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Politics : Formerly About Applied Materials

AMAT 322.51

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Feb 6 9:30 AM EST

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To: StanX Long who wrote (55608)	11/14/2001 11:16:54 PM
From: StanX Long	of 70976

Hewlett Profit, Off 89%, Still Stirs Optimism By STEVE LOHR nytimes.com Hewlett-Packard's chief, Carleton Fiorina, insists merger is essential. The Hewlett-Packard Company (news/quote) reported yesterday that its quarterly earnings fell sharply, down 89 percent from a year ago as revenue declined 18 percent. Yet because its financial results exceeded Wall Street's lowered expectations, Hewlett- Packard executives and some analysts pointed to the figures as a positive sign for its planned merger with Compaq Computer (news/quote). The figures for the fiscal fourth quarter ended Oct. 31 showed that Hewlett-Packard had achieved larger-than-anticipated cost savings. A major rationale for the proposed merger with Compaq, announced in September, was management's contention that the combined enterprise could trim costs by $2.5 billion, mainly by eliminating overlapping operations. Hewlett-Packard's management, led by Carleton S. Fiorina, the chief executive, needs every glimmer of light it can find to improve the prospects of the merger plan. The company says it remains confident that the deal will eventually be approved by shareholders. But the plan suffered a setback last week when Walter B. Hewlett and David W. Packard — sons of the company's founders — said they opposed the deal.

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