Tax cut shrinks Computer Associates loss
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NEW YORK -- An income tax benefit narrowed Computer Associates International Inc&#39;s loss dramatically in the second quarter. The company reported Wednesday a net loss of $96 million, or 16 cents per share, but
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Circuit City Stores Inc. CC.N on  Friday reported a smaller quarterly loss as it kept a tight  rein on expenses and demand increased for digital televisions,  notebook computers and other popular products.
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Computer industry bellwether Dell reports an 11% drop in quarterly profit because of a one-off tax charge.
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Chip maker Advanced Micro Devices Inc.  on Tuesday reported a quarterly loss from a year-earlier profit following a reduced forecast it gave last week.
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The company reported a loss of $369.9 million in its fourth quarter, citing higher taxes, difficulty in its mortgage referral unit and costs for proposed spinoffs that would make five companies out of one.
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Intuit Inc., the maker of TurboTax tax-preparation software and QuickBooks accounting programs, posted a wider loss in its latest quarter on acquisition-related expenses.
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H&R Block Inc. , the nation's largest tax preparer, on Wednesday said its decision to write down the value of its Option One Mortgage business, which is up for sale, increased the company's net loss in the fiscal third quarter by $15.5 million to $60.3 million.
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(InfoWorld) - CA continued to move toward a turnaround in its business with an uptick in its fourth-quarter revenue driven by software subscriptions and professional services. However, while revenue rose 7 percent toÂ more thanÂ $1 billion in the fourth quarter of fiscal 2007, CA reported a net loss of $20 million, due in part to $100 million in restructuring and other charges. Some $71 million of the charges were due to severance costs related to the cutting of 1,700 jobs, which CA first outlined in August. Still, the $20 million net loss wasn't as bad as the $41 million loss CA recorded in the fourth quarter of fiscal 2006. Discounting the charges, the software vendor recorded net income of $109 million for the quarter ended March 31, 2007, compared with $81 million in the year-ago quarter. EPS (earnings per share) were $0.20, up from $0.13 a year ago. A consensus estimate of Thomson Financial analysts had predicted that CA would report revenue of $1.01 billion on an EPS of $0.20. John Swainson, CA president and CEO, described the company's performance in the fourth quarter as "solid" with the vendor's attention still firmly fixed on restructuring and cost savings efforts. "Over the last 12 months, we have refreshed virtually all our major product lines," Swainson said in a release. CA is seeing increased demand for its systems management, business service optimization, and security management software, he added. Looking ahead, CA expects to report total revenue in fiscal 2008 of between $4.05 billion and $4.10 billion and EPS, excluding any likely charges, in the range of $0.94 to $0.98. Earlier this week, CA was finally able to lay to rest some of the vestiges of its troubled financial past when the company was known as Computer Associates International. CA announced Monday that it had met the terms of the DPA (deferred prosecution agreement) it entered into back in September 2004 and that the agreement had now expired. Consequently, U.S. District Court Judge I. Leo Glasser dismissed all pending charges against the company, which had stood accused of securities fraud and obstruction of justice for falsely recording software licensing revenue. "I am also very pleased that CA has successfully concluded the DPA," Swainson said in Wednesday's release. "As a result of the hard work of all CA employees, we are now a stronger company and are moving forward with a sense of vigor and enthusiasm to becoming one of the world's most successful software companies. CA entered into the DPA after several of the company's former executives, including the previous CEO Sanjay Kumar, were found to have falsely reported hundreds of millions of dollars in revenue before licensing agreements were finalized to bolster quarterly financial results. The practice was dubbed the "35-day month" and later caused the vendor to restate $2.2 billion in revenue. Judge Glasser sentenced Kumar to 12 years in prison in November and then in April ordered the former CEO to pay nearly $800 million in restitution to the victims of the securities fraud he perpetrated. However, that's not the end of the matter. A special committee at CA released a report in AprilÂ blaming cofounder and former Chairman Charles Wang for accounting fraudÂ and recommended suing Wang for damages and the value of the company stock he received.
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Partners of Computer Associates International had their concerns rekindled last week after CA announced layoffs and product changes with little detail.
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Circuit City Stores Inc. CC.N, on  Friday reported a smaller quarterly loss as it kept a tight  rein on expenses and demand increased for digital televisions,  notebook computers and other popular products.
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Lenovo Group Ltd. (0992.HK), the  world&#039;s third-largest computer maker, swung to a much  sharper-than-expected loss in the fourth quarter, after paying  &#36;1.25 billion for IBM&#039;s  PC arm in 2005.
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Troubled company will trim 5% of work force due to stiff competition, soft business software market. NEW YORK  - Computer Associates said Wednesday it would cut its work force by 800 jobs, or 5 percent
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MOUNTAIN VIEW, Calif. --Intuit Inc.&#39;s loss widened for the fourth quarter ended July 31, hurt by slower seasonal sales of the company&#39;s tax and finance software and an impairment charge from its decision to sell one of its businesses, the company said ...
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Software maker Computer Associates  CA.Non Wednesday said it would cut 800 jobs, or 5 percent of  its work force, in one of its biggest cost cutting efforts amid  weaker demand and falling prices for software and services.
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The Times newspaper reports that Littlewoods Shop Direct Group has reduced its losses after selling its high street stores.  Pre-tax losses improved to GBP17.3 million in the year to April 2006, compared to a GBP55.5 million loss in the year to April 2005.
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Computer Associates International announced on Wednesday that it plans to cut 5 percent of its work force as part of a restructuring effort, a move that comes as the company seeks to rebuild itself after a long-running accounting scandal.
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Computer Associates International Ltd.  CA.N, the software maker under government watch after an  accounting scandal, on Wednesday posted better-than-expected  quarterly results and said full-year earnings will exceed Wall  Street estimates, helped by cost-cutting.