Company also announces realignment of services business to accelerate growth in electronic business.
Unisys also announced today that it is realigning its services business to better position the company to seize growth opportunities in electronic business. We achieved a major milestone in the third quarter with the redemption of our remaining preferred stock. We also took actions during the quarter to further reduce debt and interest expense. Revenue in the quarter came in below plan primarily due to weakness in our network services and NT services businesses and the impact of negative foreign currency exchange. Our networking business, particularly in the Federal government marketplace, is being impacted by intense competitive pricing pressures and unexpected delays in the startup of certain contracts.