Unisys reports loss for third quarter and plans layoffs as chairman resigns

Article Abstract:

Unisys Corp announces a $356.8 million loss for the 3rd qtr of 1990 and plans to layoff 5,000 employees. The computer maker expects a loss for the 4th qtr of 1990 because of a continuing slowdown in order from Europe and the US. W. Michael Blumenthal, who is responsible for the growth strategy that has made the company particularly vulnerable, also resigns as chairman and director. Unisys announces that it will have trouble reducing its long-term debt between $600 and $800 million in 1990 although it says that it still hopes to cut debt between $1.2 billion and $1.6 billion in 1990 and 1991. The debt, which rose in the 3rd qtr of 1990, to $4 billion, from $3.7 billion, is the computer maker's biggest short-term problem.

Profits, Layoffs, Layoff, Third Quarter, Profit, Losses

---

Unisys faces some dire industry straits; computer giant's problems keep compounding

Article Abstract:

Unisys Corp has experienced more and more troubles in the past two years, and analysts are now pessimistic about the company's future. In the week of Sep 24, 1990, Unisys omitted its common stock dividend after nearly 100 years of paying one. Then, on Oct 7, Moody's Investment Service cut its rating on Unisys's debt, causing fears of a liquidity problem. The company's stock, which reached $17.125 in March, closed at $4 on Oct 5. In the computer market, the financial outlook of a manufacturer worries customers, who fear becoming technological orphans. Unisys's problems seem to be compounding.

Dividends, Company Profile, Stock, Financial Stability

---

Similar abstracts:

• Abstracts: AT&T faces hurdle as DSL plans gain speed. AT&T to take restructuring charges. AT&T profit warning focuses attention on Excite
• Abstracts: Windows 95 sales translate into boom in many hardware, software products. Adobe Systems goes on the defensive with offer to give software data
• Abstracts: Computer Associates agrees to acquire On-Line Software for about $120 million. IBM may buy Cadam business from Lockheed
• Abstracts: Survival of Cray's spinoff will depend on creativity and longevity of designer. Cray Research says it plans to lay off 400

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.