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Article: AST Research outlines workforce reduction plans; Announces first quarter results.
- Article from:
- Business Wire
- Article date:
- April 21, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IRVINE, Calif.--(BUSINESS WIRE)--April 21, 1997--AST Research, Inc. (NASDAQ:ASTA) today announced that financial results for the first quarter of fiscal year 1997 were lower than anticipated.
The company's revenues were approximately $347 million and its net loss was approximately $110 million ($1.90 per share) for the first quarter of fiscal year 1997, ended March 29. These results compare with revenues of $530.0 million and a loss of $115.8 million ($2.59 loss per share) during the comparable prior year period.
In response to these financial results, AST announced plans for a reduction of approximately 25 percent of its work force worldwide. This ...