CSC Posts Jump In Revenue And ProfitCSC Posts Jump In Revenue And Profit
March acquisition of federal-services contractor Dyncorp helps services vendor's results.
August 12, 2003
IT services provider Computer Sciences Corp. reported strong growth in revenue and a modest earnings increase for its fiscal first quarter on the strength of increased sales to the federal government.
For the three months ended July 4, CSC said revenue increased 29.1%, to $3.55 billion, while net income rose 16%, to $92.3 million, or 49 cents a share, compared with $79 million, or 46 cents a share, a year earlier. The numbers were boosted in part by CSC's March acquisition of federal-services contractor Dyncorp. CSC's sales to the government jumped 87.1% year over year to $1.48 billion, largely as a result of the deal. CSC's commercial sales didn't fare so well. The company said revenue from the private sector fell 5.7%, to $2.07 billion. Commercial sales in the United States fell 3.4%, to $962.1 million. Separately, CSC said it had struck a marketing deal with software developer SAS Institute Inc. to jointly market SAS's Drug Development platform to customers in the life-sciences industry. The software allows pharmaceutical companies and others in the industry to aggregate research data from multiple sources with an eye to cutting R&D time and costs.
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