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Unisys lowers 1Q forecast
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April 4, 2000: 11:23 a.m. ET
Information services firm says rebound from Y2K transition is slow
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NEW YORK (CNNfn) - Information services and technology provider Unisys Corp. said Tuesday its first-quarter revenue will be lower than Wall Street anticipated, due in part to weakness in its government business and a slow rebound in its financial services business following the Y2K transition.
Blue Bell, Pa.-based Unisys (UIS: Research, Estimates) said it expects revenue of $1.66 billion to $1.69 billion for the first quarter of 2000, and it remains comfortable with Wall Street forecasts for the first quarter of 33 to 35 cents per share. Unisys will release its first-quarter results April 13.
Unisys stock slumped in early morning trade, dropping 1-7/16 to 24 on the New York Stock Exchange.
 The company said its technology business had picked up faster than its services business, following the Y2K budget lockdowns, but it expects first-quarter revenue in its technology business to decline less than expected, reflecting a pickup in server demand late in the quarter.
Second-quarter diluted earnings per share, before a previously announced one-time charge for the retirement of $400 million of debt, are expected to be basically flat versus a year ago, Unisys said.
For 2000, Unisys forecasts revenue growth of 4 to 6 percent, with earnings of $1.75 to $1.80 per share before the debt retirement charge. 
-- from staff and wire reports
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Unisys
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