Word: pretax
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Dates: during 1980-1989
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...computer and genetic-engineering industries, companies actively raid each other's employment rolls. Says Art Young, corporate benefits manager of Hewlett Packard, the electronics firm: "Everyone's concerned about losing people." Hewlett Packard's answer is a program that puts 10% or so of its pretax profits into a long-term profit-sharing plan that pays out fully to workers only after they are on the job for 13 years...
...agree to gradual implementation of laborsaving technology, a new, fast-acting disputes procedure and a guarantee of uninterrupted production. When some unions balked at the compromise, Thomson suspended publication of both papers for eleven months during 1978 and 1979, a shutdown that cost the company some $82 million in pretax losses. A strike this year by the daily Times's journalists, their first ever, cost a further $ 1.4 million and is expected to bring 1980 pretax losses to $36 million. Meanwhile, rival Associated Newspapers Ltd. is blaming high production costs and continuing heavy losses for the demise last month...
...yellow has paled considerably since the days of "Tarn" and "Bon," and so has the Post's financial picture. This year, for the first time, the Post was overtaken by the News in daily circulation, 271,000 to 260,000. Worse, pretax profits for the first eight months of 1980 plummeted to $78,000, from $3.6 million for the same period in 1979. Finally, because of a tangled financial scheme originally designed by a Bonfils heir to prevent the paper from falling into outsiders' hands, even those slim profits have been drained off to support part of Denver...
...International had acquired 9.2% of the outstanding shares, he offered to buy the airline. National-almost three times bigger than Texas International-was horrified. Pan American World Airways eventually outbid Lorenzo with a $300 million offer, thereby allowing Texas International to sell its National shares for a $47 million pretax profit. Last year Lorenzo went after Trans World Airlines. Over breakfast at New York City's Carlyle Hotel, he told TWA Chairman L. Edwin Smart that he wanted to buy the troubled airline, which is ten times the size of the Texas upstart. The offer was quickly rebuffed...
Vickers, whose arms once rivaled those of Krupp, is only slightly healthier. Still an important defense and marine engineering contractor, the mighty firm has been suffering from anemic sales since 1977, when the government nationalized its shipbuilding and aircraft operations. Over the past two years, pretax profits have fallen 34% to $15.4 million...