#CBU, $177.6M Loss
NEW YORK (AP) — Commodore International Ltd. said Friday it lost $177.6
million in its third fiscal quarter after charges of $135 million for cutting
inventory of old computer products and restructuring.
The loss amounted to $5.37 per share for the quarter ended March 31. A year
ago, Commodore earned $4.3 million, or 12 cents per share, in the same period.
Sales were $120.9 million in the quarter, down 38 percent from $194.6
million a year ago.
The company attributed the decline to the soft economy in its major markets,
notably Germany, and heavy price discounting in its older Amiga personal
computers.
Commodore said it took a $65 million charge in the quarter to account fo
reducing the value of its inventory and a $70 million charge for special
promotions and restructuring costs.
In the first nine months of its fiscal year, Commodore lost $272.9 million,
or $8.27 per share. The company earned $49.5 million, or $1.47 per share in the
same period last year.
Sales were $517.2 million, down from $770.3 million in the first nine months
of its fiscal 1992.
Commodore stock closed unchanged at $4 a share in trading Friday on the New
York Stock Exchange.