latest news releases from the newsroom
Horizon Offshore Inc.
Horizon Offshore Issues Update
HOUSTON, Dec. 19, 2003 (PRIMEZONE) -- Horizon Offshore, Inc. (Nasdaq:HOFF) today announced that it expects to record an asset impairment charge in the fourth quarter as a result of the impairment of several of its marine construction vessels. Management has determined that, based on current and expected utilization levels, the value of the Phoenix Horizon, three of its small construction vessels, and a cargo barge has been impaired. The impairment of the Phoenix Horizon is a result of management's determination not to make capital improvements to it that are required to place the vessel into service due to the availability of other operational assets. The impairment of the other vessels and the cargo barge is a result of the sustained difficult economic environment and depressed market for the marine construction industry throughout 2003 that has resulted in a decline in the utilization of Horizon's vessels. The Company expects this decline in vessel utilization to continue into 2004. As a result of these actions, the Company expects to recognize in the fourth quarter a non-cash charge that is currently estimated to be between $16 million and $20 million on a pre-tax basis.
MTG Files Complaint Against Boxer With The Competition Authority
STOCKHOLM, Sweden, Dec. 19, 2003 (PRIMEZONE) -- Modern Times Group MTG AB, the international media group, today announced that it has filed a complaint against Boxer TV-Access AB with the Swedish Competition Authority for anti-competitive behaviour. The principal complaint is that Boxer requires MTG to accept extended and unwarranted commercial obligations as a pre-condition for giving the channels the technical distribution agreement needed to receive a license to broadcast in the digital terrestrial network.
Alfa Laval has decided to initiate new negotiations with the former owner of bioKinetics Inc.
STOCKHOLM, Sweden, Dec. 19, 2003 (PRIMEZONE) -- Alfa Laval suspects irregularities in the accounting with regard to revenue recognition for certain customer projects in the recently acquired US company bioKinetics. Alfa Laval has therefore initiated a further investigation specifically addressing the suspected irregularities. The preliminary findings from this investigation support the suspicions. Alfa Laval has as a consequence decided to initiate new negotiations with the former owner Kinetics Group Inc. Based on available information the irregularities are estimated not to exceed MSEK 40.
Changed Tax Assessment for one of Wihlborgs' Subsidiaries
STOCKHOLM, Sweden, Dec. 19, 2003 (PRIMEZONE) -- On 15 December the Stockholm Tax Authority made a reassessment decision regarding the income-tax assessment for the year 2002 for one of Wihlborgs' subsidiaries, Wihlborgs Fastigheter i Stockholm AB. The decision entails the tax authority raising its assessment of taxable income by SEK 364 million, which means tax expenditure of SEK 101 million. In addition to this amount there will be interest of SEK 7 million and a tax surcharge of SEK 2 million.
Saab wins order from South Korea worth 14 million USD
LINKOPING, Sweden, Dec. 19, 2003 (PRIMEZONE) -- Saab has received an order from South Korean defence electronics company MteQ Systems Inc. for CEROS 200 multisensor director systems. The systems are intended for the South Korean navy's new PKX-class patrol boats. The contract is worth 14 million USD.
Q-Med has Received the Second Payment of $53.3 million from Medicis
UPPSALA, Sweden, Dec. 19, 2003 (PRIMEZONE) -- With reference to that the American regulatory authority, Food And Drug Administration, FDA, has approved RESTYLANE for sales in USA, Q-Med has now received $53,3 million from Medicis. Of this amount $1 million will be paid to the financial advisor.
Skanska Reduces Overhead Costs
STOCKHOLM, Sweden, Dec. 19, 2003 (PRIMEZONE) -- During the year, Skanska has continuously reviewed the Group's selling and administrative expenses, with the aim of adapting these costs to current market conditions. The costs of the cutbacks in 2003 have been continuously charged to the earnings of the business units where the actions have been taken.
Dudley Eustace Completes His Work at Ahold
ZAANDAM, The Netherlands, Dec. 19, 2003 (PRIMEZONE) -- Ahold today announced that Dudley Eustace, the man brought in as interim CFO in March, has completed his term as a member of the Corporate Executive Board at Ahold. His primary responsibilities had been to stabilize the financial fundamentals of the company and recruit a permanent Chief Financial Officer.