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.
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.