Wang posts loss of $10.5 million for its 2nd period
Article Abstract:
Wang Laboratories Inc reports a net loss of $10.5 million and a 12 percent decline in revenue for 2nd qtr 1990 despite a one-time gain of $116 million from the sale of assets. Wang states it was able to reduce its heavy debt load from $575 million in Aug 1989 to $308 million by Dec 1989. Revenue from continuing operations is $637.7 million, down from $722.2 million for the same quarter in the previous year. Wang claims it is on the right track in its efforts to restructure long-term debt and reorganize operations, but it expects losses to continue through the fiscal year that ends Jun 30. Wang also claims that no new layoffs are anticipated, but that the work force will continue to shrink through attrition and retirement.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Wang founder apparently forces his son to step down as president; move at computer maker follows fiscal '89, father's cancer surgery
Article Abstract:
Wang Laboratories Chmn An Wang apparently forced the resignation of his son Pres and COO Frederick A. Wang. Wang's resignation followed the announcement of a $423.3 million FY 1989 loss and comes just before an Aug 10 1989 deadline to renegotiate credit agreements. Wang Laboratories owes $900 million in short- and long-term debt. The company denied that its banks demanded Frederick Wang's resignation. Wang shares went up $1.25 after the resignation was announced, closing at $6.875 in American Stock Exchange composite trading. An Wang also announced tWang's board will seek an outsider for the post of Pres, marking a dramatic change for the company, which has always had a member of the Wang family in charge.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Wang's chief quits as computer maker nears end of bankruptcy proceedings
Article Abstract:
Wang Laboratories Chmn and CEO Richard W. Miller resigns after three years on the job. Miller says the company no longer needs his services now that it is nearing the end of Chapter 11 bankruptcy proceedings and a new management team has been installed. Newspapers have reported that Miller's base annual salary of $700,000 was a factor in his departure. Miller will be succeeded by three Wang executive vice presidents. Michael F. Mee, 50, will be chief financial officer and chairman; Joseph M. Tucci, 44, will be chief executive officer and president; and Donald P. Casey, 46, will be co-president and chief development officer. Miller, 52, recruited all three. Miller will remain a director.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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