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Articles about Asset Impairment

Struggling Acer pulls out Wang too late, then calls Wong number

Acer CEO and chairman JT Wang has quit amid widening losses and a resulting company restructure that involves job cuts at the Taiwanese PC maker. The firm has also turned to its retired founder to help carve out a future. Wang succeeded Gianfranco Lanci at the top of Acer back in March 2011 as the company wrestled with …
Paul Kunert, 05 Nov 2013
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Acer slashes book worth of brands by £76m

Acer has slashed the book worth of PC brands in its stables by the tune of NT$3.5bn (£76.1m). The write-down, relating to acquired firms including Gateway, Packard Bell, eMachines and e-Ten, will be seen in the 2012 annual report. "This asset impairment evaluation has no impact on the business operation and working capital," …
Paul Kunert, 22 Jan 2013
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Telecom NZ invokes wrath of frisky rugby fans

Telecom New Zealand’s annual results announcement on Friday were overshadowed by a “torrid” marketing gaff. New Zealand’s national carrier has been forced to kill a Saatchi & Saatchi created campaign, valued in the hundreds of thousands, called ‘Abstain for the Game’ which was set to run in the lead up to the Rugby World Cup. …
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Oracle assures financiers they're not that important after all

Oracle comforted distraught investment bankers yesterday by delivering better-than-expected first quarter profits and pointing out it really doesn’t do that much business in the financial services sector. The database giant turned in revenues up 18 per cent to $5.3bn for the quarter ending August 31, producing a net profit of $1 …
Joe Fay, 19 Sep 2008
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Agilysys blames Oracle/Sun for bum quarter

Agilysys might have gotten out of directly distributing server technology from all the tier one players a few years back, but just the same its financials can be hammered by what the server makers do - and don't do. And so it is with the fourth fiscal quarter ended in March for Agilysys, which peddles various application stacks …

Chipzilla counters Wall Street doomsayers

Intel reassured jittery market watchers by posting better-than-expected first-quarter revenue and forecasting sales for the current period that could exceed analyst expectations. The report, which contrasted sharply with preliminary results posted last week by AMD, sent shares up 8 percent in after-hours trading. Intel sales …
Dan Goodin, 15 Apr 2008
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UK storage biz drags InTechnology deep into the red

InTechnology, the storage distie and computer services group, is whacking overheads following a whopping operating loss of £13m for the six months ended 30 September. The Leeds-based company blames pricing pressure in its UK storage wholesale business for the loss - revenues in the division were 10 per cent down on the same …
Team Register, 18 Nov 2005
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Ex-Microsoft CFO steers new biz to negative revenues

Canadian fibre optic network services provider 360networks has posted Q2 results announcing it has negative revenue of $63 million (down from $158 million in positive revenue in the same period 2000). It attributes this abysmal performance to its renegotiation of a number of "dark fibre optic contracts ... Revenue of $102 …
James Watson, 23 Oct 2001
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AOL TW to spin off cable op?

AOL Time Warner is mulling over plans to flog part of its cable business in a move which could help resolve a dispute with cable venture partner AT&T. According to US reports if the minority sale goes ahead it could mean that AOL Time Warner could fund the buyout of AT&T's without having to dip into its own coffers or run-up …
Tim Richardson, 29 Apr 2002
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Sun preps for $2bn charge and adjusts Q4 books

ComputerWire: IT Industry Intelligence Sun Microsystems Inc says that it could face an acquisition-related charge of $2.2bn for its second quarter ending December 31 if it does not see a drastic improvement in its share price. The warning was given in the company's annual report for fiscal 2002, which also details an …
ComputerWire, 02 Oct 2002
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AT&T chops 3,500 staff, turns to Covad for DSL

ComputerWire logo AT&T Corp plans to lay off 3,500 staff, just under 5% of its workforce, in a move that will lead to a $240m restructuring charge in its fourth quarter. More than half the job cuts are in management, and AT&T said the move is the result of "improved processes and automation" in the provisioning and maintenance …
ComputerWire, 07 Jan 2003
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Bankers to decide if Qwest will survive

ComputerWire: IT Industry Intelligence A group of New York bankers will decide next week whether to give Qwest Communications International Inc a financial lifeline or leave the debt-laden carrier, at the center of a revenue recognition scandal, to slide into bankruptcy. After recording a second-quarter loss of $1.1bn, and …
ComputerWire, 09 Aug 2002
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Reports slam WorldCom corporate culture

Two reports into the collapse of WorldCom argue that a strong culture of secrecy saw management repeatedly burying financial data from its board and auditors. The second report of Dick Thornborough, the bankruptcy court examiner for the disgraced telcom, calls WorldCom a "poster child for corporate governance failures" and …
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Iomega waves goodbye to 145 staff

Iomega is waving goodbye to 145 staffers and temps - a quarter of its workforce. The cuts will cost it $5m-$7m in severance payments and property get-outs. But it expects to save $30m-$35m a year from the move. Most of the axed jobs comes from Iomega's recently-abandoned digital capture technology (DCT) development programme. …
Drew Cullen, 24 Sep 2004
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RM in ‘recovery mode’

RM, the UK's biggest computer systems supplier to schools, made a full year post-tax loss of £4.8m but - little consolation this - didn't do quite as badly as it was expected to. The losses come after Bad Stuff - staff redundancy costs, exceptional property charges and asset impairment - was thrown into the accounts to the tune …
Drew Cullen, 25 Nov 2002
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Bsquare axes WinXP GSM handheld

Bsquare is to drop its Power Handheld (PH) Windows XP-based wireless PDA. The company will instead offer the device's design to other vendors under licence and sell them the application and utility software it had developed for the device. The company made the announcement just before posting a quarterly net loss of $5.1, $4.5m …
Tony Smith, 30 Jul 2004
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And with one bound Engage is debt free

Engage, the ad-serving firm, can at last present a credible alternative to Doubleclick, after breaking free from the $40m debt owed to ailing parent CMGI. CMGI is to return all the equity it holds in Engage to the company and it is cancelling its debt. In return, Engage is paying $2.5m in cash upfront, and $6m in earn-out …
Drew Cullen, 10 Sep 2002
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EDS fires Dick Brown

It's what the Americans call an ouster: Dick Brown, EDS CEO and chairman has been removed from his posts at the troubled computer services giant with immediate effect. So does this mean the end of profit warnings and plunging share prices? We guess the next Q's results will resemble the Augean Stables - i.e. a lot of crap to …
Drew Cullen, 20 Mar 2003