Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 18, 1992 TAG: 9201180212
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
IBM reports losses in worst year everNEW YORK - IBM said Friday it lost $1.38 billion in the fourth quarter, resulting in its first yearly deficit ever. Revenues were off 6.1 percent for the year, the first time in 45 years growth has faltered at the world's largest computer maker.
The company blamed a declining world economy, increased competition and the difficulties associated with introducing new product lines. But a number of industry executives say the decline represents a more fundamental shift away from the centralized style of computing that since the 1950s has been the basis of IBM's business.
For the quarter ending Dec. 31, usually the company's strongest, revenue fell 4.2 percent, to $22.08 billion from $23.06 billion a year earlier. The loss included a $3.4 billion charge as part of a sweeping decentralization and planned job cutback.
In 1991, IBM lost $2.83 billion on sales of $64.79 billion, against a 1990 profit of $6.02 billion on a record $69.02 billion in revenues. IBM shares closed on the New York Stock Exchange at $96.375, up 87.5 cents.\ - The New York Times
Greensboro's historic Woolworth to stay
GREENSBORO, N.C. - The historic downtown Woolworth store where sit-ins 32 years ago helped ignite the civil rights movement will stay open despite the closure of hundreds of other Woolworth branches, a spokeswoman said.
A grateful city councilman, Earl Jones, said he'd encourage a "reverse boycott" by civic groups to increase the patronage there.
His concern about the store led Woolworth to break its policy of not immediately revealing which stores were affected by the restructuring, Woolworth spokeswoman Frances Trachter said.
"I was able to tell Councilman Jones that the Greensboro store was not among those [targeted] and never had been," she said. However, she called the store "a special case. It's a particular historical site."
On Feb. 1, 1960, four black freshmen from North Carolina A&T State University were denied service at the store's lunch counter. They refused to leave, touching off protests in nine states. Five months later, Woolworth agreed to serve blacks.
Woolworth said last week it was closing, selling or overhauling 900 of its more than 9,000 stores. - Associated Press
2 plants in Franklin to expand, add jobs
ROCKY MOUNT - Two Franklin County manufacturing companies are bucking the nationwide economic gloom; one is adding up to 30 workers and the other is expanding its capacity.
MW Manufacturers Inc. took applications this week for 28-30 new positions to meet increased demand for the company's vinyl-clad windows.
MW is one of Franklin County's largest employers with about 700 hourly and salaried workers.
The Uttermost Co., a wholesale supplier of framed pictures, mirrors and other furniture, has broken ground on a project that will increase the size of its plant from 20,000 to 34,000 square feet.
President Robert M. Cooper said sales were up about 8 percent last year to $5 million. If they continue to rise, he said, Uttermost will expand its payroll from 45 to 75 employees over the next five years. - Staff report