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January 28, 1998

WANG REPORTS Q2 PROFITS UP 174%, REVENUES DOWN SLIGHTLY

By CBR Staff Writer

Wang Laboratories Inc’s, reincarnated network services business continues to build momentum while what’s left the old Wang Laboratories proprietary systems dwindle into nothing. Second quarter net profits were up 176% at $12.4m but revenue fell one percent to $338.9m, despite a 15% increase in network services revenues. The company clung to the fact that in constant currency terms, total revenues grew against its second quarter 1996, but a chunk was taken out of the total with the loss a further $20m of revenues from its old VS minicomputer installed base, revenue from which fell to just $60m in the quarter. Wang claims to have won $373m of new business in the quarter, and the shares were buoyed up by the positive outlook, rising 5% to $23.25. Meanwhile, the company continues to stall for time on its proposed merger with Olsy, Ing C Olivetti SpA ‘s 13,000 employee systems and services division, a merger first mooted over six months ago. Wang said discussions were ongoing but declined to add any comments about what was holding the deal up.

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