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During a media event held in Cape Town, South Africa, earlier today, Computer Sciences Corporation (NYSE: CSC) and Team CSC, the number one professional cycling team in the world, announced the Team CSC line up for 2007. Some of the 25 riders returning to the team include Fabian Cancellara (Switzerland), Stuart O’Grady (Australia), Carlos Sastre (Spain), Fränk Schleck (Luxembourg), Jens Voigt (Germany) and David Zabriskie (USA). Five new riders joining the team are Juan José Haedo (Argentina), Alexandr Kolobnev (Russia), Chris Anker (Denmark), Anders Lund (Denmark) and Matthew Goss (Australia).
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Computer Sciences Corporation (NYSE: CSC) today reported results for its fiscal 2007 first quarter, ended June 30, 2006. After a special pre-tax charge related to the restructuring program announced on April 4, 2006, of $215 million, partially offset by an $18.3 million pre-tax gain on the redemption of the DynCorp International preferred stock, or 90 cents per share, net, the company reported a net loss of $55.3 million, or 29 cents per share (diluted). Diluted earnings per share from continuing operations, excluding the special items, were 61 cents. Last year’s first quarter earnings per share from continuing operations were 58 cents. This year’s quarter includes a 4 cent adverse incremental impact of stock options expense resulting from the adoption of SFAS 123R.
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Computer Sciences Corporation (NYSE: CSC) today reported results for its fiscal 2006 fourth quarter, ended March 31, 2006. Net earnings of $199.4 million, or $1.05 per share (diluted), included a special charge related to the Nortel Networks contract of $15.2 million, or 8 cents per share, and a charge resulting from the cumulative effect of adoption of FIN 47, dealing with asset retirement obligations of $4.3 million, or 2 cents per share. Diluted earnings per share from continuing operations, including the 8 cent Nortel Networks special charge, were $1.08, up 26% compared with last year’s fourth quarter diluted earnings per share from continuing operations of 86 cents, which included a debt redemption special item charge of 10 cents. Excluding special items and the FIN 47 charge mentioned above, earnings per share from continuing operations were $1.16, up 21% from last year’s 96 cents.
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