GI Reports Net Gains From Digital Shipments5/10/1998 8:00 PM Eastern
Horsham, Pa. -- General Instrument Corp. said its
first-quarter sales rose just 2.2 percent, to $417 million from $408 million, as
digital-cable sales doubled and strong advanced-analog sales offset satellite and basic
Backlog -- an indicator of future sales -- rose 18 percent,
to $554 million from $470 million a year ago.
Operating income, before restructuring and other charges,
rose to $33 million from $17 million in the first quarter of 1997, due to the higher
profit margins associated with digital and advanced-analog shipments. GI also benefited
from cost savings associated with restructuring its satellite and telephony businesses.
Net income, before restructuring and other charges, was $20
million, or 13 cents per diluted share, versus $9 million (6 cents) in the same period a
year ago. Including restructuring and other charges, GI had a net loss of $60 million (40
cents per diluted share), versus pro forma net income of $7 million (5 cents) in the first
quarter of 1997.