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General DataComm Reels
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Business New Haven
2/19/2001
By: BNH
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MIDDLEBURY - General DataComm Industries Inc. (NYSE: GDC) said that revenues for its first fiscal quarter ended December 31 were $29.4 million - down 38 percent from the $47.6 million reported for the first fiscal quarter of 2000. Net loss for the quarter was $13.9 million, or minus 47 cents per share, compared to a net loss of $5.9 million (minus 29 cents per share) for the same period a year ago.
Excluding certain unique items described below, there was a net loss of $(14.0) million, or $(0.47) per share, in the current quarter as compared to a net loss of $(3.9) million, or $(0.20) per share in the prior fiscal year.
“The financial results for the quarter were disappointing and, although our performance was affected by negative conditions in the networking industry, we fell far short of achieving reasonable results,'' said Charles P. Johnson, GDC's chairman and CEO. “Our focus during the quarter was on positioning the company going forward by leveraging our core competencies, streamlining the organization and driving to financial targets on cash flow and profitability. This strategy was implemented in January.'' General DataComm is engaged in discussions regarding the possible sale of one or more of its business units.
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