Brief: CA expects loss on restructuring, settlement charges
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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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Computer Associates International Inc. (CA) has reached a deal with the U.S. Department of Justice under which the company will pay compensation to shareholders and open its accounts to monitoring by an independent third party, in return for the DOJ deferring prosecution in its investigation of accounting fraud at the company, U.S. newspaper reports said Wednesday.
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Qwest Communications International  Inc. Q.N on Tuesday reported a smaller quarterly loss as it  cut costs in its long-distance business.
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Boston Communications Group Inc.   BCGI.O, which sells billing systems to mobile phone   companies, said on Thursday it would restate certain past   financial results to reflect charges for stock-based   compensation costs.
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Stocks were set to open with heavy losses Thursday as investors fretted over a heavy loss by bond insurer MBIA Inc. and the prospect of new downgrades in the bond insurance industry.
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Thousands of California companies and residents could lose a share of the $1.1 billion antitrust settlement against Microsoft Corp.
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Computer Associates International Ltd. , a business software maker, on Wednesday posted a wider quarterly net loss, including charges for job cuts and a &#36;225 million payment to settle a long-running accounting probe.
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Agere Systems Inc., which makes computer chips and software for cell phones and other devices, Tuesday said it fell to a loss for its latest quarter, hurt by charges for its restructuring plan and declining revenue.
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Boston Communications Group Inc.  , which sells billing systems to mobile phone  companies, said on Thursday it would restate certain past  financial results to reflect charges for stock-based  compensation costs.
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Major American banks are expected to unveil substantial losses and secure more cash from abroad in what is shaping up to be a pivotal week for the global credit crisis, with central banks also poised to weigh in again.
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NEW YORK -- An income tax benefit narrowed Computer Associates International Inc&#39;s loss dramatically in the second quarter. The company reported Wednesday a net loss of $96 million, or 16 cents per share, but
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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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InfoWorld - Software vendor CA,&#160;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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By Deborah Cohen CHICAGO  - Telecommunications equipment makerCiena Corp.  on Thursday reported a wider loss for thefiscal third quarter due to slack demand and forecast sales inthe current quarter would be little changed from the thirdquarter.
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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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(InfoWorld) - Troubled systems management and security software vendor CA aims to get back on track in its current fiscal year after a series of unforeseen setbacks last year, its chief executive officer pledged to shareholders. "2006 was clearly a year of transformation," John Swainson told shareholders at the company's annual meeting in New York Monday, which was also webcast. "We didn't fully deliver on our expectations for 2006. Execution is the theme for CA in 2007." CA had to delay final filing fourth-quarter and full fiscal 2006 financial results twice due to internal stock options investigations and the impact of a new sales-commission plan. "It didn't reflect well on us a company," Swainson said. "Hopefully, it's all behind us." Focusing on the convergence of systems and storage management and on security management software as outlined in the company's Enterprise IT Management (EITM) strategy, Swainson hopes to grow CA from a US$4 billion company to $6 billion by 2009, he said. The watchwords for CA going forward are "unification and simplification," he added. CA spent over $1 billion on nine acquisitions during fiscal 2006, a practice Swainson doesn't see CA repeating in the near future. Instead, the vendor will make "much smaller" purchases in fiscal 2007 and work on integrating into its existing software the technologies it has already acquired, he said. CA continues to be a company haunted by its past. One unidentified shareholder asked why in all of CA's recent ups and downs, the vendor hasn't mentioned Charles Wang, the company's charismatic co-founder and former chairman and CEO and his remuneration from the firm. "Mr. Wang doesn't have an operational role at company," Swainson said. "I've never met with him in my nearly two-year tenure" at CA. Wang is a stockholder, but Swainson said he's unaware of any other involvement the former company head has with CA. Wang's successor at CA, Sanjay Kumar, resigned from the company in 2004 following questions about his role in an accounting fraud in which the vendor recorded revenue before contracts were finalized to beef up quarterly financial results. Kumar was indicted and pleaded guilty to financial fraud charges in April, along with codefendant Stephen Richards, previously head of worldwide sales at CA. The two men are due to be sentenced in October. CA reached a deferred prosecution agreement with the U.S. government in September 2004, requiring the company to pay $225 million to a restitution fund to compensate victims of the fraud. Another shareholder asked about the status of that arrangement. Last week, CA announced an agreement with the U.S. Attorney's Office for the Eastern District of New York and the U.S. Securities and Exchange Commission to extend the term of Lee Richards as an independent examiner overseeing CA's financial reporting until May 1, 2007. Richards' term had been due to expire last Saturday. "The company has largely met the agreements, but material weaknesses still exist," said CA Chairman Lewis Ranieri. "We're working on those areas and hopefully will end Richards' term even before May." CA has paid into the fund and its distribution is being finalized, he added. Ranieri directed CA shareholders to a special Web site -- http://www.computerassociatesrestitutionfund.com/ -- as the official source for information. At the meeting, CA shareholders elected all 11 members of the board to 1-year terms and defeated a stockholder proposal to put in place a poison pill designed to prevent a hostile takeover of the company. Â
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Bankrupt brokerage Refco Inc.   RFXCQ.PK and its customers and creditors may resolve   differences over the terms of a repayment plan as soon as   Friday, a person close to the matter said on Wednesday.