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Technology Stocks : Lanier Worldwide, Inc (LR) - Digital Document Management -- Ignore unavailable to you. Want to Upgrade?

To: Walter Morton who wrote (4)	10/20/1999 5:09:00 PM
From: Walter Morton	Read Replies (1) \| Respond to of 72

"... spin-off is expected to be completed within the next several weeks." Lanier's results Lanier Worldwide, Inc. reported lower revenue and earnings for the first quarter compared to the prior year, primarily due to the divestiture during the fourth quarter of fiscal 1999 of Lanier's direct sales operation in France and its U.S.-based medical transcription business. Revenues declined in the quarter to $318 million from $337 million last year. The strengthening of the dollar relative to European currencies and pricing pressures associated with the industry transition from analog to digital also contributed to weaker sales. Net income declined to $9.7 million from $13.5 million in the first quarter of the prior year, reflecting the revenue decline as well as pricing pressures. Cost reduction efforts underway at Lanier have reduced overhead costs in the first quarter to 31.0 percent of revenue. Lanier's results are accounted for as a discontinued operation for Harris. Their stand-alone condensed consolidated statement of income for the first quarter fiscal 2000 and first quarter fiscal 1999 is included as an attachment. Repositioning status As announced in April 1999, the company launched initiatives to focus exclusively on the communications equipment market. The repositioning included the disposition of unrelated businesses, including the sale of the semiconductor business, which has been completed. In a separate initiative, the company also previously announced its intention to spin-off to shareholders its successful Lanier Worldwide office equipment subsidiary. SEC approval is expected shortly and the spin-off is expected to be completed within the next several weeks. biz.yahoo.com