CSC held a conference call this week to update the analyst community on its “progress” in negotiations with the UK Government surrounding the failed NHS project.
Mike Lawrie may have replaced Mike Laphen as CEO, but his new broom has not had time to sweep away all of CSC’s bad habits of the past. European President Guy Hains gave a masterclass in content-free waffling using intelligent-sounding buzz words to paint a rosy picture which does not seem supported by facts .
Mark Ballard of Computerweekly has written an excellent overview of the call and its implications, per the link below.
Some analysts raised questions about the financial situation, which CSC declined to answer. Jason Kupferberg of Jeffries & Company asked if we would see some of the $1.5billion written-off in December 2011 coming back to profit in future quarters. He was told the question was out-of-order, but it is what we are all interested in knowing.
A full transcript of the call, plus the analysts’ questions, can be found on SeekingAlpha
So we’ll just have to wait a bit longer to find out what is really going on in the NHS project.