Wang's Miller sees profit by 4th quarter of fiscal '90, but full-year loss is likely
Article Abstract:
Wang Laboratories Inc could return to profitability as early as 4th qtr 1990, although a loss for all of 1990 is more likely. Richard W. Miller, Pres and COO of the financially troubled computer company, said Wang will report a net loss for 1st qtr ended Sep 30, 1989 of $30 million to $70 million. Wang's FY 1989 performance resulted in a loss of $424.3 million. Miller, who took over for Frederick A. Wang in Aug, 1989, is making a two-pronged attack in attempts to return the company to profitability. He has negotiated $175 million in new financing, and uncovered as much as $800 million in salable assets. He also is changing the way the computer company is managed: he eliminated reserved parking for managers, ordered the sale of the company jet, and closed the executive dining room. Miller would like to reduce Wang's workforce of 25,000; he believes that 15,000 are expendable, although he has no layoffs planned.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Wang Labs to post 'significant loss'; Data General has deficit for quarter
Article Abstract:
Wang Laboratories Inc expects its 3rd qtr 1990 revenues to be down more than 13 percent, but the firm was not specific about the size of the shortcoming. The troubled firm had a one time charge which it claims caused a 'significant loss.' Wang will reduce the number of employees by approximately 2,000, and will sell several subsidiaries in an effort to pay off debt and return to profitability. Data General, another troubled minicomputer manufacturer reports a net loss of $8.6 million, with revenue down 8.2 percent for its 2nd qtr 1990. Data General's loss was smaller than some analysts had predicted.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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