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April 22, 1994

COMPANY RESULTS

By CBR Staff Writer

International Business Machines Corp, IBM, has reported first quarter net profits of $392.0m after a net gain of

248m from sale of Federal Systems Cor, and a $192m net charge for a change in software amortisation periods, against a loss last time of $399.0m, which was struck after a $114m charge for the effect of an accounting change, on turnover that rose 2.4% at $13.373m. Net earnings per share were $0.64. The comparisons are with figures restated to eliminate those of Federal Systems Co.

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