Reported by Star-Bulletin staff & wire
Tuesday, April 14, 1998
Cyanotech Corp. today announced an exclusive agreement with the Scripps Research Institute to produce a Scripps-patented genetically engineered antibody, growing it in microalgae in Cyanotech's Kona ponds. Cyanotech wins order
from Scripps instituteThe product, the first of its type available commercially, may have numerous uses, including production of anti-cancer compounds, Cyanotech said. The size of the market is unknown because it is a new product.
San Diego-based Scripps said the product, called Aldolase Catalytic Antibody 38C2, has a great potential for use in pharmaceuticals, fine chemicals and agriculture.
Intel's net drops 36%; cutting 3,000 jobs
NEW YORK -- Intel Corp., stung by a drop in quarterly profits amid surprisingly weak demand for computer chips, today said it was cutting 3,000 jobs, or nearly 5 percent of its work force.The world's largest maker of computer chips cited sluggish demand for personal computers for the 36 percent drop in profits and 7 percent drop in revenue in the latest quarter.
The financial results matched diminished expectations set by Intel last month. Several major computer makers have warned that slower-than-expected sales led to bloated stocks of business inventories.
"The PC industry seems to have gotten ahead of itself, building more product than end-customers purchased," said Andrew S. Grove, Intel's chairman and CEO.
Santa Clara, Calif.-based Intel said it earned $1.27 billion, or 72 cents a share on a diluted basis, in the three months ended March 28. That was down from $1.98 billion, or $1.10 a share, in the year-ago quarter. Revenues fell to $6 billion from $6.45 billion
GTE reports loss from restructuring, move
STAMFORD, Conn. -- GTE Corp. today reported a first-quarter loss of $178 million, citing the costs of a restructuring, accounting changes and the pending move of its headquarters to Texas.The loss, which equaled 18 cents a share on a diluted basis, compared with net income of $665 million, or 69 cents a share, in the same period a year ago.
Revenues climbed 11 percent to $5.88 billion from $5.28 billion.
GTE is the parent of GTE Hawaiian Tel. GTE provides local service in 28 states and wireless service in 17 states.
Gillette unveils razor with three blades
BOSTON -- Gillette Co. unveiled a new razor with three thin blades called the Mach3 that the company says gives a closer, faster shave with less irritation.The blades are mounted on tiny springs like Gillette's SensorExcel, and are coated for strength. The streamlined silver razor and two blades will sell for $6 to $7, a 35 percent premium to the SensorExcel, which was introduced in 1994. Analysts said the razor will help the company continue or exceed annual earnings increases of 17 percent the past five years. It's the company's first big stride in razors since Gillette introduced the Sensor's independently floating double blades over the fixed-bladed Atra, unveiled in 1977.
In other news . . .
REDMOND, Wash. -- Windows 98, the latest upgrade to Microsoft Corp.'s operating system for PCs, will be released June 25, the company announced today. A company spokesman estimated the upgrade will sell for $109; the version for computers that do not have the Windows 95 operating system will cost an additional $100.
See expanded coverage in today's Honolulu Star-Bulletin.
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