |
$ 0.57 |
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$ 0.54 |
|
$ 1.06 |
|
$ 1.00 |
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* Figures have been adjusted to conform to CSC's current presentation. |
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Computer Sciences Corporation |
November 11, 2003 |
|
Summarized Balance Sheet and Additional Information |
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(unaudited) |
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October 3, |
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March 28, |
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(In millions) |
2003 |
|
2003 |
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Assets |
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Cash and cash equivalents |
$ 199.1 |
|
$ 299.6 |
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Receivables |
3,450.8 |
|
3,320.2 |
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Other current assets |
608.8 |
|
468.3 |
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Total current assets |
4,258.7 |
|
4,088.1 |
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Property and equipment, net |
2,110.4 |
|
1,987.6 |
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Outsourcing contract costs, net |
948.2 |
|
923.5 |
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Software, net |
364.7 |
|
355.6 |
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Excess of cost of businesses acquired over related net assets, net |
2,590.5 |
|
2,507.3 |
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Other assets |
594.7 |
|
571.1 |
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Total assets |
$10,867.2 |
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$10,433.2 |
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Short-term debt and current maturities of long-term debt |
208.2 |
|
274.8 |
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Accounts payable and accrued expenses |
2,151.6 |
|
2,272.0 |
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Deferred revenue |
222.9 |
|
222.6 |
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Income taxes payable |
282.0 |
|
217.8 |
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Total current liabilities |
2,864.7 |
|
2,987.2 |
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Long-term debt, net |
2,340.5 |
|
2,204.9 |
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Other long-term liabilities |
690.5 |
|
634.7 |
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Stockholders' equity |
4,971.5 |
|
4,606.4 |
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Total liabilities and stockholders' equity |
$10,867.2 |
|
$10,433.2 |
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Debt as a percentage of total capitalization |
33.9% |
|
35.0% |
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Computer Sciences Corporation |
November 11, 2003 |
|
The following tables reconcile Earnings Before Interest, Taxes, Depreciation and Amortization, and Special Items ("EBITDA and Special Items"); Earnings Before Interest and Taxes ("EBIT"); and Free Cash Flow to the most directly comparable financial measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). CSC management believes that these three non-GAAP financial measures provide useful information to investors regarding the Company's financial condition and results of operations as they provide another measure of the Company's profitability and ability to service its debt, and are considered important measures by financial analysts covering CSC and its peers. |
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GAAP Reconciliations |
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(In millions) |
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EBITDA / EBIT (unaudited) |
Second Quarter Ended |
|
Six Months Ended |
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|
Oct. 3, |
|
Sept. 27, |
|
Oct. 3, |
|
Sept. 27, |
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
EBITDA and Special Items |
$ 432.7 |
|
$ 360.7 |
|
$ 847.1 |
|
$ 700.1 |
|
Special Items |
9.2 |
|
|
|
15.4 |
|
|
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EBITDA |
423.5 |
|
360.7 |
|
831.7 |
|
700.1 |
|
Depreciation and Amortization |
229.0 |
|
197.5 |
|
464.0 |
|
393.1 |
|
EBIT |
194.5 |
|
163.2 |
|
367.7 |
|
307.0 |
|
Interest, net |
39.1 |
|
33.7 |
|
79.2 |
|
66.3 |
|
Income Before Taxes |
155.4 |
|
129.5 |
|
288.5 |
|
240.7 |
|
Income Taxes |
47.3 |
|
36.6 |
|
88.1 |
|
68.8 |
|
Net Income |
$ 108.1 |
|
$ 92.9 |
|
$ 200.4 |
|
$ 171.9 |
|
|
|
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|
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|
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Net Income as a percent of revenue |
3.0% |
|
3.4% |
|
2.8% |
|
3.1% |
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Free Cash Flow (unaudited) |
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|
Six Months Ended |
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|
|
|
|
|
|
Oct. 3, |
|
Sept. 27, |
|
|
|
|
|
|
2003 |
|
2002 |
|
Free Cash Flow |
|
|
|
|
$(195.3) |
|
$(168.6) |
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Cash flows used in investing activities |
|
|
|
|
562.1 |
|
360.3 |
|
Acquisition, net of cash acquired |
|
|
|
|
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(7.7) |
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Dispositions |
|
|
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|
10.2 |
|
73.6 |
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Cash flows provided by operating activities |
|
|
|
|
$ 377.0 |
|
$ 257.6 |