Saturday, June 24, 2000

Stock performance recap: Unova




        • Ticker: UNA, on the New York Stock Exchange.

        • Headquarters: Woodland Hills, Calif. Bought Cincinnati Machine Tool from Milacron Inc. and continues to employ 1,300 in Cincinnati.

        • Business: Makes machine tools and wireless scanners.

        • The week: Stock in Unova dropped 24 percent on Wednesday and another 14 percent on Thursday. It closed down 38 percent for the week.

        • The news: Unova forecast a second-quarter loss from operations of as much as 25 cents a share. The company was expected to earn 14 cents a share, the average estimate of analysts surveyed by First Call/Thomson Financial.

        The company attributed the loss to less-than-expected revenue at its Automated Da ta Systems business, caused in part by a reduction in Unova's North American sales force.

        • The cliff: The share price had already been on a steep descent, falling from a 13-week high of $15.811/4 hit on April 12. The decline cuts the firm's market capitalization by almost 56 percent.

        • The latest: The company hired Credit Suisse First Boston to advise on strategic options. Unova wouldn't say what alternatives were being considered. The company had 1999 sales of $2.1 billion.

        • The quote: “We strongly believe the company is undervalued given the individual positions of our businesses and our technologies,” Chairman and CEO Alton J. Brann said in a statement. “We are committed to realizing that value for our shareholders. First Boston's assignment is to explore all potential value creating strategies.”

       



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