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May 04, 2006

Top Stories

EDS SIGNS $1.7 BILLION DEAL WITH KRAFT...EDS announced a new seven-year, $1.7 billion global information technology (IT) services agreement with Kraft Foods Inc., the world's second-largest food and beverage company. To support Kraft's global operations, EDS will provide a broad range of IT services including data centers, hosting, telecommunications and workplace support services.

ARAMARK GETS 'GOING PRIVATE' OFFER...ARAMARK Corporation announced that its Board of Directors has received a proposal from a group of investors led by Joseph Neubauer, Chairman and Chief Executive Officer of the Company, to acquire all of the outstanding shares of the Company for $32 per share in cash. The Board has formed a Special Committee of independent directors to consider the proposal.

COVANSYS SELLS STAKE IN SUBSIDIARY...Covansys Corporation announced that its wholly owned subsidiary, Covansys India Limited, has entered into an agreement to sell a portion of its ownership in Fortune Infotech Limited to Fidelity National Financial, Inc., a provider of outsourced products and services to a variety of industries. Covansys will own 50.1 percent and Fidelity will own 45.5 percent of the common stock of Fortune Infotech after the sale.

ADP REPORTS REVENUES UP...Automatic Data Processing, Inc. reported 10% revenue growth, to $2.4 billion, and $0.61 earnings per share from continuing operations for the third fiscal quarter ended March 31, 2006.

HEWITT ASSOCIATES REPORTS SECOND QUARTER RESULTS...For the second fiscal quarter, Hewitt Associates reported net revenues declined 3%, to $676.2 million, from $694.0 million in the comparable prior-year quarter. Outsourcing revenues declined 5%, and consulting revenues increased 5%. Net income for the second quarter increased 17%, to $31.8 million, or $0.29 per diluted share, compared with $27.2 million, or $0.23 per diluted share in the prior-year quarter.

CERIDIAN NAMES SVP FOR BENEFIT SERVICES...Ceridian has named John Shade senior vice president, Ceridian Benefit Services. Shade was most recently the Chief Information Officer for UnitedHealth Group's Definity Health business, the largest consumer-driven health care organization in the industry.

PEROT SYSTEMS REVENUES GAIN...Perot Systems Corporation announced financial revenue for the first quarter was $542 million, an increase of 15% year-to-year over first quarter 2005 revenue of $473 million, and includes $18 million of revenue growth, equal to four percentage points, from acquisitions completed during the past twelve months. Earnings per share (diluted) was $.19.

Posted by jbowles at May 4, 2006 02:31 PM