NEW YORK (CNNMoney.com) -- Hewlett-Packard revised its first-quarter net income down by $73 million on Friday, thanks to charges for litigation involving a company that the computer giant acquired in 2008.
Net income for the quarter ended Jan. 31 has been revised to $2.59 billion, or $1.07 a share, excluding one-time charges -- down from the $2.67 billion, or $1.10 per share, HP (HPQ, Fortune 500) previously reported on Feb 17. On a GAAP basis, HP is now reporting earnings of $2.25 billion, down from the $2.32 billion previously reported.
"The revision is unrelated to HP's strong business performance in the first quarter," a company spokeswoman told CNNMoney.
In 2004, Sky Subscribers Services Limited and British Sky Broadcasting Limited filed a lawsuit in the United Kingdom against technology services company Electronic Data Systems (EDS). HP acquired EDS in August 2008.
The 2004 suit relates to a "customer relationship management project" that EDS was awarded in 2000, according to HP's press release.
At a March 1 court hearing, EDS was ordered to pay BSkyB 70 million British pounds, or about $112 million. That's in addition to another payment of $320 million HP made to BSkyB in February 2010.
Accounting rules required HP to increase the reserves it has set aside to absorb the litigation's cost.
The March 1 payment order followed a January court decision that dismissed most of BSkyB's claims against EDS but found the company liable in some areas. HP said it is seeking permission to appeal the court's ruling.
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