Unisys Reports Almost $40 Million in First-Quarter Losses

The contract is for one year with renewal options and will include eight Air Force bases, one in Germany and the other seven here in the U.S. (Image courtesy of Unisys)

Unisys, the Blue Bell-based information technology service provider, recently reported a loss of $39.9 million in its first quarter, writes Jeff Blumenthal of the Philadelphia Business Journal.

The company lost 80 cents per share. In the first quarter last year, it lost 87 cents per share for a total of $43 million.

“Our first quarter results represent a step toward our goal of improving profitability and cash flow,” Unisys President and CEO Peter Altabef told Blumenthal. “We also continued to deepen our vertical go-to-market capabilities and leadership team, and expand our security solutions during the quarter.”

According to Blumenthal, Unisys has been experiencing change ever since Peter A. Altabef was named CEO in December 2014, three months after the ouster of predecessor Edward Coleman.

A year ago, Unisys said it would cut 1,800 jobs – eight percent of its workforce – as part of an effort to “create a more competitive cost structure and re-balance the company’s global skill set to take advantage of growth opportunities.”

At the time, the company said that the restructuring was expected to cost $300 million over the next two years, with an annual cost savings of $200 million by the end of 2016.

Unisys shares have decreased 31 percent since the beginning of the year.

Click here to read more about Unisys’s first-quarter losses.

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