Memorex Telex International NV has reported operating profits for the year to March 31 of $277m before amortisation of goodwill, on turnover of $2,240m, a 14% increase on the pro-forma figures for the 12 months to March 1988. Net attributable profit for the year was $38.6m, and the company reports that its debt mountain was reduced again, albeit only by a modest $157m. The headcount is down by about 10% following elimination of duplicated positions in the Memorex and Telex camps. The company, not yet ready to think about a public flotation, is moving to restructure its debt, and has filed with the US Securities & Exchange Commission for an issue of new senior guaranteed notes underwritten by Drexel Burnham Lambert Inc, the proceeds of which have been earmarked to repay a part of the company’s existing senior bank debt.
