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Compaq posts Q1 results

Results disappointing, says acting boss Rosen

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Compaq has posted its first quarter earnings for 1999, and acting CEO Ben Rosen, who engineered the removal of former CEO Eckhard Pfeiffer last weekend, has described the results as disappointing. The company posted worldwide sales of $9.4 billion, with net profit for the quarter amounting to $281 million. While sales have risen by 66 per cent over Q1, 1998, profits declined. Rosen said: "Despite our overall corporate strength, our first quarter results are disappointing and unacceptable. We will aggressively pursue the actions necessary to realise our enormous potential, achieve our traditional levels of profitable growth and build long-term shareholder value." Product sales for Q1 1999 amounted to $7.8 billion, 40 per above the same period in 1998. Rosen said channel inventories continued at just under four weeks. Compaq said that it did not meet the revenue performance it wanted in high end enterprise systems to meet revenues and gross margins it had projected. Service sales for Q1 1999 amounted to $1.6 billion, and Rosen said that the company continues to expect profitable growth in the future. ®

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