AP - El Segundo-based Computer Sciences Corp. on Thursday issued delayed results for the first two quarters of the fiscal year, showing sales rose nearly 10 percent over the six-month period.
The information technology service provider company previously delayed its results while it reviewed prior tax payments because it had found "significant errors" in accounting for software license sales.
For the fiscal first quarter ended June 29, the company reported net income of $108.1 million, or 61 cents per share, versus a restated loss of $59.9 million, or 32 cents per share, during the same period a year earlier.
The fiscal 2008 quarter included $33.4 million, or 19 cents per share, of special charges for restructuring and executive retirement costs.
Analysts polled by Thomson Financial expected first-quarter earnings of 70 cents per share, on average. Analyst forecasts typically exclude one-time adjustments.
Revenue for the first quarter rose to $3.84 billion from $3.56 billion a year earlier. Analysts predicted revenue of $3.74 billion, according to Thomson.
For the second quarter ended Sept. 28, the company reported net income of $75.8 million, or 43 cents per share, compared with restated earnings of $89.5 million, or 51 cents per share, during the same period a year earlier. Revenue increased to $4.02 billion from $3.61 billion.
Analysts forecast second-quarter profit of 86 cents per share on revenue of $3.93 billion, according to Thomson.
CSC said it plans to file an amended annual report with restated earnings for fiscal 2007 as soon as practical. Accounting errors for fiscal 1995 through 2007 resulted in a charge of $303 million, the company said.
Shares of CSC rose 13 cents to $50.78 in Thursday's trading.
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