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news.Perot Systems Corporation (Perot Systems), a healthcare information technology company, has reported revenues of $621 million for the first quarter of 2009, compared with the revenues of $680 million in the year-ago quarter. It has also reported a net income of $28 million, or $0.24 per diluted share, for the first quarter of 2009, compared with the net income of $28 million, or $0.23 per diluted share, in the year-ago quarter.
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Business Outlook
For the second quarter of 2009, the company expects earnings per share to range between $0.23 and $0.25 and revenue to range from $620 million to $635 million.
Highlights
In the first quarter of 2009, Perot Systems recognized $6 million of expense, equal to approximately $.03 per share (diluted), related to the implementation of a cost reduction program and an income tax benefit of $3 million, equal to approximately $.03 per share (diluted), related to the resolution of certain prior year tax matters.
Operating profit margin was 6.3% for the first quarter of 2009. The expense associated with implementing the cost reduction program reduced operating margin by 0.9 percentage points in the quarter.
New contract signings totaled $680 million for the first quarter of 2009, bringing the total value of new contracts signed over the past twelve months to $1.2 billion. Total bookings, which include contract renewals, totaled $985 million for the first quarter of 2009, bringing the total value of bookings during the past twelve months to $2.6 billion.
Operating Cash Flow and Capital Expenditures for the first quarter of 2009 totaled $21 million and $15 million, respectively. Trailing twelve month Operating Cash Flow and Capital Expenditures were $218 million and $56 million, respectively.
As of March 31, 2009, Cash, Short-term Investments, and Debt totaled $266 million, $7 million, and $183 million, respectively.
“Perot Systems continues to post solid earnings and cash flow,” said Peter Altabef, president and chief executive officer for Perot Systems. “Although the weakened economy resulted in a reduction to project-based engagements for the quarter, with a robust level of interest in solutions that reduce costs, increase efficiency and enhance cash flow, we started 2009 with strong new contract wins.”