Data General says earnings fell 97% in its 4th quarter
Article Abstract:
Data General Corp reported a 97 percent drop in earnings for 4th qtr 1992, ending Sep 26, 1992, and its stock fell by $2.125 per share, due to the continued slump in the minicomputer industry. Revenue also declined 2.5 percent. The company's net income was reported at $500,000, the equivalent of one cent per share, down from $18.4 million, or 53 cents per share, that it reported one year before. Revenue was down from $288.2 million from $295.6 million. The results were stronger than in the 3rd qtr, when the company reported a loss. The company also announced a $62.5 million loss for FY 1992, the equivalent of $1.91 per share, and its revenue for FY 1992 dropped to $1.12 billion, nine percent under the $1.23 billion reported for FY 1991. Some analysts are predicting that the company's financial situation may improve in FY 1993, however.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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Data General and Wang Labs report losses
Article Abstract:
Wang Laboratories Inc and Data General Corp report losses and a decline in revenues. Wang suffered a net loss of $6.3 million, equal to four cents a share, during its fiscal 3rd qtr. Wang's losses were significantly less than they were during the same period in 1991 when it reported a loss of $48.9 million, or 30 cents a share. Data General reported a loss of $55.3 million, or $1.69 a share, during its fiscal 2nd qtr. Data General incurred a $48 million restructuring charge during the same period because of the layoff of 12 percent of its workforce, which amounts to 1,000 employees. During the same period in 1991, Data General reported a profit of $19.2 million, or 60 cents per share. Company officials of both firms cite slow economic conditions and wide-spread price cutting in the computer industry as reasons for their losses.
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:
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