MicroProse expects to report lossMicroProse Inc., a Hunt...


June 02, 1993

MicroProse expects to report loss

MicroProse Inc., a Hunt Valley maker of entertainment software, said late yesterday that it was out of compliance with certain covenants under its credit facilities and has retained investment bankers to "review strategic financing alternatives" for the company.

The company also said it expected to lose $4.9 million, or 74 cents a share, for its fourth fiscal quarter ended March 31, in contrast to earnings of $900,000, or 13 cents a share, a year earlier. The company said fourth-quarter results included a $1 million write-down in the value of inventory and $1.1 million in software development write-offs.

2 unions near aluminum pacts

Leaders of two unions representing 17,000 aluminum industry workers in 18 states recommended yesterday that their membership accept three-year contract agreements with Alcoa and Reynolds Metals Inc.

The United Steelworkers of America and the Aluminum, Brick and Glass workers unions reached the tentative agreements early yesterday morning, four hours before a second contract extension ran out. Despite the agreement, as many as 100 workers at a Reynolds plant in Sheffield, Ala., walked off their jobs later in the day and were picketing the facility.

Globe deal reportedly spurned

The Boston Globe reportedly rejected a $1.09 billion offer from the New York Times Co., and analysts say New England's largest newspaper can afford to play hard to get, anticipating more suitors may be in the wings.

Time magazine reported in its June 7 issue that the New York Times had been negotiating since January to acquire the Globe for $1.09 billion, but the Wall Street Journal said yesterday that the company that owns the Globe rejected the proposal. A Globe spokesman and New York Times Co. spokeswoman declined comment.

AT&T, IBM tout TV video systems

AT&T and IBM both said yesterday that they have come up with rival systems designed to replace a trip to the video store with the push of a TV remote-control button.

The interactive television systems would be used by cable and telephone companies to provide movies-on-demand, games and other high-tech services. Both AT&T and International Business Machines Corp. said their systems would allow viewers to pick out movies, watch them immediately and have the capacity to pause, rewind or fast-forward their selections.

OECD predicts more joblessness

More than 35 million workers in Western nations will be unemployed by the end of next year because of worsened economies, according to the Organization for Economic Cooperation and Development. It said yesterday that even countries pulling out of recession were having trouble creating new jobs. Unemployment levels are expected to decrease in the United States but rise elsewhere.

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