P.M. BRIEFING : Digital Equipment Profits Fall
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MAYNARD, Mass. — Digital Equipment Corp., the big maker of minicomputers, said today that its profits fell 32.5% to $150.8 million in the latest quarter, due in part to slow domestic demand and the effects of a higher dollar.
The company said the profit for its first fiscal year quarter, equal to $1.20 a share, was down from $223.4 million, or $1.71 a share in the same period last year.
“Customer demand in the U.S. remains slow,” Chairman Kenneth Olsen said in a statement. “Moreover, the continued strength of the dollar depresses overseas results when they are translated into U.S. currency.”
But Olsen said the overseas business began improving in the quarter, reflecting a strong demand for capital goods in Western Europe and Japan.
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