Smith Corona Provides Financial Update.Business Editors CORTLAND, N.Y.--(BUSINESS WIRE)--Jan. 17, 2000 Smith Corona Smith Corona or the SCM Corporation is a US typewriter and calculator company. The company has been experiencing a decline in sales since the mid 1980s due to the introduction of PC-based word processing. Its competitors include Brother, Olivetti and IBM. Corp. (Nasdaq:SCCO SCCO Southern California College of Optometry (Fullerton, CA) SCCO Security Classification Control Officer SCCO Superconducting Cavity Oscillator ) today reported that its performance for the second quarter ended Dec. 31, 1999, will not follow positive trends of the previous two quarters. The company anticipates that the loss for the quarter will total between $2 million and $3.5 million, subject to completion of its quarterly closing process, on sales of approximately $7.7 million. This compares with a loss of $6.3 million on sales of $13.3 million for the same period last year. Sales for the quarter were below management's expectations in both typewriters and related supplies, and delivery delays adversely affected sales of new products. Smith Corona indicated that these shortfalls may impair im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. its ability to finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. . The company is addressing all of its strategic options. Smith Corona is dedicated to providing information solutions through new and emerging technology products in addition to marketing and developing its traditional electronic typewriters See memory typewriter and word processing. and related accessories and supplies. Smith Corona can also be reached electronically at http://www.smithcorona.com. Certain matters discussed in this news release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are estimates by the company's management of future performance and are subject to a variety of risks and uncertainties that could cause results to differ from management's current expectations. |
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