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October 10, 1991


By CBR Staff Writer

The full figures are not available, but Concurrent Computer Corp, struggling to restructure the debt it incurred in the buyout from Perkin-Elmer Corp and the reversal into Massachusetts Computer Corp, reported a net loss for the fourth quarter to June 30 of $27.5m, down from a loss last time of $38m. The loss this time included charges of $15.7m for asset writedowns, $2.9m for acquisition accounting and $5.5m in interest payments on subordinated debt that will be cancelled on completion of the company’s recapitalisation. The loss for the year-ago quarter included $24.3m in restructuring provisions, $7.1m for acquisition accounting and interest on subordinated debt. The company says it has established reserves against planned asset sales as part of its overall restructuring, and has written down capitalised software to a value that it expects to be able to realise. After the recapitalisation, interest payable, which is being rolled up, is expected to reduce by $3m a quarter. It hopes to record an extraordinary gain of $80m this fiscal year arising from completion of recapitalisation.

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