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3/4/2003
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EDS In The Red

Delays and cost overruns associated with its build-out of a massive intranet for the Navy and the Marine Corps helped push EDS to a loss of $126 million for its first quarter ended March 31. A year ago, EDS posted net income of $354 million. Revenue grew 2% year over year to $5.4 billion.

Despite problems with the $6 billion intranet project, the services firm says it still believes the contract will ultimately produce more than $1.9 billion in cash flow from 2004 onward.

EDS says a $48 million pretax charge to cover severance payments to outgoing CEO Richard Brown also contributed to the loss.

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