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Tuesday, July 19, 2005
IBM Reports 2005 Second-Quarter Results

After a disapointing first quarter, IBM reports better financial results for the Q2 2005.

The company siad its total diluted earnings per common share were $1.12, an 11 per cent increase compared with the same period in 2004. Its total revenue of $22.3 billion is down 4 percent versus the second quarter of 2004, but up 6 percent without the impact of the divested PC business.

Samuel J. Palmisano, IBM chairman and chief executive officer, said: "IBM made several strategic and important transitions in the second quarter. We seamlessly moved our PC business to Lenovo, implemented a streamlined management system in Europe, and restructured important parts of the company for future growth. I am proud of how the IBM team managed these transitions while, at the same time, delivering a solid quarter."

"IBM returned to form in this quarter. In particular, strategic, high-growth businesses -- in Business Performance Transformation Services, software and in key industry sectors and emerging markets -- were among our best-performing operations, achieving double-digit revenue growth. In addition, IBM Business Consulting Services posted an outstanding quarter, with strong revenue growth and a 30 percent increase in signings. This performance reinforces our confidence in our business model, and in our mission to apply unique, high-value skills and solutions to transform our clients' businesses."

IBM completed an agreement on April 30, 2005 to sell its PC business. As a result, the company's second-quarter 2005 results include the operational performance of the PC business for the month of April 2005 only. The segment results included in the press release reflect the new segment structure under which the company will operate as of the second quarter of 2005. PC results are identified on a standalone basis. In the second quarter of 2005, external PC revenue was $557 million and the pretax loss was $149 million, including a loss on intercompany sales and charges of $13 million.

Additional detail regarding the incremental restructuring charges, the gain on the PC sale, the Microsoft settlement, and the PC operation performance in the company's second-quarter results will be provided during IBM's regular quarterly earnings conference call, scheduled to begin at 4:30 p.m. EDT, today. Investors may participate by viewing the Webcast at Presentation charts will be available on the Web site prior to the Webcast.

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