Unisys shares jump on gain in 4th period
Article Abstract:
Unisys Corp reports a profit of $80.5 million, or 31 cents per share, in the 4th qtr of 1991, which raises hopes that the defense contractor is making a comeback after $2.5 billion of losses were sustained after a failed expansion attempt in 1989. The company's $265 million in reported earnings is just under the $257 million figure that Unisys had promised its banks it would earn. The upswing is attributed to the cost-cutting measures. The workforce was cut from 75,000 to 60,000 people during 1991, and in 1992, the firm will lay off 3,000 more workers and close down four plants. Debt declined by approximately $450 million in 1991, to $3.28 billion, and cash assets increased by over $400 million, to about $800 million.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Unisys to cut 10,000 jobs, reports loss
Article Abstract:
Unisys Corp announces that it will eliminate 10,000 jobs and will take a $1.2 billion charge in the 2nd qtr of 1991. Unisys reports a $1.3 billion loss for the quarter. Unisys has agreed with its banks about the company's finances, which eases the company's short-term problems, but does not help in the long term. Investors are pleased by the company's job cuts and by the bank agreement: Unisys's stock is up 50 cents on Tuesday, Jul 23, 1991, closing at $4. Jim Unruh, CEO at Unisys, is optimistic about his company's future. Officials at the firm have decided to de-emphasize one of the company's three lines of mainframe computers, the V series.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Dell Computer profit doubled in 3rd period. Dell Computer results surged in its 4th period. Dell Computer net fell in its 4th period but topped forecasts
- Abstracts: MCI's earnings increased by 9% in 2nd quarter; revenue and traffic posted strong gains, and firm sees growth continuing
- Abstracts: Net at Computer Associates rose 25% in 2nd period. Computer Associates is comfortable with analysts' estimates for quarter
- Abstracts: Kodak to unveil photo compact disks that show images on television screens. Kodak hopes electronic imaging clicks, as company faces fuzzy photo future
- Abstracts: Purchasing arm of Nynex merged into a new unit. Nynex discloses it will suspend videotex service. Nynex is asked to cut rates $81 million in staff recommendation to regulators