Leidos Holdings, Inc. Reports Fourth Quarter and Fiscal Year 2016 Results

Actual performance and results may differ materially from the guidance and other forward-looking statements made in this release depending on a variety of factors, including: changes to our reputation and relationships with government agencies, developments in the U.S. Government defense budget, including budget reductions, implementation of spending cuts (sequestration) or changes in budgetary priorities; delays in the U.S. Government budget process; delays in the U.S. Government contract procurement process or the award of contracts; delays or loss of contracts as a result of competitor protests; changes in U.S. Government procurement rules, regulations and practices; changes in interest rates and other market factors out of our control; our compliance with various U.S. Government and other government procurement rules and regulations; governmental reviews, audits and investigations of our Company; our ability to effectively compete for and win contracts with the U.S. Government and other customers; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; factors relating to the transaction with Lockheed Martin, including, tax treatment; the possibility that we may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all, the integration of the acquired Information Systems & Global Solutions business being more difficult, time-consuming or costly than expected; the effect of any changes resulting from the transaction in customer, supplier and other business relationships; general market perception of the transaction and exposure to lawsuits and contingencies associated with the Information Systems & Global Solutions business; the mix of our contracts and our ability to accurately estimate costs associated with our firm-fixed-price and other contracts; our ability to realize as revenues the full amount of our backlog; cybersecurity, data security or other security threats, systems failures or other disruptions of our business; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; our ability to effectively acquire businesses and make investments; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts, including complex engineering projects; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs designed to protect us from significant product or other liability claims; our ability to manage risks associated with our international business; our ability to declare future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable laws and contractual agreements; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission ("SEC"), including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest Annual report on Form 10-K and quarterly reports on Form 10-Q, all of which may be viewed or obtained through the Investor Relations section of our website at www.leidos.com. All information in this release is as of February 23, 2017. The Company expressly disclaims any duty to update the guidance or any other forward-looking statement provided in this release to reflect subsequent events, actual results or changes in the Company's expectations. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.


CONTACTS:




Investor Relations:

Media Relations:

Kelly P. Hernandez

Melissa L. Koskovich

571.526.6404

571.526.6850

kelly.p.hernandez@leidos.com

koskovichm@leidos.com

 

 


LEIDOS HOLDINGS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)
















Three Months Ended


Twelve Months Ended



December 30,
2016


January 1,
2016


December 30,
2016


January 1,
2016

Revenues


$

2,575



$

1,281



$

7,043



$

5,086


Cost of revenues


2,266



1,124



6,191



4,468


Selling, general and administrative expenses


131



53



334



232


Bad debt expense


2



(1)



3



9


Acquisition and integration costs


22





90




Asset impairment charges


4





4



73


Restructuring expenses


8



3



14



6


Equity earnings of non-consolidated subsidiaries


(10)





(10)




Operating income


152



102



417



298


Interest income


2



2



10



4


Interest expense


(39)



(14)



(96)



(58)


Other (expense) income, net


(10)



83



(13)



84


Income from continuing operations before income taxes


105



173



318



328


Income tax expense


(45)



(46)



(72)



(92)


Income from continuing operations


60



127



246



236


Discontinued operations:









Loss from discontinued operations before income taxes




(1)





(1)


Income tax benefit




1





19


Income from discontinued operations








18


Net income


60



127



246



254


Less: net income attributable to non-controlling interest, net of 
     taxes


1





2




Net income attributable to Leidos common stockholders


$

59



$

127



$

244



$

254


Earnings per share:









Basic:









Income from continuing operations attributable to Leidos 
     common stockholders


$

0.39



$

1.76



$

2.39



$

3.23


Discontinued operations, net of taxes








0.25


Net income attributable to Leidos common stockholders


$

0.39



$

1.76



$

2.39



$

3.48


Diluted:









Income from continuing operations attributable to Leidos 
     common stockholders


$

0.39



$

1.72



$

2.35



$

3.19


Discontinued operations, net of taxes








0.24


Net income attributable to Leidos common stockholders


$

0.39



$

1.72



$

2.35



$

3.43


Weighted average number of common shares outstanding:









Basic


150



72



102



73


Diluted


153



74



104



74











Cash dividends declared per share


$

0.32



$

0.32



$

14.92



$

1.28



« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15  Next Page »
Featured Video
Jobs
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
Mechanical Engineer 2 for Lam Research at Fremont, California
Mechanical Engineer 3 for Lam Research at Fremont, California
Equipment Engineer, Raxium for Google at Fremont, California
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise