The beleaguered CEO of the struggling Internet pioneer delivers a "bold" strategic plan. She is cutting jobs, selling patents and real estate, and inviting would-be acquirers to speak up.
One of the world's largest flash memory makers agrees to be acquired by Micron Technology in a deal worth approximately $1.27 billion.
Canon, the camera and imaging products maker, reported on Thursday earnings of $1.27 billion, or $1.45 per share, for 2001--a 24 percent increase from results the previous year. Revenue was $22 billion, a 7.8 percent increase over 2000. The global technology slump affected demand for the Japanese company's printers, copiers and other business products, Canon said. But sales of digital cameras more than doubled, helping the company's overall camera sales reach $2.89 billion, an increase of almost 20 percent over the previous year.
Avaya, which makes corporate communications networks, met analyst expectations for its first quarter and said it would more than double its earnings in 2001. Excluding expenses from its spinoff from Lucent, Basking Ridge, N.J.-based Avaya earned $51 million, or 16 cents a share, from continuing operations, matching analysts' estimates from First Call. Profits fell 23 percent. A year earlier, the company earned $67 million, or 24 cents a share. Revenue from the company's ongoing operations increased 3.4 percent to $1.78 billion compared with $1.73 billion in the year-ago quarter. The company also reiterated its target of mid-single-digit revenue growth and said it expects to "more than double" its net income in 2001 as it realizes restructuring gains. First Call estimates for full-year fiscal 2001 earnings are for $1.27 a share in 2001 vs. 55 cents a share in 2000.
SoftNet Systems, which owns small cable modem service provider ISP Channel, posted a third quarter loss of $18.7 million, or $1.27 per share, including a charge. The results compared with a net loss of $3.1 million, or 42 cents a share, for the same period last year. Quarterly revenue increased to $1.3 million from $298,000 a year ago. The company said ISP Channel made "substantial gains," and now claims more than 4,000 subscribers.
Ameritech's board of directors raised the company's annual dividend to $1.27 from $1.20. The move comes just a week after shareholders approved the company's merger with SBC Communications, a deal that has yet to be approved by federal regulators.
The company, which owns a stake in Lycos and GeoCities, posts fourth-quarter net income of $31.4 million, or $1.27 per share.
CompUSA announced revenues of $1.27 billion for its third quarter which ended March 27, up from $1.07 billion for the same quarter last year. Net income was $32.7 million, or 35 cents per share, up from $22.9 million, or 25 cents per share, for the same quarter last year.
Novellus Systems reported $121.6 million in net sales for its third quarter ending September 30, up 21 percent from $100.4 million for the same quarter last year. Net income was $25.1 million, or $1.53 per share, compared to $21.9 million, or 1.27 per share last year. Novellus designs chemical vapor deposition systems, which are used to deposit insulating layers and conductive metal layers on the surface of a semiconductor wafer.