Digital has reported a $141m profit for its fiscal 1997 up from a $112m loss last year, but only on the back of significantly reduced annual revenue.
Total revenue for the 1997 fiscal year, which ended 28 June, was down more than 10% to $13.05bn from $14.6bn for 1996. Significant cost-cutting last year which resulted in a restructuring charge of $492m in the fourth quarter of 1996 meant the company moving into the black this year.
Fourth quarter profits of $124m contributed significantly, up from $59m before the restructuring charges for the same period last year. Revenue was $3.46bn compared to $3.72bn last year.
Digital?s Chairman Robert Palmer said he was pleased that profits had improved for three quarters in a row and that the Board was authorising a buyback of 15m shares to reflect their confidence in the company?s performance.
* On top of its results, the company also reported that a truce had broken out with Intel, and that the processor manufacturer would continue to ship Pentium chips to Digital until at least year-end. It had been thought Intel might have cut supply following Digital?s suit against Intel for allegedly infringing semiconductor patents.
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