Wang Laboratories Profit Tops Goal but Still Drops
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Wang Laboratories said it earned $5.9 million in the third quarter, surpassing its goal for the period but falling far short of the $21.4 million it earned in the same quarter last year.
The Lowell, Mass.-based company said it had record third-quarter revenue of $745.9 million, up 9% from $685.3 million a year ago.
Wang said it lost $102.7 million during the nine-month period ended March 31. During the same period last year, the company earned $50.1 million.
The company, citing the improved revenue figures and third-quarter orders totaling $734.9 million, up 21% from the same quarter last year, predicted it would show a solid profit in the fourth quarter.
“Our systematic approach to focus the sales efforts, reduce costs and restructure operations has begun to produce the targeted results,” President Frederick A. Wang said in a statement.
Wang attributed the increased third-quarter revenue to volume shipments of its VS 7000 Series computer introduced in January.
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