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Tektronix Plans Cuts After Quarterly Loss

September 17, 1998|Bloomberg News

Tektronix Inc., the world's largest maker of electronic measurement devices, said it will cut about 860 jobs, or 10% of its work force, as it posted an expected loss for the first quarter. Tektronix lost $4.7 million, or 9 cents a share, contrasted with earnings of $25.7 million, or 52 cents a share, a year ago, as revenue dropped 13% to $419 million. Analysts had expected a profit of 8 cents. In a warning on its results last month, Tektronix said its sales would be down 8% to 10% but that earnings would reach 7 cents to 12 cents a share. The Wilsonville, Ore.-based company will take a pretax charge of $75 million to $100 million in the second quarter as a result of the job cuts. It will also spin off a majority interest in its computer network displays unit to executives. Tektronix shares rose 38 cents to close at $18.81 on the NYSE.

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