Rockwell Posts A Loss Following restructuring
Wednesday July 22 3:52 PM EDT
COSTA MESA, Calif. (Reuters) - Rockwell International Corp., the
electronics and communications giant, Monday reported a loss of more
than $480 million for the latest quarter following a restructuring of
its global operation.
The Costa Mesa, Calif.-based company said it lost $482 million, or
$2.47 a share, in its fiscal third quarter ended June 30, vs. a profit
of $167 million, or 78 cents a share, a year earlier.
Rockwell said it took special charges totaling $597 million, or $2.60
per share, to cover the cost of closing a semiconductor facility in
Newport Beach, Calif., discontinue non-strategic product lines and
write off other assets.
Sales were flat at $1.7 billion.
Last month, Rockwell said it planned to spin off its semiconductor
unit to shareholders, a move that will result in additional charges
in the fourth quarter.
Rockwell's stock was off $1.125 at $46.56 at mid-morning in
consolidated New York Stock Exchange trading.
I know how much this grieves you.<g>
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