Sybase eliminates 600 jobs in a move to restore profits
Article Abstract:
Sybase announced that it had eliminated almost 600 jobs, or 10% of its worldwide work force. The struggling database management software vendor was expected to save $100 million annually from the layoffs. Some of Sybase's problems stem from financial difficulties at market-leader Oracle and Informix. Many other problems pertain directly to Sybase, and the company seems to have hit snags in its turnaround efforts begun in 1996. Irregular accounting practices in Sybase's Japanese unit caused the company to announce in Jan 1998 that it would restate its sales and earnings for the quarter and year. Sybase also cautioned investors in Jan 1998 of a revenue shortfall and possible loss due to poor North American sales. Sybase lost $25.5 million in the 4th qtr 1997, compared to 4th qtr 1996 earnings of $5.1 million, or 7 cents a share. Revenue fell from $267.8 million in 4th qtr 1996 to $223.2 million in 4th qtr 1997, a 17% drop.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Merger is set for 2 rivals in software; stocks plunge
Article Abstract:
Rational Software has announced plans to acquire one of its rivals Pure Atria. Rational Software, which makes programs for managing the developement of computer software, saw its stock drop significantly when the acquisition was announced. Pure Atria's stock also fell, and the deal's orignal $890 million value was only worth $525 million at the days end. Rational shares lost 42%, dropping $9.75 down to $13.625. Pure Atria fell 44%, losing $7.75 to close at $10.00. According to analysts the two companies' shares fell in tandem due to their now being joined via the merger. Analysts were unclear on why Rational Software would wish to acquire Pure Atria when Pure Atria was losing sales to Rational. The company had little to gain in acquiring a weaker company.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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CD pioneers decide to form 2d standard for next disks
Article Abstract:
HP, Sony and Philips Electronics have decided to split with the rest of the industry not support the technical standard proposed for digital video disks (DVD)-RAM. DVD-RAM are the next generation of digital disks and will replace CD-ROMs, TV laser disks and audio compact disks. The new DVD-RAM are re-usable and users are able to record television programs digitally or copy digital computer disks. The greatest affect the industry's battle will have on consumers is a possible delay in the establishment of a standard for DVD audio technology. There has not yet been a strong market demand for DVD-RAM technology. There has been a re-recordable version of CD-ROM technology available for many years which never became popular amongst consumers.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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