Electronic Data Posts $126-Million Net Loss
From Bloomberg News
Electronic Data Systems Corp. had a first-quarter loss of $126 million, citing costs for a Navy contract and severance paid to its ousted chief.
The net loss was 26 cents a share, contrasted with net income of $354 million, or 72 cents, a year earlier, the company said. Sales rose 1.9% to $5.37 billion. Electronic Data said it had a $334-million pretax loss on its $6.1-billion, seven-year Navy contract. Severance pay for ousted Chief Executive Richard Brown trimmed earnings by 6 cents a share.
Shares of the Plano, Texas, company fell 68 cents to $17.64 on the NYSE.
