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Short Take: PictureTel posts loss despite price cuts

PictureTel posted declining fourth-quarter revenues and a loss, due to having to cut prices on its videoconferencing equipment. The company reported a net loss of $19.8 million for the quarter, including a $24.8 million charge for canceled engineering projects and obsolete inventory, compared with a profit of $8.7 million reported last year. Revenues fell to $116.8 million for the quarter, compared with $138.7 million posted a year ago.

PictureTel posted declining fourth-quarter revenues and a loss, due to having to cut prices on its videoconferencing equipment. The company reported a net loss of $19.8 million for the quarter, including a $24.8 million charge for canceled engineering projects and obsolete inventory, compared with a profit of $8.7 million reported last year. Revenues fell to $116.8 million for the quarter, compared with $138.7 million posted a year ago.