here's the DJN blurb:
Motorola earnings\Miravant\Profit Recovery Grp
(BW) - Motorola, Inc. (NYSE:MOT) Tuesday reported sales of $7.0 billion
in the second quarter of 1998, down 7 percent from $7.5 billion a year
earlier. In the first half, sales declined 2 percent to $13.9 billion from
$14.2 billion in the first half of 1997.
Excluding special items, second-quarter earnings were $6 million, or 1
cent per share in 1998, compared with $392 million, or 64 cents per share in
the second quarter of 1997. Analysts surveyed by Zacks expected earnings of
$0.01 per share.
The company recorded special items of $1.91 billion pre-tax, or $2.23 per
share after-tax, in the second quarter of 1998. These items include $1.98
billion of charges associated with a comprehensive series of manufacturing
consolidations, cost reductions and restructuring steps intended to improve
financial performance, as announced June 4, partially offset by gains on the
sale of assets. As a result, the second-quarter loss, including the special
items, was $1.3 billion, or $2.22 per share, compared with earnings of $268
million, or 44 cents per share, in the second quarter a year ago. The
year-earlier quarter includes special charges against pre-tax earnings of $190
million, or 20 cents per share after-tax, largely from the phase-out of the
dynamic random access memory (DRAM) business. |
