said Chairman and co-CEO Charles R. Lee will relinquish his chief executive post three months earlier than originally planned. As a result, Ivan Seidenberg will become the company's sole CEO, effective April 1. Lee will formally retire from Verizon on June 30 and become nonexecutive chairman of the board until June 30, 2004.
Earnings Reports & Outlooks
Electronics for Imaging
expects to report first-quarter revenue of $80 million to $83 million and earnings, excluding items, of 3 cents to 4 cents a share. Analysts are looking for a profit of 16 cents. The company expects second-quarter revenue to come in only "slightly ahead" of the first-quarter top line.
forecast earnings of $2.65 to $2.75 a share for 2002, including the effects of the bankruptcy of
, its largest customer. Fleming also expects first-quarter earnings of 50 cents to 54 cents a share. For 2003, the company expects to earn $3.40 to $3.50 a share. According to First Call, analysts are calling for earnings of 49 cents in the first quarter, $2.44 in 2002 and $3.37 in 2003.
, a provider of home improvement and building products, expects that earnings for the first quarter will be at the high end of the previously projected range of 25 cents to 30 cents a share. If current sales trends continue, the company expects 2002 earnings of $1.40 to $1.45. Analysts expect first-quarter earnings of 28 cents and full-year earnings of $1.42.
Mergers, Acquisitions & Joint Ventures
signed a definitive agreement to acquire
. Creative, which already owns a minority stake in 3Dlabs, will pay $1.20 in cash and $2.40 in stock for each share of the target company. The deal is currently valued at about $103.7 million.
completed the acquisition of Aircraft Integration Systems, a division of
, for $1.13 billion in cash.
, two marketing technology and services companies, agreed to merge. ValueClick will swap 0.65882 common shares for each share of Be Free, for a total of 43.4 million shares. The companies expect to close the deal in the second quarter. When the merger is completed, Be Free's stockholders would own about 45% of the combined company.
filed a shelf registration statement with the Securities and Exchange Commission that would allow the company to sell up to 24.2 million common shares. The offering could include up to 14.2 million shares from the company and 9.6 million shares from an existing stockholder.
said Richard Sykes will step down as the company's chairman in May, ending his nine-year tenure in the post. Sykes will be succeeded by Christopher Hogg, currently a nonexecutive director of the company.