April 2, 1997 |
FileNet Corp. said Tuesday that it plans to lay off an undetermined number of its 1,650 employees and move a Boston-area subsidiary to Orange County to help offset an anticipated $9-million first-quarter loss. Other expenses, including a $2.5-million to $3-million charge related to the subsidiary relocation, are also expected to dampen second-quarter results.
December 16, 1997 |
Cisco Systems Inc. on Monday rebounded from early declines as investors concluded that rising inventory didn't signal deeper problems at the world's biggest maker of computer networking equipment. Cisco shares rose 94 cents to close at $77.50 in Nasdaq trading. The San Jose-based networking company's stock fell 7.4% Friday and dropped further during much of Monday before reversing direction amid a flurry of positive recommendations.
November 4, 1998 |
Foundation Health Systems Inc. said Tuesday that it will take $117 million in charges and report earnings below forecasts as it moves to exit unprofitable businesses to help boost profits at its largest health plans. The Woodland Hills-based company, one of the largest U.S. managed-care firms, also said it expects to have positive cash flow for the last two quarters of 1998 and all of 1999. It reported negative cash flow of $356 million from operating activities for the first half of this year.
October 26, 1998 |
Watson Pharmaceuticals Inc., one of the biggest makers of generic drugs, said on Sunday that it will acquire TheraTech Inc., which makes drug-delivery products such as skin patches, for about $300 million, expanding its proprietary drug products. Corona, Calif.-based Watson, which has focused on niche markets such as hard-to-make pharmaceuticals, is trying to expand its line of higher-margin proprietary drugs to boost revenue, which was $338 million in 1997.
October 8, 1998 |
Yahoo Inc. beat analysts' expectations again, reporting strong third-quarter earnings Wednesday amid soaring traffic to its popular Web site. The No. 1 Internet directory earned $16.6 million, or 15 cents a share, in the quarter ended Sept. 30. Analysts surveyed by First Call Corp. had expected 9 cents a share. In the same quarter a year before, net income was just $681,000, or 1 cent a share. Revenue was $53.6 million, nearly triple sales of $18.1 million for the same quarter in 1997.
June 18, 1998 |
Computer-game maker Interplay Entertainment Corp. is sharply scaling back the size of its initial public stock offering. The Irvine-based company, which said in March that it hoped to raise about $72 million in a public stock sale, said it now plans to raise $27 million, according to documents filed Tuesday with the Securities and Exchange Commission. The company said it expects to sell 5 million shares of common stock, down from an original 6.25 million.