Unisys Corp – ‘8-K’ for 1/15/98

As of:  Thursday, 1/22/98   ·   For:  1/15/98   ·   Accession #:  746838-98-2   ·   File #:  1-08729

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     12K 
 2: EX-99       Miscellaneous Exhibit                                  2±     6K 

8-K   —   Current Report
Document Table of Contents

8-K
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SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C.  20549   
________  

FORM 8-K  

CURRENT REPORT  

Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934 

Date of Report (Date of Earliest Event Reported)       January 15, 1998         
                                              ----------------

UNISYS CORPORATION  
---------------------------------------------------   
(Exact Name of Registrant as Specified in its Charter)  

Delaware                    1-8729                   38-0387840           
---------------         ------------------------      ---------------           
(State or Other         (Commission File Number)      (IRS Employer             
Jurisdiction of                                     Identification No.)         
Incorporation)                                                                  

Township Line and Union Meeting Roads,        
Blue Bell, Pennsylvania  19424          
-----------------------------------------------------             
(Address of Principal Executive Offices)  (Zip Code)              

(215) 986-4011            
---------------------------------------------------             
(Registrant's telephone number, including area code)            

8-K
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Item 5.  Other Events.                                                          

On January 15, 1998, the Company reported net income before one-time            
charges of $199.0 million for the year ended December 31, 1997,                 
compared with net income before one-time charges of $61.8 million in            
1996.  Before one-time items, the Company earned $0.46 per share on a           
diluted basis after payment of preferred dividends in 1997, compared            
to a loss of $0.34 per share in 1996.  Operating income before one-             
time items was $613.8 million in 1997, compared to $327.4 million in            
1996.  Net income for the fourth quarter of 1997 before one-time                
items was $86.9 million, or $0.25 per share on a diluted basis after            
preferred dividends, compared to net income before one-time items of            
$55.7 million, or $0.14 per share on a diluted basis after preferred            
dividends, in the fourth quarter of 1996.  Operating income before              
one-time items was $217.5 million in the fourth quarter of 1997 and             
$146.9 million in the fourth quarter of 1996.                                   

In the fourth quarter of 1997, the Company took a one-time charge of            
$1.1 billion against net income.  After this charge, the Company                
reported a fourth quarter 1997 net loss of $965.7 million, compared             
to net income of $43.6 million after a one-time item in the fourth              
quarter of 1996.  Including one-time items, the net loss for the year           
ended December 31, 1997 was $853.6 million, or $5.30 per share after            
preferred dividends.  Net income in 1996 was $49.7 million, or a loss           
of $0.41 per share after preferred dividends.                                   

The one-time charge against 1997 fourth quarter net income included             
the writeoff of $883.6 million in goodwill principally related to the           
1986 merger of Burroughs Corporation and Sperry Corporation, $127.0             
million principally related to the Company's decision to discontinue            
the manufacturing and assembly of personal computers and low-end                
servers and to dispose of a small, non-strategic technology product             
and $42.0 million related to the conversion, in December 1997, of               
$271.2 million of the Company's 8-1/4% Convertible Subordinated Notes           
due 2006.  The writeoff of goodwill reflects the rapid changes that             
continue to occur in the marketplace away from proprietary technology           
and maintenance as well as the Company's decision to change the                 
method used for measuring the remaining value of goodwill.                      

Revenue for the year ended December 31, 1997 was $6.64 billion,                 
compared to $6.37 billion in 1996.  Revenue for the fourth quarter of           
1997 was $1.90 billion, compared to $1.81 billion in the fourth                 
quarter of 1996.  During the year ended December 31, 1997, the                  
Company generated $383.5 million in cash flow from operating                    
activities, an increase of $473.2 million from 1996.  During the                
fourth quarter of 1997, the Company generated $393.7 million in cash            
flow from operations, up from $263.0 million in the fourth quarter of           
1996.                                                                           

Item 7.  Exhibits                                                               

99  Consolidated Statement of Income                                            

8-K
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SIGNATURE           

Pursuant to the requirements of the Securities Exchange Act 
of 1934, the registrant has duly caused this report to be signed on             
its behalf by the undersigned hereunto duly authorized.                         

      UNISYS CORPORATION

Date:  January 22, 1998           By:  /s/Robert H. Brust                       
                          ----------------------------
                    Name:  Robert H. Brust
                          Title: Senior Vice President
                               and Chief Financial
                   Officer

8-K
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EXHIBIT INDEX 

Exhibit No.                                                                     

99     Consolidated Statement of Income                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		1/22/98		3
For Period End:		1/15/98		1		2
		12/31/97		2					10-K
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