received $340 million in financing from GE Capital in a deal that is being secured by portions of the copier maker's lease receivables in the U.S. The financing pact comes on top of the $835 million Xerox received last month from GE Capital, a unit of
. With the funding, and following the repayment of $1.1 billion in debt that matured this quarter, Xerox's current cash position has increased to about $3.9 billion. Xerox expects to receive additional funding in February.
Earnings Reports & Outlooks
projected a fourth-quarter loss of 95 cents to $1.05 a share. The company had previously expected a loss similar to that in the third quarter, when FiberMark lost 65 cents a share. Analysts expect the company to lose 63 cents in the quarter, according to First Call. For 2002, the company expects income of $1.25 to $1.75 a share with revenue of $400 million to $425 million. FiberMark also agreed to sell its Beaver Falls, N.Y., facility for $2 million. The transaction won't affect earnings. The company plans to release its fourth-quarter results Feb. 7.
said fourth-quarter revenue would fall 25% sequentially. The company previously expected that the top line would be flat with the third quarter. Nanometrics, a maker of equipment used for producing integrated circuits, flat panel displays and magnetic heads, attributed the shortfall to continuing overcapacity in the semiconductor industry and economic deterioration in the U.S. and Japan.
( RADS) said it expects to meet or exceed analysts' revenue and earnings forecasts for the quarter ending Dec. 31, before nonrecurring charges. According to First Call, analysts, on average, expect the company to break even, with revenue of about $32.6 million.
Mergers, Acquisitions & Joint Ventures
( ELAS) agreed to be acquired by
( PDYN) in a stock transaction. The deal values Elastic at about 86 cents a share, based on Paradyne's closing price Thursday. The total value of the transaction is around $28.8 million. The companies expect to close the deal in the first quarter of 2002. Elastic's largest shareholder is
, the New York-area cable TV system operator, said Thursday afternoon that it would cut 600 jobs, or about 4% of its workforce, to improve efficiency. The company said it would take a fourth-quarter charge of $55 million to cover the restructuring costs.
said it is shipping more than 100,000 Xbox game consoles to North American retailers each week through the end of year. The company said it remains on target to reach its goal of delivering 1 million to 1.5 million units for 2001.
( TNL) will eliminate its quarterly dividend of 3.375 cents. The dividend the company declared in November, which is payable Jan. 25, will be the last payment. "Rather than focusing on payouts, we will continue building our cash position to fund both internal and acquisition-driven growth," the company said in a press release. "For that reason we believe eliminating the dividend is in the best long-term interests of shareholders."