Company undergoes restructuring after $4.8 million loss
Graphics, routing and automation supplier Chyron has reported a loss of $4.8 million for second quarter 1998, which includes restructuring and other nonrecurring charges of $3.9 million.
The restructuring charges relate to two moves that Chyron has made to refocus on its core graphics, routing and automation businesses. First, Chyron is selling its Trilogy Intercom division in a management buyout for gross proceeds, inclusive of payment of intercompany debt of $3.8 million in cash and notes, plus a 19% interest in the new company. (Chyron will record a pretax gain of $1.1 million on the Trilogy sale in the …
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