Wang Labs to emerge from Chapter 11 with strong balance sheet, chief says
Article Abstract:
Wang Laboratories Pres and CEO Joseph Tucci says the computer maker will emerge from Chapter 11 bankruptcy protection with one of the industry's healthiest balance sheets. As a result of reorganization, Wang will have a debt-to-capital ratio of 8 percent, compared to an industry average of 27 percent. The company will have only $3 million in long-term debt. About one-fifth of its assets, or $200 million, will be in marketable securities and cash; the industry average is about one-tenth. At its peak, Wang posted $3 billion in annual sales, but fell on hard times after missing the shift to open systems and microcomputers, eventually filing for Chapter 11 protection on Aug 18, 1992. The company now anticipates net income of approximately $26 million on revenue of $955 million in its first FY after emerging from bankruptcy protection.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
Wang Labs electronic-image aide quits in blow to fast-growing sector of firm
Article Abstract:
David McWhorter, director of imaging at Wang Laboratories Inc, leaves to become VP of sales and marketing at Image Business Systems Corp, a small New York-based imaging company. The image business, seen as a step toward the 'paperless office,' involves scanning and electronically storing documents so they can be recalled and used without needing file drawers or paper copies. Analysts say the image business contributes only about 5 percent of Wang's revenue, which was $2.87 billion in 1989, but Wang's image business has been growing and the company's technology is praised. Consultants who follow the industry say McWhorter's departure is a loss. And the departure comes at a bad time: in Apr 1990, Wang expects to announce its fifth consecutive quarterly loss.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Wang Labs names computer novice president and chief operating officer. Ian Diery resigns post at Wang Labs; move was expected
- Abstracts: Wang Labs pays workers early, fueling talk. Wang Labs posts third-period loss, considers layoffs
- Abstracts: Wang Laboratories is expected to name Miller, Ex-GE executive, to be president. Digital Equipment's financial chief, who strengthened the company, to resign
- Abstracts: Control Data's finance chief to leave firm. Control Data chairman Robert Price to relinquish chief executive position