Falls Church, VA: IT consultancy CSC continued its recuperation with a strong return to profit in 2013.
In the three months to the end of March the firm reported net income of $286 million compared with a loss of $153 million in the same period of 2013. Net income for the full year was $979 million in comparison with a loss of $4.22 billion in 2012.
Revenues in the fourth quarter were down marginally at $3.69 billion compared with $3.98 billion in 2012. Full year revenues were $14.99 billion, down from $15.36 billion in 2012.
"During fiscal 2013, CSC delivered on its commitments and made significant strides in transforming our company. We returned to profitability and exceeded our targets for cost takeout, operating margin expansion, EPS and free cash flow growth. We are making significant investments in our business — employees, offerings, systems, and partnerships — designed to enhance our competitive position and long-term earnings growth. And we returned $428 million to shareholders through share repurchases and dividends," said Mike Lawrie, president and CEO.
"For fiscal year 2014, our plans include continued cost take-out, investing in our people, expanding market coverage, pursuing delivery excellence and driving innovation with our clients."