CSC reports Q1 2013 Results

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE


CSC has recently reported first quarter 2013 diluted earnings of $0.26 per share, compared with diluted earnings of $1.17 per share in the first quarter of 2012 which included a one-time tax benefit of approximately $0.78 cents. Total revenue was $3.96 billion compared to $4.03 billion in the same period of last year.
Mike Lawrie, President & CEO said, “Our first quarter performance reflects a first step in turning around CSC. While there is significant work ahead of us, I am pleased with our initial progress on operating margins and free cash flow.”
“We have launched several action plans which will transform the company over the next several years and create value for our shareholders. As part of this transformation agenda, we are bringing a much needed focus to greater contract management discipline across the company. We are also simplifying our operating model to realize greater productivity and operational efficiency. We are attacking our cost structure and we expect to realize about $1 billion in cost improvement over the next 18 months,” Lawrie further remarked.


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