said it expects to take a $60 million fourth-quarter charge for cost-cutting initiatives, up from a previous estimate of $20 million. The company will take another $60 million charge for the writedown of selected natural gas and oil properties in the Gulf region that have lost their value due to "depressed well head prices for oil and natural gas and dry-hole costs." The company expects to have fewer than 1,600 employees by Friday, down 20% since midyear, leading to projected annual savings of $20 million. The six-analyst
estimate calls for fourth-quarter operating earnings of 49 cents a share, down from the year-ago 72 cents.
set a 2-for-1 stock split for shareholders of record Jan. 12, with distribution on or about Jan. 27.
In other postclose news (earnings estimates from First Call):
Earnings/revenue reports and previews
reported third-quarter earnings of 2 cents a share, matching the 13-analyst forecast but down from the year-ago 14 cents. The company said it expects the adverse retail conditions that hurt its third-quarter results to damage its fourth-quarter performance as well. The estimate calls for fourth-quarter earnings of 18 cents vs. the year-earlier 37 cents.
Mergers, acquisitions and joint ventures
reached an agreement with
to terminate an escrow agreement related to ALRC's November 1997 acquisition of
, which was majority-owned by IBM.
approved an early end to the antitrust waiting period in
Offerings and stock actions
Crown Pacific Partners
CEO Peter Stott bought an additional 6,000 of the company's common units in an effort to show his confidence in Crown despite a recent price slide.
set a buyback of up to 1.5 million shares.
set a buyback of up to $5 million worth of its shares.
set a buyback of up to 5% of its common shares.
said it will have to weigh strategic alternatives, including the sale of some or all assets and a shutdown of operations, because majority shareholder
will not increase its existing credit capacity.