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Leidos Holdings, Inc. (LDOS) SEC Filing 10-K Annual report for the fiscal year ending Friday, January 30, 2015

Leidos Holdings, Inc.

CIK: 1336920 Ticker: LDOS


Exhibit 99.1
 
Leidos Holdings, Inc. Reports Fourth Quarter and Full Fiscal Year 2015 Results

- Revenues: $1.17 billion for fourth quarter; $5.06 billion for fiscal year
- Diluted Earnings per Share from Continuing Operations: $0.35 for fourth quarter; Diluted Loss per Share from Continuing Operations: $4.46 for fiscal year
- Non-GAAP Diluted Earnings per Share from Continuing Operations: $0.69 for fourth quarter; $2.56 for fiscal year
- Cash Flows Provided by Operating Activities from Continuing Operations: $102 million for fourth quarter; $396 million for fiscal year
- CEO Roger Krone appointed Chairman of the Board

RESTON, Va., March 25, 2015 - Leidos Holdings, Inc. (NYSE: LDOS), a national security, health and engineering solutions company, today reported financial results for the fourth quarter and fiscal year 2015, which ended January 30, 2015.
Roger Krone, newly appointed Leidos Chairman and Chief Executive Officer ("CEO"), commented: “Today we reported another quarter of strong cash flow from operations, more than $100M, by continuing to drive efficiencies in our working capital. We also generated more than anticipated earnings per share from continuing operations during the quarter, on a non-GAAP fully diluted basis, driven by operational performance and tax benefits recognized during the period. For the full year, operating cash flow approached $400 million, nearly twice our non-GAAP net income from continuing operations, and we were able to increase non-GAAP diluted earnings per share from continuing operations from the prior year, despite continued, albeit moderating revenue declines. These results reflect solid operational performance. I am confident that our continued performance, combined with our ongoing portfolio shaping, cost reduction and business development efforts, will help us achieve greater success. Our recent selection by the UK Ministry of Defence as the preferred bidder to manage their Logistic Commodities and Services Transformation program demonstrates the level of confidence our customers have in Leidos, and I am proud of the Company’s employees for this win, and the others that will follow.”
Fourth Quarter Summary Results
Revenues for the fourth quarter of fiscal year 2015 were $1.17 billion, reflecting a revenue contraction of 9 percent, compared to $1.29 billion in the prior year.
Operating income from continuing operations for the fourth quarter was $37 million compared to $81 million in the prior year. This quarter includes a non-cash asset impairment charge of $40 million, related to entering into a definitive agreement with Greenleaf Power Consolidated, LLC for the sale of the Plainfield biomass power plant that is below the Company's carrying value. The sale is subject to customary closing conditions and regulatory approval and is expected to occur later in 2015.
Diluted earnings per share from continuing operations for the fourth quarter was $0.35 compared to $0.56 in the prior year. Non-GAAP diluted earnings per share from continuing operations for the fourth quarter of fiscal year 2015 was $0.69 compared to $0.70 in the prior year. The diluted share count for the quarter was 75 million, down 11 percent from 84 million in the prior year primarily due to shares repurchased under the Company's accelerated stock repurchase program.

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The following information was filed by Leidos Holdings, Inc. (LDOS) on Wednesday, March 25, 2015 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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Inside this 10-K Annual Report

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)
(additional Information) (detail)
(operating Results Classified As Discontinued Operations) (detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
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)
Debt
Debt (detail)
Debt (revolving Credit Facility) (detail)
Debt (tables)
Debt - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (details)
Derivative Instruments And Hedging Activities (tables)
Dispositions
Dispositions (schedule Of Major Class Of Asset And Liabilities Included In Discontinued Operations) (details)
Dispositions (tables)
Earnings Per Share (eps)
Earnings Per Share (eps) (tables)
Earnings Per Share (reconciliation Of Weighted Average Number Of Shares Outstanding) (details)
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)
Other Commitments And Contingencies
Other Commitments And Contingencies - Additional Information (detail)
Property Plant And Equipment
Property Plant And Equipment (details)
Property Plant And Equipment (tables)
Receivables
Receivables (details)
Receivables (tables)
Reconciliation Of Income Used In Calculating Earnings Per Share (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Retirement Plans
Retirement Plans - Additional Information (detail)
Schedule Of Accumulated Other Comprehensive Loss (detail)
Schedule Of Accumulated Other Comprehensive Loss (narrative) (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 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 Segment Reporting Information By Segment (detail)
Schedule Of Selected Quarterly Financial Data (detail)
Schedule Of Selected Quarterly Financial Data (footnotes) (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 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: 0001336920-15-000010
Submitted to the SEC: Wed Mar 25 2015 4:51:43 PM EST
Accepted by the SEC: Wed Mar 25 2015
Period: Friday, January 30, 2015
Industry: Computer Integrated Systems Design

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