P. M. BRIEFING : Losses $146.6 Million--Wang
Wang Laboratories Inc. said today it lost $146.6 million in its most recent quarter, in part due to a number of significant one-time charges, including one related to the sale of its international lease-financing operations.
The loss, which came to 89 cents a share, was double the loss of the same period a year earlier, when Wang reported a deficit of $63.7 million, or 39 cents a share.
The office computer company said its revenue dropped to $583.1 million in the three months ended March 31, which is Wang’s third fiscal quarter, from $721.4 million for the same quarter of 1989.
“A significant portion of our third-quarter loss is the direct result of one-time charges associated with our highly successful program to sell non-strategic assets and the ongoing fundamental reordering of Wang’s business operations,” Richard W. Miller, Wang’s chairman and chief executive, said in a statement.
Miller said the Lowell-based company’s debt-reduction plan will have a positive effect in the future by eliminating about $55 million in annual interest payments, which accounted for $15.9 million of Wang’s fiscal third-quarter loss.