EDS’ 3rd-Quarter Loss Widens on Write-Down

Electronic Data Systems Corp.’s third-quarter net loss widened after it wrote down assets on a money-losing contract from the Navy. The company restated results from 2003 to fix mistakes in the way it accounted for bonuses.

The loss was $153 million, or 30 cents a share, compared with a restated loss of $16 million, or 3 cents, a year earlier. Sales fell to $4.95 billion from $4.99 billion.

Plano, Texas-based EDS twice delayed results while it fought auditor KPMG over the write-down. The company agreed to write down $375 million of computers and desks related to the $6.9-billion Navy contract.

The order to build the largest network outside of the Internet has racked up more than $1 billion in losses.

EDS shares rose 9 cents to $21.96 on the NYSE.

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* Tyson Foods Inc., the world’s largest meat processor, said fiscal fourth-quarter profit plunged 55% on rising costs, wrong-way bets on commodity prices and expenses related to closing some plants. Net income fell to $66 million, or 19 cents a share, from $147 million, or 42 cents, a year earlier, the Springdale, Ark.-based company said. Sales rose 8.8% to $7.1 billion.