Feeds

EDS suffers US Navy broadside

Delays earnings announcement pending damage assessment

  • alert
  • submit to reddit

SANS - Survey on application security programs

Services behemoth EDS has delayed posting its accounts until 3 November while it tries to work out how much damage it suffered from its disasterous US Navy project.

The $8bn deal has already forced EDS into making a profit warning. The firm's accountants KPMG are working out the value of $700m of assets connected to the project. EDS shares fell five per cent in after-hours trading from just over $20 to $19, according to Reuters.

A statement on the firm's website says earnings for the quarter ended September 30 2004 will not be ready until 3 November. But EDS expects earnings to be in line with expectations of five to ten per cent per share. Including the impact of US Airways going bust, but excluding the impact of the Navy contract, EDS expects revenue of between $4.9bn and $5bn for the quarter.

The Navy Marine Corps Intranet(NMCI) has been a nightmare for EDS almost since the start. The contract has already cost the firm more than $500m in related write-off costs and led to an investigation by the Securities and Exchange Commission.

Full release available on EDS's website here. ®

Related stories

EDS cuts losses
EDS job cuts on the way
EDS faces SEC probe

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.