Leidos reports Q3 EPS (11c), consensus 14c Reports Q3 revenue $1.42B, consensus $1.42B. This release should be read in connection with the Company's press release issued on December 3 in which the Company lowered its guidance for fiscal year 2014. On September 27 Leidos completed the previously announced separation of Science Applications International. The separation was effected through a tax-free distribution to Leidos shareholders for U.S. federal tax purposes in which Leidos shareholders of record as of September 19 received one share of New SAIC for every seven shares of Leidos common stock. In connection with the separation, Leidos received net cash of $269M from New SAIC. Leidos intends to use the proceeds primarily for general corporate purposes, including share repurchases. Leidos results included herein present New SAIC as a discontinued operation.
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