Businessland posts $1.2 million loss for its 2nd period
Article Abstract:
Businessland Inc reports a net loss of $1.2 million for 2nd qtr 1990. The loss, slightly less than analysts expected, includes a charge of $7.5 million associated with the companies closing of 19 stores and the dismissal of from five to seven percent of its workforce. Businessland states its revenues are up 24 percent to $375 million, up from $301.3 million for the same period in the previous year, and the company expects to post a profit for the current quarter. Upon disclosure of the earnings report, Businessland stock rose 38.5 cents to close at $7.125 a share. Analysts say Businessland was hurt by unrealistic discounting policies that were begun in the wake of Compaq's decision to drop the retailer in 1989. The company will face tough times ahead due to the sluggish computer market as well as its large stake in the as-yet-unproven Next Computer line.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Businessland posts $43 million loss for period, may file for Chapter 11
Article Abstract:
Businessland reports a $43 million loss ($1.41 a share) for its fiscal 3rd qtr, which ended Mar 31, 1991. The company - once the leader among dealers of microcomputers - may file for bankruptcy. Its stock on the Mew York Stock Exchange fell 43.75 cents to 56.25 cents May 14, 1991. ITT Financial Corp, which is Businessland's chief lender, will cut off Businessland's credit July 5. Businessland still hopes to find a way out of its financial troubles, but industry observers are skeptical. Businessland may seek a purchaser, but observers say its client base is quickly eroding. Businessland has been slow to react to changes in microcomputer marketing. For two years it has been trying to position itself as an efficient distributor, but has been beaten to the punch by competitors.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Businessland posts fourth-quarter loss of $21.5 million; stock plummets 58%
Article Abstract:
Businessland Inc continues its slide, reporting a net loss of $21.5 million for the 4th qtr 1990. The firm also announced that it is restating the results of its second and third quarters, showing further losses in those periods. Analysts were expecting a modest profit, or at worst a small loss for the 4th qtr 1990, instead the loss worked out to 73 cents per share. Businessland's stock took a beating after the news, losing 58 percent of its value, closing at $2.875, down $4. Analysts now wonder if Businessland can make it as an independent company. There is considerable speculation that the firm may be the target of a takeover attempt.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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- Abstracts: Wang posts loss of $10.5 million for its 2nd period. Wang's chief quits as computer maker nears end of bankruptcy proceedings
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