Unisys Cutting 950 Jobs
PHILADELPHIA (AP) - April 25, 2007 -- Unisys Corp. said Wednesday that it's cutting 950 jobs as the beleaguered information technology consultant migrates to a lower-cost work force overseas.
The layoffs, mainly in the U.S. and United Kingdom, are in addition to the Blue Bell-based company's job cuts of 5,600 announced last year. The two layoffs make up nearly a fifth of Unisys' work force, which was around 36,000 worldwide before the cuts.
Unisys took a charge of $32.7 million before taxes related to the 950 job cuts.
The company also expects to take a $35 million charge in the second quarter stemming from facility consolidations and additional layoffs, mainly in Europe.
Unisys said its restructuring actions in 2006 and the first-quarter of this year should save more than $340 million by the second half of 2007 and rise to $360 million by the first half of 2008.
Unisys reported first-quarter earnings of $3.6 million, or a penny per share, compared with a loss of $27.9 million, or 8 cents, in the same quarter a year ago.
Revenue came to $1.35 billion compared with $1.39 billion a year ago.
Analysts surveyed by Thomson Financial expected a loss of 2 cents per share on revenue of $1.39 billion.
Shares of Unisys fell 9 cents to close at $8.83 Wednesday on the New York Stock Exchange.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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