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Wang Global Restates Six Quarters' Earnings after SEC Talks

Computergram International, March 26, 1999

Wang Global Inc has become the latest victim of the Securities and Exchange Commission's recent guidelines on accounting for acquired in-process research and development. The Billerica, Massachusetts-based IT services company said that it has finished its talks with the SEC about accounting in its 1998 financial statements, primarily related to the acquisition of Olsy and, as a result of the discussions, the net loss as previously reported for the 1998 fiscal year ended June 30 will be reduced from $281.6m to $251.6m.

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Net loss for the six months ended December 31 of $27.6m will also be restated to a net loss of $39.8m. For calendar 1999, the company says its amortization expenses associated with acquisition-related intangibles will increase slightly from about $58m to $62m.

COPYRIGHT 1999 Datamonitor
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