By Ben King, 6 February 2001 10:40
NEWS Van Honeycutt, CSC chief executive, admitted the results had been disappointing. He said: "The third quarter's results were impacted adversely by the effects of currency, severance costs associated with headcount reductions in our global IT consulting practices, and lower than anticipated healthcare market software licencing sales late in the quarter." "We have responded to these market factors by swiftly implementing additional cost containment activities," Honeycutt added. CSC acquired insurance software provider Mynd in December 2000 for $568m, and cut 2000 jobs as a result. Profits were down from the third quarter last year, when the company earned 49 cents per share. Excluding charges related to the acquisition, though, the company made 72 cents per share - only slightly short of analysts' expectations.
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below