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COMPUTERVISION CORP. REPORTS THIRD QUARTER EARNINGS

 COMPUTERVISION CORP. REPORTS THIRD QUARTER EARNINGS
 BEDFORD, Mass., Oct. 22 /PRNewswire/ -- Computervision Corporation


(NYSE:CVN) today reported for the third quarter ended Sept. 27, 1992 total revenue of $234.2 million, an operating profit of $0.7 million before a $25.0 million non-recurring charge and a net loss of $88.1 million. Total non-recurring charges were $89.1 million. Non-recurring charges related to the successful completion in August of the company's recapitalization totaled $64.1 million, including a non-cash charge of $44.2 million for the write-off of deferred financing costs. In addition, as a result of the worsening worldwide economic environment, the company has determined that its worldwide workforce will be further reduced by approximately 700 positions, resulting in the $25.0 million non-recurring charge. The company ended the quarter with a cash balance of $84.1 million. For the year-ago fiscal third quarter, the company had revenue of $279.8 million, operating income of $10.4 million and a net loss of $31.1 million.
 In commenting on the company's results, a company spokesperson stated: "While the third quarter was disappointing, we are still pleased with our progress in several areas. Our customers have reacted favorably to our recent recapitalization. We continue to expand our network of independent dealers and value-added resellers (VARs), which generated revenue growth over both the year-ago third quarter and the second quarter of 1992. Jaguar Cars recently purchased $3.4 million of CADDS 5 software. Our first Core Technology product, CV Design, is now available to our MEDUSA customers providing them with 3-D parametric solids modeling. We have completed the porting of our CADDS 5 software to DEC's family of workstations. In addition, our service business continued to perform according to plan and continued to expand its value-added service component." The spokesperson also stated that "While we anticipate revenue and earnings will improve in the fourth quarter over the third quarter, we expect the business climate to remain difficult for the balance of the year and well into 1993."
 Computervision Corporation, headquartered in Bedford, Mass., is a leading international software and services supplier of integrated MAE/CAD/CAM and open systems solutions. The company develops, markets, and supports mechanical, electronic architectural engineering and construction applications, geographic information systems (GIS) and engineering data management systems with an installed base of more than 150,000 seats worldwide. Computervision's service business unit is ranked among the top twenty service organizations in the world, supporting more than 35,000 systems in heterogeneous computing environments the world over. The service organization is the single- source supplier for systems, applications, networking, conversion/migration and other value-added products and services to more than 10,000 customers of the company and its strategic partners worldwide.
 COMPUTERVISION CORPORATION
 Period Ended
 Three Months 9/27/92 9/29/91
 Revenue $234,171,000 $279,839,000
 Operating Income (Loss)(A) ($24,281,000) $10,394,000
 Loss From Continuing
 Operations (A)(B) ($108,061,000) ($19,557,000)
 Income (Loss) From
 Discontinued Operations (C) $20,000,000 ($11,562,000)
 Net Loss (A)(B)(C) ($88,061,000) ($31,119,000)
 Pro Forma Loss From Continuing
 Operations Per Share (D) ($3.00) ($0.54)
 Pro Forma Net Loss Per Share (D) ($2.40) ($1.04)
 Weighted Average Shares
 Outstanding (D) 33,417,000 23,000,000
 Period Ended
 Nine Months 9/27/92 9/29/91
 Revenue $799,515,000 $880,167,000
 Operating Income (A) $31,282,000 $7,217,000
 Loss From Continuing
 Operations (A)(B) ($146,992,000) ($103,233,000)
 Loss From Discontinued
 Operations (C) ($83,683,000) ($324,029,000)
 Net Loss (A)(B)(C) ($230,675,000) ($427,262,000)
 Pro Forma Loss From Continuing
 Operations Per Share (D) ($4.34) ($3.45)
 Pro Forma Net Loss Per Share (D) ($7.51) ($17.54)
 Weighted Average Shares
 Outstanding (D) 26,472,000 23,000,000
 (A) Operating income (loss) for the three and nine months ended Sept. 27, 1992 includes a pre-tax non-recurring charge of $25,000,000 associated with anticipated workforce reductions and restructurings. Operating income for the nine months ended Sept. 29, 1991 includes a pre-tax non-recurring charge of $22,500,000 related to fees associated with the renegotiation of the company's financial covenants, workforce reductions and facility closings primarily related to the company's service business unit.
 (B) Loss from continuing operations and net loss for the three and nine months ended Sept. 27, 1992 includes pre-tax charges of $64,050,000 associated with the company's Aug. 21, 1992 recapitalization. Included in the charges are net write-offs of deferred finance charges and other fees related to the company's previous debt ($44,150,000) and a charge ($19,900,000) related to the tax deconsolidation of the company with its former parent company, DR Holdings Inc. of Delaware.
 (C) Income (Loss) from discontinued operations for the three and nine months ended Sept. 27, 1992 represents the results of operations of the company's Computer Systems Business Unit which was discontinued in the second quarter of 1992. The income for the three month period ended Sept. 27, 1992 represents the partial recognition of tax benefits of charges recorded during the second quarter of 1992 related to the discontinuance of the business unit which previously could not be tax benefited.
 (D) Pro forma loss from continuing operations per share and pro forma net loss per share for all periods presented have been adjusted to reflect the company's issuance of 23,000,000 shares of common stock on Aug. 21, 1992 to retire certain 1989 senior subordinated notes of the company. The pro forma net loss per share calculations therefore reflect, on a pro forma basis, the elimination of interest expense related to the retired portion of the debt and the issuance of the 23,000,000 shares.
 -0- 10/22/99
 /CONTACT: Harvey Wagner of Computervision, 617-275-1800 Ext. 4200, or Thomas Davies, or Robert Siegfried, both of Kekst and Company, 212-593-2655, for Computervision/
 (CVN) CO: Computervision Corp. ST: Massachusetts IN: CPR SU: ERN


LD -- NY150 -- 3941 10/22/92 20:20 EDT
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Date:Oct 22, 1992
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