wsj_0160.xml
WSJ891102-0031
WSJ891102-0031
=
891102
=
891102
891102-0031
.
891102-0031
.
Business
Brief
--
Savin
Corp.
:
@
Office
Products
Firm
Posts
@
Net
Loss
for
Third
Quarter
Business
Brief
--
Savin
Corp.
:
@
Office
Products
Firm
Posts
@
Net
Loss
for
Third
Quarter
11/02/89
11/02/89
11/02/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
SVB
SVB
EARNINGS
(
ERN
)
EARNINGS
(
ERN
)
Savin
Corp.
reported
a
third-quarter
net
loss
of
$
35.2
million
,
or
31
cents
a
share
,
compared
with
year-earlier
profit
of
$
3.8
million
,
or
one
cent
a
share
.
A
spokesman
for
the
Stamford
,
Conn.based
company
said
operations
had
a
loss
of
$
5.5
million
for
the
quarter
;
in
addition
,
the
loss
was
magnified
by
nonrecurring
charges
totaling
$
23.5
million
and
$
8.2
million
in
asset-valuation
adjustments
that
he
described
as
``
unusual
.
''
The
charges
were
partly
offset
by
a
$
2
million
gain
on
the
sale
of
investments
of
two
joint
ventures
,
he
said
.
Revenue
declined
8
%
to
$
85.7
million
,
from
$
93.3
million
a
year
earlier
.
Savin
cited
``
a
general
softening
in
the
demand
for
office
products
in
the
market
segments
in
which
Savin
competes
.