Business briefs

19 Jul 2002

Including news from Lumenis, Nortel Networks, TRW, Three-Five Systems and more.

•  Lumenis, the Israeli maker of medical lasers, is relocating its manufacturing operations and service depot from Santa Clara, California to its facilities in Utah, US, and Israel. Expecting to complete the move by March 2003, the company will reduce its Santa Clara workforce by 150 but recruit 75 new employees in Utah and Israel. Annual savings of USD 10 million are anticipated.

•  Nortel Networks has posted second quarter revenues of USD 2.77 billion, down USD 1.84 billion compared with the same period last year. Reporting a quarterly net loss of USD 697 million, down from USD 19.4 billion in the same quarter last year, Nortel president Frank Dunn said: "We expect our third quarter revenues to be flat and ongoing sequential improvement in our bottom line results for the remaining quarters of 2002."

•  TRW has announced second quarter operating earnings up 72% to USD 133 million, compared with USD 79 million in 2001. The company also wiped USD 200 million of its net debt leaving a total of USD 5.3 billion. Chairman Philip Odeen said: "We have been focussing on enhancing shareholder value. That effort culminated with the sale of our aeronautical systems business and the Northup Grumman merger."

•  Three-Five Systems, a US developer of liquid-crystal displays, has invested USD 5 million in fellow US-based microdisplays firm ColorLink. The two companies will now pool their efforts to provide integrated and cost-effective solutions for the liquid-crystal on silicon market.

Three-Five Systems posted second quarter sales of USD 24.1 million compared with sales of USD 25 million of the same period last year. The company says that the lower average price of LCD modules shipped in the recent quarter was responsible for the revenue drop.

•  DRS Technologies, US, has won contracts totalling USD 5 million to supply uncooled infrared focal plane array sensors for military and commercial applications. Deliveries are due to be completed by the end of the year. Military applications include night-vision systems and surveillance while commercial uses include fire-fighting and industrial radiometers.