Belo Swings to Loss on Write-Downs
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The media company said it lost $333.4 million in the fourth quarter on write-downs, the cost of newspaper spinoffs and weak ad sales.
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Company posts big loss amid a variety of problems that are "self-induced." It also expects an operating loss for the current quarter, which includes the holiday selling season.
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Seeking to restore the confidence of investors and advertisers after discovering exaggerated circulation figures at The Dallas Morning News, Belo Corp.
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TechWeb - Last week, SCO reported a second-quarter loss of $1.1 million on revenue of $6 million.
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Media owner Belo Corp. said yesterday it would cut 250 jobs, more than half of them at its flagship newspaper, The Dallas Morning News, and that an internal investigation into circulation overstatements showed the projected circulation decline at the newspaper would be slightly steeper than forecast last month.
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With its cash reserves dwindling and losses continuing to mount, The SCO Group Inc. is taking measures to cut its expenses and ensure it will have enough cash to process its lawsuit with IBM Corp, the company announced during its quarterly earnings conference call Tuesday. SCO reported a loss of $7.4 million on revenue of $11.2 million for the third quarter - a loss that was affected by the $7.2 million in legal expenses the company incurred during the quarter, which ended July 31.
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British bank Alliance & Leicester   warned that higher funding costs will significantly  hurt its margins next year as it reported a 30 percent drop in  annual profits after a big writedown, hitting its shares.
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After it reports a loss, the shares fall faster than a 500-pound weight.
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Media owner Belo Corp. said Wednesday that it would cut 250 jobs, more than half of them at its flagship newspaper, The Dallas Morning News, and that an internal investigation into circulation overstatements
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Department store operator Bon-Ton  Stores Inc.  on Wednesday reported a wider quarterly  loss, hurt by an income tax charge, but reaffirmed its fiscal  year earnings forecast.
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Walloped by charges, Boston Scientific posts a loss for the quarter.
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The German maker of semiconductors said that a downturn at its Qimonda computer memory chip subsidiary pushed it to a loss in the first quarter as chip prices fell.
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Digital video recorder maker TiVo  Inc. on Wednesday reported a loss that was weighed down by an  inventory writeoff, swinging back from a small profit reported  in the first quarter of this year.
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The smart phone maker reported a loss in its fiscal second quarter as revenue declined and expenses rose.
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Big Lots Inc., the country's largest closeout retailer, Wednesday posted a wider loss for its latest quarter, as charges for the prepayment of debt and liabilities from its former KB Toys Inc. unit hurt its bottom line.
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For the period that ended Dec. 31, the company reported a loss of $16 million, or 11 cents a share, in contrast to a profit of $18 million, or 12 cents a share, in the period a year earlier.
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Lower end of loss estimates upped to $4B; losses could reach $10B to make it 2nd most costly. By Chris Isidore, CNN/Money senior writer.