Business Desk

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SIRIUS POSTS WIDER LOSS, SUBSCRIBER REVENUE UP Sirius Satellite Radio Inc. posted a slightly wider net loss yesterday, but raised its year-end subscriber and revenue guidance.

The New York company yesterday reported a net loss of $237.8 million, or 17 cents a share, compared with $177.5 million, or 13 cents a share, in the year-ago period. Excluding items, such as an asset-impairment loss and equity granted to third parties and employees, the company lost $159.6 million, or 11 cents a share, in the latest quarter. Revenue nearly tripled to $150 million in the quarter from $52.2 million in the same period a year ago.

— Dow Jones Newswires

ELECTRONIC ARTS 1Q LOSS WIDENS TO $81M Electronic Arts Inc., the videogame software maker, reported its fiscal first-quarter loss widened to $81 million, or 26 cents a share, from $58 million, or 19 cents a share, a year ago.

Revenue, however, for the first quarter ended June 30 rose 13% to $413 million from $365 million a year earlier, aided by sales of the “2006 FIFA World Cup” and “Battlefield 2: Modern Combat” video games, the company said.

— Dow Jones Newswires

KODAK POSTS 2Q LOSS, MOVES TO SLASH JOBS ROCHESTER, N.Y.— Eastman Kodak Co., scrambling to squeeze bigger profits from digital photography, posted its seventh quarterly loss in a row yesterday and moved to axe 2,000 more jobs as it navigates a historic shift away from its waning film business. Its shares tumbled nearly 14% to their lowest close in 15 years.

Largely because of $214 million in restructuring costs, Kodak lost $282 million, 98 cents a share, in the April-June quarter, close to double its loss of $155 million, or 54 cents a share, in last year’s second quarter.

Stung by a continuing rapid slide in sales of silver-halide film, Kodak’s cash cow for much of the 20th century, revenues fell 9 percent to $3.36 billion from $3.69 billion a year ago. — Associated Press

BURGER KING STOCK SINKS AFTER 4Q NET LOSS Burger King Holdings Inc. yesterday reported a net loss for its first quarter as a public company, reflecting special payments to management and its owners.

The company’s stock sank to an all-time low on the news before recovering somewhat. It was down 10% in recent trading on the New York Stock Exchange.

Despite the loss, the world’s no. 2 hamburger chain forecast a profitable future, saying it was comfortable with achieving its goal of a 20% increase in net income.

— Dow Jones Newswires


Computer Sciences Corp. (CSC) swung to a first-quarter loss as a $215 million restructuring charge weighed on the company’s results.

The tech-services giant posted a loss of $55.3 million, or 29 cents a share, compared with a year-ago profit of $131.6 million, or 70 cents a share.

Excluding one-time items such as the restructuring charge, Computer Sciences’ earned 61 cents a share from continuing operations.

— Dow Jones Newswires



Crude oil rose for a third day in New York on concern that a tropical storm may threaten American oil fields and after Iran said it will continue its nuclear program in defiance of a United Nations resolution passed this week.

Tropical Storm Chris, with winds of 60 miles an hour (95 kilometers), was about 45 miles northeast of Barbuda and is headed toward the Gulf of Mexico, the U.S. National Hurricane Center said. Iran, the world’s fourth-largest oil producer, insists on its right to make nuclear fuel, President Mahmoud Ahmadinejad said yesterday.

Crude oil for September delivery gained 37 cents, or 0.5%, to $75.28 a barrel in after-hours electronic trading at 9:18 a.m. in Singapore, 22% more than a year ago. Oil rose 0.7% yesterday to its highest close in a week.

— Bloomberg News

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