Unisys feels the pain as losses grow

Some 1,300 staff to be laid off to balance the books

Unisys has had a bad year

IT supplier Unisys has announced a 2008 fourth-quarter loss of $58m (£40m), down from a profit of $13.8m (£9.5m) in the same period the previous year, after it was battered by the financial crisis and currency fluctuations.

Revenue declined to $1.28bn (£881m) in the same period, from $1.54bn (£1.1bn) in the year ago period.

Chief executive Ed Coleman, who joined the company last October, said that the firm is taking aggressive actions to simplify its business structure, concentrate and focus its global resources, and enhance profitability and competitiveness.

"We are moving quickly on actions to turn around the business, return this company to profitability, and generate cash," he said.

The company is planning to cut about 1,300 jobs and suspend matching contributions to its pension plan.

For the full year of 2008, the company reported a net loss of $130.1m (£89.5m) compared to a loss of $79.1m (£54.4m) in 2007.