Laidlaw cites slow response for woes

Article Abstract:

Laidlaw Inc of Ontario has announced that it will eliminate 2,200 jobs, or 10% of its workforce in the ambulance division, and will take a charge of $50 million to cover the cuts. The company also reported that it will write off $255 million of goodwill in the 3rd qtr ended May 31, 1999, as result of reduced value of its ambulance business. Laidlaw CEO James Bullock admitted that that company failed to adopt measures to reduce unproductive practices at its ambulance division, resulting in reduced revenue and earnings.

Sales, profits & dividends, Ambulance Services, Laidlaw Inc.

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Debt load, gold prices sink gold miner

Article Abstract:

Royal Oak Mines Inc gambled on its Kemess gold mine in Canada, hoping that the low-cost mine will make the company profitable again. Developing the mine, however, came at a great cost, burying the company under C$335 million in senior debt and forcing it to seek bankruptcy protection. The company has to open a low-cost mine because gold prices have sunk to historical lows.

Canada, Strategy & planning, Gold Ore Mining, Gold Mines, Royal Oak Mines Inc.

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