Wang Laboratories Inc says it expects to restate results for the fiscal 1992 year to June 30, to reflect additional restructuring charges from its Chapter 11 filing. The company reported a net loss of $139.2m or $0.82 per share on sales of $1,900m at the time, so the restated figures will be truly horrendous. The company also says that some workforce reductions have been temporarily delayed, and that by the end of the month it expects to be employing about 11,000 people. It says that most vendors have been extending credit but that new orders for VSs, RS/6000s, personal computers, local networks, imaging and services were flowing in at a lower rate than a year ago – but at a rate that is acceptable and encouraging, the company said. The company says that cash flow has been satisfactory since the Chapter 11 filing, with cash balances steadily building and exceeding our forecast.It continues to talk with lenders about financing, but our strong cash balances have enabled us so far to finance our needs internally. It intends to institute a new financing plan, but has no date.
