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Wang earnings beat marks

At nearly two bits per share, the networking services company's earnings and revenues surpass Wall Street's hopes and last year's levels.

    Wang Laboratories (WANG) today reported earnings of $12.4 million or 24 cents per share for the quarter ended June 30, beating Wall Street expectations.

    The networking services company beat First Call's consensus analyst estimate of 20 cents per share for the quarter. Wang reported net income of $8.2 million, or 13 cents per share, for the same quarter last year.

    Revenues from continuing operations were $338.2 million for the quarter, bringing the total revenues for the year up to $1.27 billion. Revenues for the same quarter last year were $248.1 million.

    The earnings for the quarter continue to reflect the sale of Wang's software business to Eastman Kodak for $260 million in March. Wang stock was up 5 percent to 20-7/32 today.

    "Overall, the results of the June quarter were as expected, with significant progress being made as we continue to shift our business mix and win new business in the network management and desktop space," chairman and CEO Joseph Tucci said in a statement today.