CA expects loss on restructuring, settlement charges
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Computer Associates said Wednesday that it met its sales forecast in the quarter ended Sept. 30 but will post a loss for the quarter as it absorbs restructuring charges and the $225 million it agreed to pay shareholders in compensation for its accounting violations.
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Inter Link Foods, one of the UK's biggest makers of mince pies, says it expects to make a loss after restructuring.
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The electronics company posts a big loss amid a variety of problems the company says are "self-induced." It also warns it expects an operating loss for the current quarter, which includes the rest of the holiday selling season.
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CNF Inc. said Monday it swung to a loss in the third quarter as the result of a charge related to the planned sale of its Menlo Worldwide Forwarding unit.
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Partners of Computer Associates International had their concerns rekindled last week after CA announced layoffs and product changes with little detail.
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CA Inc. expects to recover some of the money it lost in an accounting scandal, the chief executive, John Swainson, said.
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Sara Lee Corp.  posted a quarterly loss on Wednesday, hurt by charges to account for the lower value of some assets.
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Quarterly losses narrowed to $59 million, or 16 cents per share, from $139 million, or 43 cents per share, a year ago. Excluding about $63 million in restructuring, transformation and integration costs, the
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Marsh & McLennan Cos. MMC.N on   Friday said it will cut 750 jobs and take a $225 million charge   in a restructuring designed to save $350 million a year.
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Software vendor CA,Â which has seen its share of financial troubles, saw some cause for cautious optimism Thursday with third-quarter results that show its business in a turn-around, the vendor believes.
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Take-Two Interactive posts another loss. Will a restructuring plan save the day?
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Motorola Inc. , which has  warned that it will post a second quarterly loss in a row,  announced a business reorganization on Tuesday that one analyst  said could help the mobile phone maker cut costs.
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Computer Associates International Ltd.  CA.N, a business software maker, on Wednesday posted a wider  quarterly net loss, including charges for job cuts and a $225  million payment to settle a long-running accounting probe.
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(InfoWorld) - CA continued to move toward a turnaround in its business with an uptick in its fourth-quarter revenue driven by software subscriptions and professional services. However, while revenue rose 7 percent toÂ more thanÂ $1 billion in the fourth quarter of fiscal 2007, CA reported a net loss of $20 million, due in part to $100 million in restructuring and other charges. Some $71 million of the charges were due to severance costs related to the cutting of 1,700 jobs, which CA first outlined in August. Still, the $20 million net loss wasn't as bad as the $41 million loss CA recorded in the fourth quarter of fiscal 2006. Discounting the charges, the software vendor recorded net income of $109 million for the quarter ended March 31, 2007, compared with $81 million in the year-ago quarter. EPS (earnings per share) were $0.20, up from $0.13 a year ago. A consensus estimate of Thomson Financial analysts had predicted that CA would report revenue of $1.01 billion on an EPS of $0.20. John Swainson, CA president and CEO, described the company's performance in the fourth quarter as "solid" with the vendor's attention still firmly fixed on restructuring and cost savings efforts. "Over the last 12 months, we have refreshed virtually all our major product lines," Swainson said in a release. CA is seeing increased demand for its systems management, business service optimization, and security management software, he added. Looking ahead, CA expects to report total revenue in fiscal 2008 of between $4.05 billion and $4.10 billion and EPS, excluding any likely charges, in the range of $0.94 to $0.98. Earlier this week, CA was finally able to lay to rest some of the vestiges of its troubled financial past when the company was known as Computer Associates International. CA announced Monday that it had met the terms of the DPA (deferred prosecution agreement) it entered into back in September 2004 and that the agreement had now expired. Consequently, U.S. District Court Judge I. Leo Glasser dismissed all pending charges against the company, which had stood accused of securities fraud and obstruction of justice for falsely recording software licensing revenue. "I am also very pleased that CA has successfully concluded the DPA," Swainson said in Wednesday's release. "As a result of the hard work of all CA employees, we are now a stronger company and are moving forward with a sense of vigor and enthusiasm to becoming one of the world's most successful software companies. CA entered into the DPA after several of the company's former executives, including the previous CEO Sanjay Kumar, were found to have falsely reported hundreds of millions of dollars in revenue before licensing agreements were finalized to bolster quarterly financial results. The practice was dubbed the "35-day month" and later caused the vendor to restate $2.2 billion in revenue. Judge Glasser sentenced Kumar to 12 years in prison in November and then in April ordered the former CEO to pay nearly $800 million in restitution to the victims of the securities fraud he perpetrated. However, that's not the end of the matter. A special committee at CA released a report in AprilÂ blaming cofounder and former Chairman Charles Wang for accounting fraudÂ and recommended suing Wang for damages and the value of the company stock he received.
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American Express&#39; restructuring charge includes approximately US$80 million to $90 million in employee severance and approximately $20 million to $30 million in other costs mostly related to the early end of leases.
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Although Computer Associates met its sales forecast for its second quarter, it will post a loss for the period as it absorbs restructuring charges and the $225 million it agreed to pay in compensation for its accounting violations.
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CA is unhappy with the performance of its storage management business and is restructuring the operation.