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Motorola asks partners to bail out Iridium The Indian Express The Financial Express Latest News Screen Express Computer Corporate Results Expresswheels Travel Ebate Matrimonials Careers Lifestyle Astrology E-Cards Columnists Graffiti Crossword Letters Environment Jewellery Info-tech Power Steel Global Tenders Filmtvindia Books Music Enter keywords INDIAN EXPRESS FRONT PAGE Politics Business Expressions General World Sports Leisure States Thursday, July 15, 1999 Motorola asks partners to bail out Iridium REUTERS SCHAUMBURG, JULY 14: Motorola Inc on Tuesday called on its partners to help bail out Iridium World Communications Ltd, the financially-troubled global satellite phone company that Motorola has bankrolled.Motorola, the wireless communications and semiconductor maker, owns 18 per cent of Iridium and has guaranteed a portion of that company's debt. Iridium has struggled to sign up subscribers and has not been able to pay its debts. In a statement accompanying its second quarter earnings, Motorola said it "will not provide any further support beyond existing contractual commitments unless there is substantial participation in the Iridium LLC restructuring from all parties with significant financial interest." These include Lockheed Martin Corp and Raytheon Co.Motorola said it continued to defer recognition of profits under its operations and maintenance contract with Iridium, and recorded a $ 126 million second-quarter charge to write down the value of Iridium bonds that it owns. Motorola said it may takeadditional charges in the third quarter."The impact on Motorola of an Iridium LLC restructuring may become clearer in the third quarter, and may necessitate an additional special charge at that time," Motorola said."The previously announced sales of several businesses and assets are expected to generate significant gains and significant cash inflows in the third quarter, enabling Motorola to maintain a strong financial position, even with the negative impact of charges that may need to be absorbed by Motorola in the financial restructuring of Iridium LLC," Motorola said.Motorola posted net income for the period ended July 3 of $206 million, or 33 cents a share, on a 7 per cent gain in revenue. The improvement came even though Motorola took a $126 million write-down of Iridium LLC junk bonds that it owns, reflecting a decline in the market value of that debt to about 20 cents on the dollar.Second-quarter earnings before special charges amounted to $273 million, or 44 cents a share. Analystssurveyed by First Call had been expecting earnings before charges of 41 cents a share. Various other special items, when combined with the Iridium write-down, produced a total of $94 million of one-time charges before taxes, or 11 cents a share after taxes.In the year-earlier quarter, Motorola had a net loss of $1.33 billion, or $2.22 a share. That quarter included $1.98 billion in restructuring and other charges. Motorola's revenue totaled $7.51 billion, up from $7.02 billion.Motorola's chairman and chief executive officer, Christopher Galvin, offered a relatively sunny outlook, saying that improving world economies plus internal cost-cutting "have set the stage for long-term growth."Copyright © 1999 Indian Express Newspapers (Bombay) Ltd. Top Printer-friendly page EXPRESSindia.com News Business Sports Entertainment The Indian Express | The Financial Express | Latest News | Screen | Express Computers Travel | Matrimonials | Careers | Lifestyle | Astrology E-Cards | Graffiti | Environment | Jewellery | Info-tech | Power разделы купить k800i детский мир wow ферромолибден вызов водитель пежо электропечь dimplex model brayford средство самооборона сварочный пост корвет-телеком купить видеокарту китайский махровый оркестр креольский танго лечение папиллома александр вертинский. желтый танго этнический психология ваттметр холодильник уценка o2 optix сглаз силикон сварочный пост индивидуальный банковский ячейка фосфорицирующая краска туба машина нужен фотограф дружкова кружка дефектоскопия сварной швов электрокардиограф глюкозамин-хондроитиновый комплекс силикон санфаянс передвижной сварочный агрегат холодильник норд нард короткий нард короткий кулер враждебный поглощение стопный пластырь iridium motorola