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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 31, 2014

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


Exhibit 99.1

 
Leidos Holdings, Inc. Reports Fourth Quarter and Full Fiscal Year 2014 Results

- Revenues: $1.30 billion for fourth quarter; $5.77 billion for fiscal year
- Operating Income from Continuing Operations: $82 million for fourth quarter; $164 million for fiscal year
- Diluted Earnings per Share from Continuing Operations: $0.56 for fourth quarter; $0.98 for fiscal year
- Cash Flows Provided by Operating Activities from Continuing Operations: $110 million for fourth quarter; $195 million for fiscal year
- Net New Bookings: $0.62 billion (book-to-bill ratio of 0.5) for fourth quarter; $4.95 billion (book-to-bill ratio of 0.9) for fiscal year
- Quarterly Cash Dividend of $0.32 per Share Payable on April 30, 2014
MCLEAN, Va., March 27, 2014 - Leidos Holdings, Inc. (NYSE: LDOS), a national security, health and engineering solutions company, today reported financial results for the fourth quarter and fiscal year 2014, which ended January 31, 2014.
"In our fourth quarter, we continued to encounter headwinds from sequestration, unclear funding on awarded programs, delayed award decisions, high levels of protest activity, and continued commercial health and engineering revenue declines” said John Jumper, Leidos Chairman and Chief Executive Officer. "Despite these challenges, we were able to generate over $100 million of cash flow from operations in the fourth quarter and we are confident that our track record of robust cash flow generation will continue. Also in the quarter, we executed a $300 million accelerated share repurchase program. We continue to focus on strategies that increase returns and deepen our market penetration, especially in markets where we no longer face organizational conflicts of interest. Our commitment of returning capital to shareholders remains steadfast."

The Company also announced a change in senior leadership to be effective April 6, 2014 when Stu Shea will depart his position as President and Chief Operating Officer of Leidos. This was a mutual decision reached by Mr. Shea, Mr. Jumper and the Leidos Board of Directors.
Fourth Quarter Summary Results
Revenues for the fourth quarter of fiscal year 2014 were $1.30 billion, compared to $1.58 billion in the fourth quarter of fiscal year 2013, reflecting a revenue contraction of 18 percent.
Operating income from continuing operations for the fourth quarter of fiscal year 2014 was $82 million (6.3 percent operating income margin), compared to operating income from continuing operations of $91 million (5.8 percent operating income margin) in the fourth quarter of fiscal year 2013.
Diluted earnings per share from continuing operations for fourth the quarter of fiscal year 2014 was $0.56, as compared to $1.73 in the fourth quarter of fiscal year 2013. The prior year quarter contained an income tax benefit of $96 million, or $1.12 per diluted share, as a result of an issue resolution with the IRS with respect to the tax treatment of the CityTime settlement. The diluted share count for the fourth quarter of fiscal year 2014 was 84 million, the same share count as the prior year quarter.
Consistent with the previously announced portfolio shaping initiatives, the Company decided in the fourth quarter of fiscal year 2014 to put Cloudshield Technologies, Inc. up for sale and all periods have been recast to reflect it as discontinued operations.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Thursday, March 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
(operating Results Classified As Discontinued Operations) (detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Additional Information (detail)
Acquisitions
Acquisitions (break-up Of Purchase Price Allocation) (details)
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Business Segment Information
Business Segment Information (tables)
Business Segment Information - Additional Information (detail)
Composition Of Certain Financial Statement Captions
Composition Of Certain Financial Statement Captions (tables)
Discontinued Operations
Discontinued Operations (schedule Of Major Class Of Asset And Liabilities Included In Discontinued Operations) (details)
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Earnings Per Share (eps)
Earnings Per Share (eps) (tables)
Earnings Per Share (shares Repurchased) (details)
Estimated Fair Values Of Assets Acquired And Liabilities Assumed (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Leases
Leases (sale And Leaseback Agreement) (details)
Leases (schedule Of Future Minimum Lease Commitments And Sublease Receipts Under Non-cancelable Operating Leases) (detail)
Leases (schedule Of Rental Expense For Facilities And Equipment) (detail)
Leases (tables)
Leases - Additional Information (detail)
Legal Proceedings
Legal Proceedings - Additional Information (detail)
Notes Payable And Long-term Debt
Notes Payable And Long-term Debt (tables)
Notes Payable And Long-term Debt - Additional Information (detail)
Other Commitments And Contingencies
Other Commitments And Contingencies - Additional Information (detail)
Reconciliation Of Income Used In Calculating Earnings Per Share (detail)
Reconciliation Of Weighted Average Number Of Shares Outstanding (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Retirement Plans
Retirement Plans - Additional Information (detail)
Revolving Credit Facility
Revolving Credit Facility - Additional Information (detail)
Schedule Of Accumulated Other Comprehensive Loss (detail)
Schedule Of Accumulated Other Comprehensive Loss (parenthetical) (detail)
Schedule Of Acquisition Information (detail)
Schedule Of Amortization Expense For Finite-lived Intangible Assets (detail)
Schedule Of Basic And Diluted Eps (detail)
Schedule Of Certain Financial Statement Captions (detail)
Schedule Of Changes In Goodwill By Segment (detail)
Schedule Of Changes In Unrecognized Tax Benefits (detail)
Schedule Of Deferred Tax Assets (liabilities) (detail)
Schedule Of Depreciation Using Estimated Useful Lives (detail)
Schedule Of Intangible Assets Including Estimates Of Assets Acquired (detail)
Schedule Of Maturities Of Notes Payable And Long-term Debt (detail)
Schedule Of Net Deferred Tax Assets (detail)
Schedule Of Notes Payable And Long-term Debt (detail)
Schedule Of Notes Payable And Long-term Debt (parenthetical) (detail)
Schedule Of Performance-based Stock Award Activity (detail)
Schedule Of Provision For Income Taxes (detail)
Schedule Of Purchase Price Allocations Related To Acquisitions (detail)
Schedule Of Reconciliation Of Provision For Income Taxes (detail)
Schedule Of Reconciliation Of Provision For Income Taxes (parenthetical) (detail)
Schedule Of Segment Reporting Information By Segment (detail)
Schedule Of Selected Quarterly Financial Data (detail)
Schedule Of Selected Quarterly Financial Data (parenthetical) (detail)
Schedule Of Share-based Compensation Activity Related To Exercise Of Stock Options (detail)
Schedule Of Stock Option Activity (detail)
Schedule Of Stock-based Awards Excluded From Weighted Average Shares Outstanding (detail)
Schedule Of Stock-based Compensation And Related Tax Benefits Recognized (detail)
Schedule Of Supplementary Cash Flow Information (detail)
Schedule Of Supplementary Cash Flow Information (parenthetical) (detail)
Schedule Of Total Revenue Percentages Contributable To Specific Government Agencies (detail)
Schedule Of Vesting Stock Award Activity (detail)
Schedule Of Weighted Average Grant-date Fair Value And Assumptions Used (detail)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (tables)
Separation Transaction Expenses (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies Restructuring Reserve (details)
Supplementary Cash Flow Information (tables)
Supplementary Income Statement And Cash Flow Information
Ticker: LDOS
CIK: 1336920
Form Type: 10-K Annual Report
Accession Number: 0001336920-14-000007
Submitted to the SEC: Thu Mar 27 2014 4:12:24 PM EST
Accepted by the SEC: Thu Mar 27 2014
Period: Friday, January 31, 2014
Industry: Computer Integrated Systems Design

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