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CNNfn after the bell
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February 18, 1999: 6:08 p.m. ET
Gillette gets new head; Ciena, System Software, Applied Graphics post results
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NEW YORK (CNNfn) - News after the bell on Thursday included a new CEO appointment and three earnings reports, only one of which failed to meet expectations.
Grooming products manufacturer Gillette (G) announced its board chairman and chief executive officer, Alfred M. Zeien, would retire from his post effective April 15. He will be succeeded by Michael C. Hawley, the company's president and chief operating officer since 1995.
Hawley, 61, has worked for Gillette for 36 years and has managed a variety of finance, marketing and technical operations in most of the company's core product divisions. He is one of Gillette's most experienced global managers, having lived and worked in its offices in six countries spanning five continents.
Zeien, 68, has served as chairman and CEO for more than eight of his 31 years with the company. He intends to remain on the board after his retirement.
In late-day earnings news, Ciena (CIEN) reported first-quarter earnings that beat the Street. The telecom equipment maker posted net income of $2.3 million, or 2 cents per share, vs. $39.7 million, or 37 cents per share, in the same quarter a year earlier. Analysts polled by research firm First Call expected the company to report a loss of a penny in the first quarter.
First quarter results at System Software Associates (SSAX) also beat analysts' expectations but showed a decline when compared with the same period last year. The information systems provider posted a net loss of $5.4 million, or 11 cents per share, compared with a loss of $1.6 million, or 4 cents per share, in the first quarter of 1998. First Call analysts predicted the company would lose 12 cents per share.
Among the disappointing earnings news, Applied Graphics (AGTX) reported fourth quarter results that fell shy of analysts' expectations by a nickel. Adding to the bad news, the company said it expects to cut 350 jobs, or 10 percent of its personnel, and expects its first quarter results to fall short of its performance in the comparable period last year.
Excluding restructuring and other charges, the provider of digital prepress services posted fourth-quarter net earnings of $3.5 million, or 16 cents per share, vs. a net of $3.5 million, or 19 cents per share, in the year-ago quarter. Analysts polled had expected the company to earn 21 cents per share.
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