|
Computer
Sciences Corporation - Page 7
|
December
20, 2007
|
|||||||||||||||
|
Revenues
by Segment
|
||||||||||||||||
|
(preliminary unaudited)
|
||||||||||||||||
|
Second
Quarter Ended
|
||||||||||||||||
|
Sept.
28,
|
Sept.
29,
|
%
of Total
|
||||||||||||||
|
(In
millions)
|
2007
|
2006
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||||||||||
|
U.S.
Commercial
|
$ |
1,026.0
|
$ |
930.6
|
26 | % | 26 | % | ||||||||
|
Europe
|
1,107.8
|
942.8
|
27
|
26
|
||||||||||||
|
Other
International
|
432.7
|
384.4
|
11
|
11
|
||||||||||||
|
Global
Commercial sector
|
2,566.5
|
2,257.8
|
64
|
63
|
||||||||||||
|
Department
of Defense
|
968.6
|
900.3
|
24
|
25
|
||||||||||||
|
Civil
agencies
|
432.2
|
412.1
|
11
|
11
|
||||||||||||
|
Other
(1)
|
49.9
|
38.9
|
1
|
1
|
||||||||||||
|
North
American Public sector
|
1,450.7
|
1,351.3
|
36
|
37
|
||||||||||||
| $ |
4,017.2
|
$ |
3,609.1
|
100 | % | 100 | % | |||||||||
|
Six
Months Ended
|
||||||||||||||||
|
Sept.
28,
|
Sept.
29,
|
%
of Total
|
||||||||||||||
|
(In
millions)
|
2007
|
2006
|
Fiscal
2008
|
Fiscal
2007
|
||||||||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||||||||||
|
U.S.
Commercial
|
$ |
1,945.8
|
$ |
1,888.2
|
25 | % | 27 | % | ||||||||
|
Europe
|
2,201.7
|
1,884.7
|
28
|
26
|
||||||||||||
|
Other
International
|
836.9
|
730.5
|
10
|
10
|
||||||||||||
|
Global
Commercial sector
|
4,984.4
|
4,503.4
|
63
|
63
|
||||||||||||
|
Department
of Defense
|
1,912.0
|
1,762.6
|
25
|
24
|
||||||||||||
|
Civil
agencies
|
872.7
|
831.5
|
11
|
12
|
||||||||||||
|
Other
(1)
|
86.0
|
72.7
|
1
|
1
|
||||||||||||
|
North
American Public sector
|
2,870.7
|
2,666.8
|
37
|
37
|
||||||||||||
| $ |
7,855.1
|
$ |
7,170.2
|
100 | % | 100 | % | |||||||||
|
(1)
|
Other
revenues consist of state, local and foreign government as well as
commercial contracts performed by the North American Public reporting
sector.
|
|
Computer
Sciences Corporation - Page 8
|
December
20, 2007
|
|
Consolidated
Statements of Income
|
|
|
(preliminary unaudited)
|
|
|
Second
Quarter Ended
|
Six
Months Ended
|
|||||||||||||||
|
Sept.
28,
|
Sept.
29,
|
Sept.
28,
|
Sept.
29,
|
|||||||||||||
|
(In
millions except per-share amounts)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||||||||||
|
Revenues
|
$ |
4,017.2
|
$ |
3,609.1
|
$ |
7,855.1
|
$ |
7,170.2
|
||||||||
|
Costs
of services
(excludes
depreciation and amortization)
|
3,253.8
|
2,893.7
|
6,351.9
|
5,773.0
|
||||||||||||
|
Selling,
general and administrative
|
241.1
|
226.5
|
481.7
|
454.1
|
||||||||||||
|
Depreciation
and amortization
|
292.2
|
266.3
|
571.2
|
527.2
|
||||||||||||
|
Interest
expense
|
48.8
|
56.0
|
78.0
|
103.9
|
||||||||||||
|
Interest
income
|
(8.8 | ) | (7.5 | ) | (18.3 | ) | (33.5 | ) | ||||||||
|
Special
items
|
25.9
|
41.0
|
74.9
|
237.9
|
||||||||||||
|
Other
income
|
(7.4 | ) | (8.3 | ) | (25.6 | ) | (12.7 | ) | ||||||||
|
Total
costs and expenses
|
3,845.6
|
3,467.7
|
7,513.8
|
7,049.9
|
||||||||||||
|
Income
before taxes
|
171.6
|
141.4
|
341.3
|
120.3
|
||||||||||||
|
Taxes
on income
|
95.8
|
51.9
|
157.4
|
90.7
|
||||||||||||
|
Net
income
|
$ |
75.8
|
$ |
89.5
|
$ |
183.9
|
$ |
29.6
|
||||||||
|
Basic
|
$ |
0.44
|
$ |
0.52
|
$ |
1.06
|
$ |
0.16
|
||||||||
|
Diluted
|
$ |
0.43
|
$ |
0.51
|
$ |
1.04
|
$ |
0.16
|
||||||||
|
Average
common shares outstanding for:
|
||||||||||||||||
|
Basic
EPS
|
172.018
|
172.092
|
172.947
|
179.814
|
||||||||||||
|
Diluted
EPS
|
175.264
|
175.270
|
176.439
|
183.427
|
||||||||||||
|
Computer
Sciences Corporation - Page 9
|
December
20, 2007
|
|||||||
|
Selected
Balance Sheet Data
|
||||||||
|
(preliminary unaudited)
|
||||||||
|
Sept.
28,
|
March
30,
|
|||||||
|
(In
millions)
|
2007
|
2007
|
||||||
|
(As
Restated)
|
||||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ |
490.8
|
$ |
1,050.1
|
||||
|
Receivables,
net of allowance for doubtful accounts
|
4,501.6
|
4,187.4
|
||||||
|
Prepaid
expenses and other current assets
|
1,704.5
|
1,464.0
|
||||||
|
Total
current assets
|
6,696.9
|
6,701.5
|
||||||
|
Property
and equipment, net
|
2,655.0
|
2,539.1
|
||||||
|
Outsourcing
contract costs, net
|
982.4
|
1,029.5
|
||||||
|
Software,
net
|
525.3
|
513.3
|
||||||
|
Goodwill,
net
|
3,687.0
|
2,500.1
|
||||||
|
Other
assets
|
572.1
|
456.7
|
||||||
|
Total
assets
|
$ |
15,118.7
|
$ |
13,740.2
|
||||
|
Liabilities
|
||||||||
|
Short-term
debt and current maturities of long-term debt
|
$ |
472.0
|
$ |
93.7
|
||||
|
Accounts
payable
|
653.1
|
855.7
|
||||||
|
Accrued
payroll and related costs
|
763.3
|
732.5
|
||||||
|
Other
accrued expenses
|
1,661.0
|
2,014.1
|
||||||
|
Deferred
revenue
|
887.0
|
1,025.5
|
||||||
|
Federal,
state and foreign income taxes
|
296.9
|
934.6
|
||||||
|
Total
current liabilities
|
4,733.3
|
5,656.1
|
||||||
|
Long-term
debt, net
|
2,511.8
|
1,412.2
|
||||||
|
Long-term
deferred taxes on income tax liabilities
|
1,060.0
|
|||||||
|
Other
long-term liabilities
|
1,141.6
|
1,131.9
|
||||||
|
Stockholders'
Equity
|
5,672.0
|
5,540.0
|
||||||
|
Total
liabilities and stockholders' equity
|
$ |
15,118.7
|
$ |
13,740.2
|
||||
|
Computer
Sciences Corporation - Page 10
|
December
20, 2007
|
|||||||
|
Consolidated
Statements of Cash Flows
|
||||||||
|
(preliminary unaudited)
|
||||||||
|
Six
Months Ended
|
||||||||
|
Sept.
28,
|
Sept.
29,
|
|||||||
|
(In
millions)
|
2007
|
2006
|
||||||
|
(As
Restated)
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ |
183.9
|
$ |
29.6
|
||||
|
Adjustments
to reconcile net income to net cash used in operating
activities:
|
||||||||
|
Depreciation
and amortization and other non-cash charges
|
633.2
|
597.8
|
||||||
|
Gain
on dispositions, net of taxes
|
(3.3 | ) | (9.0 | ) | ||||
|
Changes
in assets and liabilities, net of effects of acquisitions:
|
||||||||
|
Increase
in assets
|
(441.4 | ) | (375.2 | ) | ||||
|
Decrease
in liabilities
|
(464.2 | ) | (175.2 | ) | ||||
|
Net
cash (used in) provided by operating activities
|
(91.8 | ) |
68.0
|
|||||
|
Investing
activities:
|
||||||||
|
Purchases
of property and equipment
|
(433.3 | ) | (361.9 | ) | ||||
|
Acquisitions,
net of cash acquired
|
(1,315.6 | ) | ||||||
|
Outsourcing
contracts
|
(61.4 | ) | (31.6 | ) | ||||
|
Software
|
(78.3 | ) | (73.8 | ) | ||||
|
Other
investing cash flows
|
8.2
|
182.8
|
||||||
|
Net
cash used in investing activities
|
(1,880.4 | ) | (284.5 | ) | ||||
|
Financing
activities:
|
||||||||
|
Borrowings
of commercial paper, net
|
(.4 | ) |
596.9
|
|||||
|
Borrowings
under lines of credit
|
305.6
|
302.2
|
||||||
|
Repayment
on lines of credit
|
(215.9 | ) | (298.8 | ) | ||||
|
Principal
payments on long-term debt
|
(19.5 | ) | (14.8 | ) | ||||
|
Proceeds
from debt issuance
|
1,391.3
|
|||||||
|
Proceeds
from stock option and other common stock transactions
|
73.2
|
44.2
|
||||||
|
Repurchase
of common stock
|
(153.1 | ) | (1,000.0 | ) | ||||
|
Excess
tax benefit from stock-based compensation
|
8.9
|
2.2
|
||||||
|
Other
financing cash flows
|
2.9
|
(1.9 | ) | |||||
|
Net
cash provided by (used in) financing activities
|
1,393.0
|
(370.0 | ) | |||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
19.9
|
(1.0 | ) | |||||
|
Net
decrease in cash and cash equivalents
|
(559.3 | ) | (587.5 | ) | ||||
|
Cash
and cash equivalents at beginning of year
|
1,050.1
|
1,290.7
|
||||||
|
Cash
and cash equivalents at end of period
|
$ |
490.8
|
$ |
703.2
|
||||
|
Computer
Sciences Corporation - Page 11
|
December
20, 2007
|
|
Non-GAAP
Financial Measures
|
|
|
The
following tables reconcile Earnings Before Interest, Taxes, and
Depreciation and Amortization (EBITDA); Earnings Before Interest
and Taxes
(EBIT); and Free Cash Flow to the most directly comparable financial
measure calculated and presented in accordance with accounting principles
generally accepted in the United States (GAAP). CSC management
believes that these 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. Management uses
earnings before special items to evaluate business unit financial
performance and it is one of the measures used in assessing management
performance. One of the limitations associated with the use of
earnings before special items (as compared to reported earnings)
is that
it does not reflect the complete financial results of the
Company. CSC compensates for these limitations by providing a
reconciliation between earnings before special items and reported
earnings.
|
|
|
GAAP
Reconciliations
|
||||||||||||||||
|
(In
millions)
|
||||||||||||||||
|
EBITDA
/ EBIT (preliminary unaudited)
|
Second
Quarter Ended
|
Six
Months Ended
|
||||||||||||||
|
Sept.
28,
|
Sept.
29,
|
Sept.
28,
|
Sept.
29,
|
|||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||||||||||
|
EBITDA
and special items
|
$ |
529.7
|
$ |
497.2
|
$ |
1,047.1
|
$ |
955.8
|
||||||||
|
Special
items
|
25.9
|
41.0
|
74.9
|
237.9
|
||||||||||||
|
EBITDA
|
503.8
|
456.2
|
972.2
|
717.9
|
||||||||||||
|
Depreciation
and amortization
|
292.2
|
266.3
|
571.2
|
527.2
|
||||||||||||
|
EBIT
|
211.6
|
189.9
|
401.0
|
190.7
|
||||||||||||
|
Interest,
net
|
40.0
|
48.5
|
59.7
|
70.4
|
||||||||||||
|
Income
before taxes
|
171.6
|
141.4
|
341.3
|
120.3
|
||||||||||||
|
Taxes
on income
|
95.8
|
51.9
|
157.4
|
90.7
|
||||||||||||
|
Net
income
|
$ |
75.8
|
$ |
89.5
|
$ |
183.9
|
$ |
29.6
|
||||||||
|
Free
Cash Flow (unaudited)
|
Six
Months Ended
|
|||||||
|
Sept.
28,
|
Sept.
29,
|
|||||||
|
2007
|
2006
|
|||||||
|
(As
Restated)
|
||||||||
|
Free
cash flow
|
$ | (676.0 | ) | $ | (357.1 | ) | ||
|
Net
cash used in investing activities
|
1,880.4
|
284.5
|
||||||
|
Proceeds
from redemption of preferred stock
|
126.5
|
|||||||
|
Acquisitions
|
(1,315.6 | ) | ||||||
|
Capital
lease payments
|
19.4
|
14.1
|
||||||
|
Net
cash (used in) provided by operating activities
|
$ | (91.8 | ) | $ |
68.0
|
|||
|
Note:
|
Capital
lease payments and proceeds from the sale of property and equipment
(included in investing activities) are included in the calculation
of free
cash flow. Prior periods have been adjusted to conform with
this presentation. Proceeds from the redemption of DynCorp
preferred stock is included in other investing activities and is
being
excluded from the calculation of free cash
flow.
|
|
Computer
Sciences Corporation - Page 12
|
December
20, 2007
|
|
Non-GAAP
Financial Measures (continued)
|
|
|
Earnings
per Share Reconciliation (preliminary
unaudited)
|
|
|
The
following table is presented to illustrate the impact of the special
items
on earnings per share. It also provides a reconciliation of the
earnings per share amount relating this item to earnings per share
for
continuing operations. The earnings per share amounts presented
below include non-GAAP measures. This table should be read in
conjunction with the Consolidated Statements of Income within this
release
on which the GAAP earnings per share measures are
presented. Earnings per share before special items provides a
basis for comparing current operating performance to past and future
operating performance. CSC management believes that these
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. Management uses earnings
before special items to evaluate business unit financial performance
and
it is one of the measures used in assessing management
performance. One of the limitations associated with the use of
earnings before special items (as compared to reported earnings)
is that
it does not reflect the complete financial results of the
Company. CSC compensates for these limitations by providing a
reconciliation between earnings before special items and reported
earnings.
|
|
|
Second
Quarter Ended
|
||||||||||||||||
|
September
28, 2007
|
September
29, 2006
|
|||||||||||||||
|
(As
Restated)
|
||||||||||||||||
|
EPS
|
EPS
|
|||||||||||||||
|
Amount
|
(diluted)
|
Amount
|
(diluted)
|
|||||||||||||
|
Net
income and EPS (diluted), as reported
|
$ |
75.8
|
$ |
0.43
|
$ |
89.5
|
$ |
0.51
|
||||||||
|
Add
back: Special items
|
19.3
|
0.11
|
29.7
|
0.17
|
||||||||||||
|
Income
before special items
|
$ |
95.1
|
$ |
0.54
|
$ |
119.2
|
$ |
0.68
|
||||||||
|
Average
common shares outstanding for diluted EPS
|
175.264
|
175.270
|
||||||||||||||
|
Six
Months Ended
|
||||||||||||||||
|
September
28, 2007
|
September
29, 2006
|
|||||||||||||||
|
(As
Restated)
|
||||||||||||||||
|
EPS
|
EPS
|
|||||||||||||||
|
Amount
|
(diluted)
|
Amount
|
(diluted)
|
|||||||||||||
|
Net
income and EPS (diluted), as reported
|
$ |
183.9
|
$ |
1.04
|
$ |
29.6
|
$ |
0.16
|
||||||||
|
Add
back: Special items
|
52.7
|
0.30
|
201.5
|
1.10
|
||||||||||||
|
Income
before special items
|
$ |
236.6
|
$ |
1.34
|
$ |
231.1
|
$ |
1.26
|
||||||||
|
Average
common shares outstanding for diluted EPS
|
176.439
|
183.427
|
||||||||||||||
|
Notes:
|
All
amounts are net of taxes.
|
|
Amounts
are in millions except per-share amounts.
|
|
|
Per
share amounts may not add due to
rounding.
|
|
Computer
Sciences Corporation - Page 13
|
December
20, 2007
|
|
Consolidated
Statements of Income
|
|
|
(preliminary unaudited)
|
|
|
First
Quarter Ended
|
||||||||
|
(In
millions except per-share amounts)
|
June
29, 2007
|
June
30, 2006
|
||||||
|
(As
Restated)
|
||||||||
|
Revenues
|
$ |
3,837.9
|
$ |
3,561.1
|
||||
|
Costs
of services (excludes depreciation and amortization)
|
3,098.1
|
2,879.3
|
||||||
|
Selling,
general and administrative
|
240.6
|
227.6
|
||||||
|
Depreciation
and amortization
|
279.0
|
260.9
|
||||||
|
Interest
expense
|
29.2
|
47.9
|
||||||
|
Interest
income
|
(9.5 | ) | (26.0 | ) | ||||
|
Special
items
|
49.0
|
196.9
|
||||||
|
Other
(income)/expense
|
(18.2 | ) | (4.4 | ) | ||||
|
Total
costs and expenses
|
3,668.2
|
3,582.2
|
||||||
|
Income
before taxes
|
169.7
|
(21.1 | ) | |||||
|
Taxes
on income
|
61.6
|
38.8
|
||||||
|
Net
income (loss)
|
$ |
108.1
|
$ | (59.9 | ) | |||
|
Basic
|
$ |
0.62
|
$ | (0.32 | ) | |||
|
Diluted
|
$ |
0.61
|
$ | (0.32 | ) | |||
|
Average
common shares outstanding for:
|
||||||||
|
Basic
EPS
|
173.876
|
187.536
|
||||||
|
Diluted
EPS
|
177.445
|
187.536
|
||||||
|
Computer
Sciences Corporation - Page 14
|
December
20, 2007
|
|
Non-GAAP
Financial Measures
|
|
|
Earnings
per Share Reconciliation (preliminary
unaudited)
|
|
|
The
following table is presented to illustrate the impact of the special
items
on earnings per share. It also provides a reconciliation of the
earnings per share amount relating this item to earnings per share
for
continuing operations. The earnings per share amounts presented
below include non-GAAP measures. This table should be read in
conjunction with the Consolidated Statements of Income within this
release
on which the GAAP earnings per share measures are
presented. Earnings per share before special items provides a
basis for comparing current operating performance to past and future
operating performance. CSC management believes that these
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. Management uses earnings
before special items to evaluate business unit financial performance
and
it is one of the measures used in assessing management
performance. One of the limitations associated with the use of
earnings before special items (as compared to reported earnings)
is that
it does not reflect the complete financial results of the
Company. CSC compensates for these limitations by providing a
reconciliation between earnings before special items and reported
earnings.
|
|
|
First
Quarter Ended
|
||||||||||||||||
|
June
29, 2007
|
June
30, 2006
|
|||||||||||||||
|
(As
Restated)
|
||||||||||||||||
|
EPS
|
EPS
|
|||||||||||||||
|
Amount
|
(diluted)
|
Amount
|
(diluted)
|
|||||||||||||
|
Net
income (loss) and EPS (diluted), as reported
|
$ |
108.1
|
$ |
0.61
|
$ | (59.9 | ) | $ | (0.32 | ) | ||||||
|
Add
back: Special items
|
33.4
|
0.19
|
171.8
|
0.92
|
||||||||||||
|
Income
before special items
|
$ |
141.5
|
$ |
0.80
|
$ |
111.9
|
$ |
0.60
|
||||||||
|
Average
common shares outstanding for diluted EPS
|
177.445
|
187.536
|
||||||||||||||
|
Notes:
|
All
amounts are net of taxes.
|
|
Amounts
are in millions except per-share amounts.
|
|
|
Per
share amounts may not add due to
rounding.
|
|
Computer
Sciences Corporation - Page 15
|
December
20, 2007
|
|
Consolidated
Statements of Income
|
|
|
(preliminary unaudited)
|
|
|
Twelve
Months Ended
|
||||||||
|
March
30,
|
March
31,
|
|||||||
|
(In
millions except per-share amounts)
|
2007
|
2006
|
||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||
|
Revenues
|
$ |
14,854.9
|
$ |
14,644.8
|
||||
|
Costs
of services (excludes depreciation and amortization)
|
11,813.5
|
11,724.5
|
||||||
|
Selling,
general and administrative
|
918.3
|
863.8
|
||||||
|
Depreciation
and amortization
|
1,073.6
|
1,091.8
|
||||||
|
Interest
expense
|
217.9
|
145.1
|
||||||
|
Interest
income
|
(49.5 | ) | (40.8 | ) | ||||
|
Special
items
|
316.1
|
77.3
|
||||||
|
Other
(income)/expense
|
(41.3 | ) |
21.3
|
|||||
|
Total
costs and expenses
|
14,248.6
|
13,883.0
|
||||||
|
Income
before taxes
|
606.3
|
761.8
|
||||||
|
Taxes
on income
|
209.0
|
319.5
|
||||||
|
Income
from continuing operations
|
397.3
|
442.3
|
||||||
|
Gain
on the sale of discontinued operations, net of taxes
|
57.6
|
|||||||
|
Discontinued
operations, net of taxes
|
57.6
|
|||||||
|
Cumulative
effect of change in accounting principle, net of taxes
|
(4.3 | ) | ||||||
|
Net
income
|
$ |
397.3
|
$ |
495.6
|
||||
|
Earnings
per share:
|
||||||||
|
Continuing
operations
|
$ |
2.25
|
$ |
2.38
|
||||
|
Discontinued
operations
|
0.31
|
|||||||
|
Cumulative
effect of change in accounting principle, net of taxes
|
(0.02 | ) | ||||||
|
Basic
|
$ |
2.25
|
$ |
2.67
|
||||
|
Continuing
operations
|
$ |
2.21
|
$ |
2.35
|
||||
|
Discontinued
operations
|
0.31
|
|||||||
|
Cumulative
effect of change in accounting principle, net of taxes
|
(0.02 | ) | ||||||
|
Diluted
|
$ |
2.21
|
$ |
2.64
|
||||
|
Average
common shares outstanding for:
|
||||||||
|
Basic
EPS
|
176.263
|
185.693
|
||||||
|
Diluted
EPS
|
179.733
|
187.984
|
||||||
|
Computer
Sciences Corporation - Page 16
|
December
20, 2007
|
|
Non-GAAP
Financial Measures
|
|
|
Earnings
per Share Reconciliation (preliminary
unaudited)
|
|
|
The
following table is presented to illustrate the impact of the special
items
on earnings per share. It also provides a reconciliation of the
earnings per share amount relating this item to earnings per share
for
continuing operations. The earnings per share amounts presented
below include non-GAAP measures. This table should be read in
conjunction with the Consolidated Statements of Income within this
release
on which the GAAP earnings per share measures are
presented. Earnings per share before special items provides a
basis for comparing current operating performance to past and future
operating performance. CSC management believes that these
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. Management uses earnings
before special items to evaluate business unit financial performance
and
it is one of the measures used in assessing management
performance. One of the limitations associated with the use of
earnings before special items (as compared to reported earnings)
is that
it does not reflect the complete financial results of the
Company. CSC compensates for these limitations by providing a
reconciliation between earnings before special items and reported
earnings.
|
|
|
Twelve
Months Ended
|
||||||||||||||||
|
March
30, 2007
|
March
31, 2006
|
|||||||||||||||
|
(As
Restated)
|
(As
Restated)
|
|||||||||||||||
|
EPS
|
EPS
|
|||||||||||||||
|
Amount
|
(diluted)
|
Amount
|
(diluted)
|
|||||||||||||
|
Net
income and EPS (diluted), as reported
|
$ |
397.3
|
$ |
2.21
|
$ |
495.6
|
$ |
2.64
|
||||||||
|
Less:
Gain on discontinued operations
|
(57.6 | ) | (0.31 | ) | ||||||||||||
|
Add:
Cumulative change in accounting principle
|
4.3
|
0.02
|
||||||||||||||
|
Income
from continuing operations
|
397.3
|
2.21
|
442.3
|
2.35
|
||||||||||||
|
Add
back: Special items
|
262.0
|
1.46
|
48.3
|
0.26
|
||||||||||||
|
Income
from continuing operations before special items
|
$ |
659.3
|
$ |
3.67
|
$ |
490.6
|
$ |
2.61
|
||||||||
|
Average
common shares outstanding for diluted EPS
|
179.733
|
187.984
|
||||||||||||||
|
Notes:
|
All
amounts are net of taxes.
|
|
Amounts
are in millions except per-share amounts.
|
|
|
Per
share amounts may not add due to
rounding.
|