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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63169)	4/25/2002 1:49:35 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Toshiba Posts Full-Year Loss on Costs for Job Cuts (Update2) By Minoru Matsutani quote.bloomberg.com Tokyo, April 25 (Bloomberg) -- Toshiba Corp., the world's second-biggest chipmaker, posted a record full-year loss because of costs related to its exit from unprofitable businesses and job cuts. The Tokyo-based company posted a loss of 254 billion yen ($1.96 billion), or 78.9 yen a share, in the year ended March 31, compared with a profit of 96 billion yen, or 29.9 yen, a year earlier. The loss was smaller than the 274 billion yen average estimate from four analysts surveyed by Bloomberg. Sales fell 9.4 percent to 5.39 trillion yen from 5.95 trillion yen. The drop in sales resulted from ``a slowdown in the U.S. economy, which triggered a global downturn in demand for IT equipment and systems,'' Toshiba said in a statement. During the year, Toshiba exited the memory-chip business. The company, which employed 188,000 workers as of March 2001, spent 190 billion yen last fiscal year to pare its workforce. The cuts are part of an effort to reduce Toshiba's staff by 10 percent by March 2004 and shutter unprofitable factories.