Abstracts » Business, general

Wang posts big loss on revenue drop; Data General's profit hits $35.6 million

Article Abstract:

Wang Laboratories Inc reports a loss of $314.5 million, or $1.88 a share, in the fiscal 4th qtr of 1991 ended Jun 30, 1991. The company had losses of $496.7 million, or $3.01 a share, in the same period in 1990. Revenue is down to $491.4 million from $643.5 million. Wang Pres and CEO Richard C. Miller is optimistic, saying that his company is turning itself around. Miller says that Wang's new business arrangements with IBM will give Wang's customers a sense of security and stop them from defecting. Wang's shares are up 12.5 cents on Thursday, Jul 25, 1991 closing at $3.375 a share. Data General reports net income of $35.6 million, or $1.05 a share, for fiscal 3rd qtr 1991, which compares with a loss of $21.4 million, or 71 cents a share, in the same period in 1990. Revenue is down to $301.2 million from $302.4 million. Data General's stock is down $1.625, closing at $16.875 a share on Jul 25, 1991.

Computer integrated systems design, Data General, Third Quarter, Stock, DGN, Fourth Quarter

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Wang fiscal-year results may show firm's net worth has turned negative

Article Abstract:

Wang Laboratories Inc plans to announce its financial report for the fiscal year ended June 30, 1992, and analysts expect a negative net worth. Wang has already indicated it will take a charge related to the work force reduction of 1,000 workers during the quarter. Wang previously announced a net worth of $48 million at the end of its 3rd qtr ended March 31. The company has been good at juggling debt, but some analysts believe Wang may seek Chapter 11 bankruptcy status to work out a plan to pay back debts. If the company reports a negative worth of more than $25 million, it would violate some debt covenants. Investors are concerned about Wang's bonds. Wang's stock remained at $2.875 a share in heavy trading on Tuesday July 28, but stock had fallen $3 a share in the previous week.

Debt, Revenue, Financial Analysis Software

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