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March 1, 1994

ABSORBING PHILIPS UNIT ADDS TO DEC ESPANA’s LOSSES

By CBR Staff Writer

Meantime Madrid-based DEC Espana SA lost a total of $34.7m in 1993, mainly as a result of restructuring costs caused by having taken aboard the Philips Data Systems computing business in 1991, the journal Expansion reports. Furthermore, the company cut staff levels by 18.8%, shedding 188 employees. The restructuring accounted for some $16.6m of the losses, but there were also operating losses of $6.9m, compared with an operating profit of $22.0m in 1992, and around $7.6m in interest payments on loans taken out to buy Philips Electronics NV’s computing subs-idiary in Spain. The losses are three times those recorded in the prev-ious year ($11.4m) and contradict the predictions of DEC Espana managing director Enrique Martinez de Meana last July, when he suggested the com-pany would show an operating profit similar to that of 1992 and would cut net losses by 10% to 15%. Sales for the year fell 5.9% to $200.8m.

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