Leidos Holdings, Inc. (LDOS) 10-K Annual Report Thu Mar 27 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.

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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Leidos Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.6: Material Contract

Exhibit 10.7: Material Contract

Exhibit 10.10: Material Contract

Exhibit 10.11: Material Contract

Exhibit 10.14: Material Contract

Exhibit 10.15: Material Contract

Exhibit 10.16: Material Contract

Exhibit 10.20: Material Contract

Exhibit 10.29: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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