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Unisys meets 1Q estimates
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April 13, 2000: 8:16 a.m. ET
Computer services firm cites slow recovery in revenue from Y2K
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NEW YORK (CNNfn) - Electronic business solutions provider Unisys Corp. posted first-quarter earnings Thursday in line with analysts' expectations, after warning earlier this month that revenue would be lower than anticipated by Wall Street.
Unisys (UIS: Research, Estimates) net income totaled $106.5 million, or 34 cents per diluted common share, down from $109.9 million, or 31 cents, a year earlier. Wall Street had forecast the company to earn 34 cents per share.
 On April 4, the company said first-quarter revenue would take a hit as sales failed to rebound from changes associated with year 2000 and the firm's reorganization.
Unisys reported first-quarter revenue fell 8 percent to $1.67 billion from $1.82 billion a year ago. The company said U.S. revenue was hit particularly hard because of the weakness in its Federal government business.
The Blue Bell, Pa.-based company also said it expects revenue to sag in the second quarter, but to improve in the second half.
"With the first quarter behind us, we go forward fundamentally well positioned to benefit from the changes we have made to our organizational approach, our portfolio of services and technologies, and our financial structure," Unisys Chairman and CEO Larry Weinbach said.
"As we focus on execution and benefit from improved sales productivity, we look for sequentially improving results through 2000, with revenue down slightly in the second quarter and building to double-digit growth in the second half of the year," Weinbach said.
In Wednesday trading, Unisys edged down 7/16 to 23-5/8.
(for more earnings news, click here) 
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Unisys
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