COMPUTER SCIENCES DELAYS FORECAST ON $1.5 BILLION WRITEDOWN
February 08, 2012, 10:26 AM EST
By Beth Jinks
Feb. 8 (Bloomberg) — Computer Sciences Corp., a technology senior manager for governments and companies, rose the many in 3 decades after fixing Mike Lawrie as the subsequent arch senior manager military military officer as it renegotiates a contract with the U.K.’s National Health Service.
Computer Sciences, based in Falls Church, Virginia, modernized twenty-three percent to $32.60 at 9:54 a.m., for the greatest intraday commission benefit given Jul 1980. The batch was the tip actor in the Standard & Poor’s 500 index after a 53 percent decrease in the before twelve months had placed it 489th.
The association yesterday declared Lawrie, CEO of London-based Misys Plc, as the new head. Today Computer Sciences behind reworking the mercantile 2012 foresee and wrote down roughly $1.5 billion of the investment in the doubtful stipulate with the U.K.’s National Health Service. It also reported a detriment of $1.39 billion, or $8.97 a share, according to a statement.
In May, British Prime Minister David Cameron pronounced his supervision wouldn’t pointer any more agreements with Computer Sciences until reviews are accomplished about how a stipulate to centrally control annals for each U.K. studious longed for deadlines. In August, a row of lawmakers also endorsed tighten hearing of discussions about the matter.
“As discussions go on with the client, superintendence will not be supposing at this time though will be communicated at a after date,” Computer Sciences pronounced currently in the statement.
Computer Sciences marked down the stipulate worth by $1.49 billion, or $9.93 a share from stability operations, for the third entertain finished Dec. 30. It also wrote down an one more $60 million, or 39 cents a share, in the illness commercial operation solutions unit, according to a.
Third-Quarter Loss
The association had pronounced Dec. twenty-seven it would correct the opinion and could write down as most as $1.5 billion of the investment in an electronic patient-records stipulate in the U.K. Computer Sciences pronounced at the time it may also catch one more costs as the agreement is renegotiated.
Lawrie, 58, will stick on Computer Sciences “no after than” Mar 31, Computer Sciences pronounced yesterday in a statement. He has also assimilated the board. Rodney F. Chase will turn non- senior manager chairman. The association pronounced in October that Michael Laphen would retire as CEO and that he would leave no after than Oct. 31 of this year.
The third-quarter net detriment of $1.39 billion, or $8.97 a share, compared with a distinction of $242 million, or $1.55 a share a year earlier. Profit incompatible the writedowns of $1.35 kick the 58 cents approaching by analysts, the normal of thirteen surveyed by Bloomberg. Sales fell to $3.76 billion, from $4 billion. Analysts had estimated $4 billion.
Computer Sciences is being investigated by the U.S. Securities and Exchange Commission over accounting irregularities. The association stretched the inner audits final year to more regions, and allocated Chris DePippo as arch ethics and correspondence officer.
–Editors: Niamh Ring, Bob Brennan
To contact the contributor on this story: Beth Jinks in New York at bjinks1@bloomberg.net
To contact the editor obliged for this story: Peter Elstrom in New York at pelstrom@bloomberg.net
February 08, 2012, 10:26 AM EST
By Beth Jinks
Feb. 8 (Bloomberg) — Computer Sciences Corp., a technology senior manager for governments and companies, rose the many in 3 decades after fixing Mike Lawrie as the subsequent arch senior manager military military officer as it renegotiates a contract with the U.K.’s National Health Service.
Computer Sciences, based in Falls Church, Virginia, modernized twenty-three percent to $32.60 at 9:54 a.m., for the greatest intraday commission benefit given Jul 1980. The batch was the tip actor in the Standard & Poor’s 500 index after a 53 percent decrease in the before twelve months had placed it 489th.
The association yesterday declared Lawrie, CEO of London-based Misys Plc, as the new head. Today Computer Sciences behind reworking the mercantile 2012 foresee and wrote down roughly $1.5 billion of the investment in the doubtful stipulate with the U.K.’s National Health Service. It also reported a detriment of $1.39 billion, or $8.97 a share, according to a statement.
In May, British Prime Minister David Cameron pronounced his supervision wouldn’t pointer any more agreements with Computer Sciences until reviews are accomplished about how a stipulate to centrally control annals for each U.K. studious longed for deadlines. In August, a row of lawmakers also endorsed tighten hearing of discussions about the matter.
“As discussions go on with the client, superintendence will not be supposing at this time though will be communicated at a after date,” Computer Sciences pronounced currently in the statement.
Computer Sciences marked down the stipulate worth by $1.49 billion, or $9.93 a share from stability operations, for the third entertain finished Dec. 30. It also wrote down an one more $60 million, or 39 cents a share, in the illness commercial operation solutions unit, according to a.
Third-Quarter Loss
The association had pronounced Dec. twenty-seven it would correct the opinion and could write down as most as $1.5 billion of the investment in an electronic patient-records stipulate in the U.K. Computer Sciences pronounced at the time it may also catch one more costs as the agreement is renegotiated.
Lawrie, 58, will stick on Computer Sciences “no after than” Mar 31, Computer Sciences pronounced yesterday in a statement. He has also assimilated the board. Rodney F. Chase will turn non- senior manager chairman. The association pronounced in October that Michael Laphen would retire as CEO and that he would leave no after than Oct. 31 of this year.
The third-quarter net detriment of $1.39 billion, or $8.97 a share, compared with a distinction of $242 million, or $1.55 a share a year earlier. Profit incompatible the writedowns of $1.35 kick the 58 cents approaching by analysts, the normal of thirteen surveyed by Bloomberg. Sales fell to $3.76 billion, from $4 billion. Analysts had estimated $4 billion.
Computer Sciences is being investigated by the U.S. Securities and Exchange Commission over accounting irregularities. The association stretched the inner audits final year to more regions, and allocated Chris DePippo as arch ethics and correspondence officer.
–Editors: Niamh Ring, Bob Brennan
To contact the contributor on this story: Beth Jinks in New York at bjinks1@bloomberg.net
To contact the editor obliged for this story: Peter Elstrom in New York at pelstrom@bloomberg.net