Komag sees charge of over $135 million and plans layoffs

Article Abstract:

Komag Inc. announced that it will assume a $135 million to $185 million charge for the second-quarter of 1998, and that it will layoff 10% of its labor force. The moves come as a result of a drop in demand for computer storage disks. Komag has 4,800 employees. The company had been expected to see a major rise in sales to between $100 million to $125 million for the period ending June 28, 1998. Several major customers reduced their purchase plans. This forced Komag to lower its sales forecast.

Strategy & planning, Magnetic and Optical Recording Media Manufacturing, Magnetic & Optical Media, Komag Inc.

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Venator reports loss totaling $13 million on sales drop of 2.3%

Article Abstract:

Venator Group Inc. posted a $13 million loss for the second-quarter of 1998 as a result of poor athletic shoes and clothing sales. The company posted a nine cents per share loss for the quarter ending on August 1, 1998. During the same period in 1997, Venator posted a $181 million loss. That came out to a loss of $1.33 a share. Not including that loss, the company posted $26 million in income from continued operations.

Comment:

Venator Group Inc. posts $13 million loss for the second-quarter of 1998 as a result of poor athletic shoes and clothing sales

Athletic & Other Footwear, Other Footwear Manufacturing, Foot Locker Inc.

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Seagate reports net of $22 million, first after three quarters

Article Abstract:

Seagate Technology Inc. posted profitable numbers for the first time in three quarters as it implemented cost reductions to produce higher-than-expected profits. Seagate achieved higher profits despite the fact that it is experiencing falling sales. The company posted $22 million in net income for the fiscal fourth quarter that ended on July 3, 1998. This was a fall of 63% compared to the same period in 1997.

Comment:

Posted $22 million in net income for the fiscal fourth quarter ending on July 3, 1998, its first after three quarters

Computer Auxiliary Equip, Computer and Peripheral Equipment Manufacturing, Computer peripherals, Seagate Technology L.L.C.

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