Finally, I'd like to remind you that all forward-looking statements made during this conference call are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These factors are discussed more fully in the earnings release and in the company's SEC filings. Copies of these SEC reports are available from the SEC and from the Unisys investor website. And now I'd like to turn the call over to Ed.J. Edward Coleman Thanks, Niels. Hello, everyone. Thank you for joining us today to discuss our fourth quarter and full year 2011 financial results. We made continued progress towards our financial and strategic goals during the year despite softness in our U.S. Federal business. I'm pleased with the work we're doing and the progress we're making in enhancing the company's financial profile. In 2011, we completed our third consecutive year of profitability and positive free cash flow, an important milestone for the company. Turning to Page 4. A little over a year ago, we outlined our 3-year financial goals for Unisys, building on the company's more streamlined, cost-competitive business foundation. Our overall financial objective is to be a company that is consistently and predictably profitable and known for our financial strength. Specifically, we want to: grow our IT outsourcing and systems integration revenue at market rates, adjusted for the loss of the TSA business, while maintaining stable revenue in our Technology business, particularly within our flagship ClearPath business; consistently achieve an 8% to 10% services operating profit margin;, improve our annual pretax profit to $350 million in 2013, excluding any change in pension income or expense from 2010 levels; and reduce our outstanding debt by 75% or $625 million from September 30, 2010 levels. In the first year of executing on this plan, we've made tangible progress towards these financial objectives. In terms of our top line goals, while the decline in our important U.S. Federal business had a negative impact on our overall revenue growth in 2011, we were encouraged by growth in other revenue focus areas. Outside the U.S. Federal market, we grew our IT outsourcing revenue by 9% in 2011, our second consecutive year of growth in this business. Our non-Federal systems integration revenue, while essentially flat in 2011 following declines in prior years, grew in each of the last 2 quarters of the year.
Now our Technology business, for the second year in a row, were able to maintain stable revenue in our ClearPath business. Overall, Technology revenue declined in 2011 due to lower sales of third-party equipment. In terms of our margin goals, we reported a services operating profit margin of 6.9% in 2011, up from 2010, but below our targeted 8% to 10% range primarily due to the impact of the lower U.S. Federal revenue. Outside of that business, our services operating margin increased from 2010 levels and was within our targeted margin range.Against our pretax profit goal, which I mentioned earlier, was to achieve $350 million of pretax profit in 2013 excluding any change in pension income or expense from 2010 levels, we made significant progress in 2011. Our pretax profit in 2011, excluding the $85 million debt reduction charges and $34 million of pension expense, was $326 million. Finally, we also made major progress in 2011 toward our debt reduction goal. In 2011, we reduced our debt by $464 million or 56% to $360 million at year end. Our cash position net of debt increased by more than $350 million during the year. Since September of 2010, we've reduced our debt by a total of $478 million, getting us about 76% of the way toward our 2013 goal and cutting our annualized interest expense by more than $60 million. Read the rest of this transcript for free on seekingalpha.com