Earnings
Affiliated Computer Posts 18 Pct Drop In 1Q Profit
DALLAS (AP) — Affiliated Computer Services Inc., which provides technology help to other companies, said Thursday its fiscal first-quarter profit fell 18 percent due to $9 million in deferred compensation costs.
Net income dropped to $68.8 million, or 70 cents per share, in the quarter, from $83.6 million, or 85 cents per share, in the year-ago period. Adjusted net income was 95 cents per share. Quarterly revenue increased 5 percent to $1.68 billion from $1.6 billion in the previous year. On average, analysts polled by Thomson Reuters expected a profit of 94 cents per share on sales of $1.69 billion. The company said it won new contracts in the quarter worth $833 million, or $212 million in annual recurring revenue. Last month, Xerox Corp. said it will buy ACS for $18.60 per share in cash plus 4.935 Xerox shares for each ACS share. Xerox, based in Norwalk, Conn., will also take on $2 billion of ACS's debt and issue $300 million of convertible preferred stock to ACS's Class B shareholders. ACS shares rose $2.60, or 5 percent, to end at $54.41 Thursday.TheStreet Premium Services
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