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WANG LABORATORIES REPORTS THIRD-QUARTER RESULTS

 WANG LABORATORIES REPORTS THIRD-QUARTER RESULTS
 LOWELL, Mass., April 23 /PRNewswire/ -- Wang Laboratories


(AMEX: WAN) today reported a third-quarter operating profit of $6.4 million, compared with an operating loss of $45.1 million for the same period last year. These results include a pre-tax gain of $14.6 million from the sale of real estate and a curtailment gain of $14.8 million relating to changes in the company's U.S. pension plan. Operations for the quarter also include net royalty income of $7.6 million, primarily from patent royalties for single in-line memory (SIMM) technology.
 After the deduction of interest and taxes, the net loss for the quarter was $6.3 million, or $.04 per share. This compares with a net loss of $48.9, or $.30 per share, for the same period last year. Revenues for the quarter were $460.8 million, compared with revenues of $492.1 million for the same quarter of the previous year. Since April 1, 1991, quarterly revenues have been $491.6 million, $460.8 million, $499.7 million, or $460.8 million, thus reflecting the seasonal pattern which is common within the industry.
 For the nine months ended March 31, 1992, Wang reported an operating profit of $18.2 million, compared with an operating loss of $28.9 million for the same period last year. The company reported a net loss of $22.9 million for the nine months, or $.14 per share, compared with a net loss of $71.0 million, or $.43 per share, for the same period last year, which included a pre-tax gain of $11.8 million from the sale of real estate. Nine-month revenues totaled $1,421.3 million, compared with revenues of $1,600.3 million for the same period last year.
 On March 31, 1992 cash balances were $174.6 million, an increase of $10.7 million from Dec. 31, 1991.
 Richard W. Miller, chairman and chief executive officer said, "A changing and fiercely competitive market, lingering doubts about the strength of the U.S. economic recovery, and continuing recession in many parts of the world continue to pressure revenues and margins throughout our industry. In the third quarter, our product margins continued to be impacted by competitive pricing pressure and customer demand shifting more to PC's and lower priced products. Despite these challenges, we are making good progress in implementing and communicating our Office 2000 strategies.
 "During the third-quarter, we hosted over 2000 customers at Office 2000 seminars in 11 major cities around the world. The customer response has been enthusiastic and encouraging, and this program will continue during our fourth quarter.
 "As a result of our new development focus, we expect to introduce a broad spectrum of innovative products that will help our customers increase productivity in their offices. During this calendar year, we will introduce new imaging, document management, electronic mail, database, and VS-coexistence solutions for the Wang RISC Series family of UNIX products sourced from IBM. Additionally, we will introduce over 30 new VS products, including a new high-end VS12000 system which we have started shipping.
 "During the third-quarter, the Wang RISC Series and PC products sourced from IBM began shipping in low volumes. We expect that revenue from the sale of these products will steadily increase during future quarters.
 "In addition, we continue to make progress in our efforts to market PCs through the mass merchandising distribution channel. Wal-mart Stores Inc. will be the first to offer Wang's Alliance Series personal computers in 800 of its stores in 40 states. The Alliance Series joins the already popular Exec Series as our newest line of Wang personal computers intended for home, home-office, and small-business PC users. With this announcement, Wang PCs designed specifically for this market are or soon will be offered in over 2,000 retail outlets in over 45 states throughout the U.S.
 "We are continuing to experience difficult and uncertain economic and industry conditions, which are exerting intense pressure on revenues and margins. We continue to tightly control our cost structure and to reduce expenses in conjunction with previously initiated programs. We remain confident, however, that we have chosen the right strategic direction for Wang Laboratories, and that we are making good progress on implementation."
 WANG LABORATORIES, INC.
 (In millions, except per share amounts)
 Period ended Three months Nine months
 March 31 1992 1991 1992 1991
 Total revenues $460.8 $492.1 $1,421.3 $1,600.3
 Costs and expense 483.8 537.2 1,432.5 1,641.0
 (23.0) (45.1) (11.2) (40.7)
 Restructuring and other
 unusual items (29.4)(A) -- (29.4)(A) (11.8)(B)
 Operating income (loss)
 from continuing operations 6.4 (45.1) 18.2 (28.9)
 Interest and other expense
 - net 6.5 4.1 26.6 26.7
 Loss from continuing operations
 before income taxes (.1) (49.2) (8.4) (55.6)
 Provision for income taxes 6.2 -- 16.1 16.3
 Loss from cont. opers. (6.3) (49.2) (24.5) (71.9)
 Income from discont. opers. -- .3 1.6 .9
 Net loss (6.3) (48.9) (22.9) (71.0)
 Per share amounts
 From continuing operations (.04) (.30) (.15) (.43)
 From discontinued operations -- -- .01 --
 Net loss (.04) (.30) (.14) (.43)
 (A) Includes gain from the sale of real estate and curtailment gain relating to changes in the company's U.S. pension plan.
 (B) Relates to gain from the sale of real estate.
 -0- 4/23/92
 /CONTACT: Frank Ryan, 508-967-7038, or Ed Pignone, 508-967-4912, both of Wang Laboratories/
 (WAN) CO: Wang Laboratories ST: Massachusetts IN: CPR SU: ERN


SM-OS -- NY114 -- 2089 04/23/92 16:12 EDT
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Date:Apr 23, 1992
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