Eric, <<News on LOR>>
Looks like you were right. Now the $64 question is, what impact will this have on the stock!!
<<Space Systems/Loral Plans Work Force Reduction In Connection With Suspension Of Two Asian Programs
BusinessWire, Thursday, January 29, 1998 at 16:07
PALO ALTO, Calif.--(BUSINESS WIRE)--January 29, 1998--Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications (NYSE:LOR), today announced that it will eliminate up to 300 jobs, or
approximately 9 percent of its work force of 3,400 employees over the
next few months due to the suspension of work on three satellites for
two Asian programs....
...."The three satellites on which we have stopped work continue to
be valuable, marketable assets which, if the current programs are not
re-started, may be deployed to other customers who will benefit from
early delivery," said Bernard L. Schwartz, Loral chairman and chief
executive officer. "We anticipate that, in the event the satellites
are not sold on schedule and additional market opportunities in Asia
are deferred, SS/L could have a reduction in 1998 revenues of as much
as $400 million, bringing expected revenues to $1.4 billion. |
