(from www.sec.gov)
|
|
|
|
|
|
 | |
Genicom Corp. |
 |
From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 303,258 | 3.1 |
| Net Income | 1,659 | (73.0) |
Description:
Genicom designs and markets a wide range of computer printers and provides computer network integration services, including product repair.
|
Genicom's total revenues rose by about a third when it bought Texas Instruments Inc.'s printer business in October, which includes airline ticket printers. Genicom sold its printer-manufacturing operations to Ogden Manufacturing Co. and sold a small unit that makes electromechanical relay devices. But the company's financial results were tempered by declining revenue from its printer service business, said James C. Gale, senior vice president and chief financial officer. The company took a $4.2 million restructuring charge in its third quarter, which will cover the cost of consolidating inefficient repair centers.
Genicom plans to open a new repair facility in July in Louisville, designed for 24-hour turnaround on repairs. "People with laptops are frequently on the road and want them fixed quickly," explained Gale, who said the new service will be launched in association with United Parcel Service, which will handle the pickup and return delivery of the repaired equipment.
More than 300 employees will be affected by the cuts in the company's current repair facilities in Waynesboro, Va., and Bedford, Mass. Genicom will hire 200 people to work at the Louisville site, Gale said.
The company also put another problem behind it in 1996—it took a $1.5 million charge in the third quarter to cover its 10-year costs under an environmental cleanup agreement with the Environmental Protection Agency for its Waynesboro site.
