STOCKS TO WATCH: Inacom, Spyglass and Unisys

It's never a good thing when a company announces it's going to restate its earnings, but at least Inacom is fessing up to it.

Late Friday, the information technology services provider said it will restate results for its fiscal 1999 fourth quarter and full-year, but the restatement is not expected to have any impact on the present financial condition of the company.

Inacom will report the restated results in its annual report, but said it will request an extension until April 10 to file the report.

The restatements will be made to recognize a portion of the previously announced charge to increase accounts receivable reserves.

The accounts receivable at issue primarily relate to the company's former product customization and logistics operations, which were sold to Compaq Computer Corp. (NYSE: CPQ) on Feb. 16.

Its shares closed unchanged at 3 1/16 Friday.

Analysts were expecting a loss of 94 cents a share in the fourth quarter.

The Internet consultant and software developer figures to take off Monday after OpenTV Corp. (Nasdaq: OPTV) said it will buy it for $2.5 billion in stock or roughly $122 a share.

Spyglass shares closed off 4 1/16 to 69 7/8 Friday.

Under the terms of the tax-free deal, Spyglass stockholders will receive 0.7236 OpenTV shares in exchange for each Spyglass common share.

Spyglass stockholders and option holders will receive about 15 million OpenTV shares and own about 18 percent of the combined company's stock on a fully diluted basis.

The transaction is aimed at expanding OpenTV's digital interactive services to allow customers to browse the web, chat, send and receive e-mail and shop via their set-top TV boxes.

The transaction has been approved by the boards of both companies, OpenTV said.

The online provider of technical information for computer professionals said its loss will be narrower than 73 cents a share and revenue will be more than $12.6 million in its first quarter.

That tops first-quarter loss estimates of $1.17 a share, the average predicted by analysts polled by First Call.

EarthWeb rose 11/16 to close at 23 3/8 Friday.

Unisys on Sunday declined to comment on a German magazine's report that Deutsche Telekom AG was seeking to buy the U.S. information services company, but said the company's policy would be to evaluate any such offer.

"We have a responsibility to shareholders to evaluate any offer that could be made for the company," said Unisys spokesman Brian Daly, who added this was a broad statement of the company's policy. "That does not mean we are seeking these opportunities."

Blue Bell, Pa.-based Unisys already has a network services agreement with Deutsche Telekom, which was announced in December.

German magazine Focus reported that the former German telephone monopoly seeks to add Unisys to its takeover list after winning a bid for Debis Systemhaus, the information technology unit of automaker DaimlerChrysler AG .

Unisys shares closed off 1 5/16 to 22 5/16 Friday.

Reuters contributed to this report.>