Feeds

CHS losses unveiled in full

So much red ink on the balance sheet you'd think the accountant had slit his throat

  • alert
  • submit to reddit

Security and trust: The backbone of doing business over the internet

CHS Electronics recorded losses of over $200 million for the third quarter and revealed plans to offload more subsidiaries. The distributor posted $225.3 million in net losses for the quarter ended 30 September. This compared to a profit of $6.6 million for the same period in 1998 and gives an insight into the downfall of much of the group last month. It said the figure included charges of $170.4 million related to the offloading, closure and placing into receivership of numerous subsidiaries worldwide. Sales fell slightly to $2.1 billion, from $2.2 billion the previous year. The Miami-based company said it had made a pre-tax gain of $32.7 million from the sale of its Sun Microsystems distribution business. It also cut debts to sellers by $214 million by giving back eight subsidiaries to the original owners, leaving $61.4 million owing at the end of the quarter. CHS said it was currently in talks to return an additional seven subsidiaries to their original owners, which would effectively cancel out the rest of the debt. ® Related Stories CHS Sheds Seven To Boost Confidence Computacenter Buys Metrologie

New hybrid storage solutions

More from The Register

next story
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.