B&C Revenue Drops at SPX, Parent of Dielectric

Dielectric’s parent, SPX Corp., reported 2003 broadcast and communications fourth quarter organic revenues declined 23.5% compared with 2002, “due to regulatory delays in the HDTV rollout and a decline in demand for telecommunications line management systems.”
For the technical products and systems segment of SPX, income was $205.3 million in 2003, compared with $222.9 million in 2002. The SPX announcement stated, “Broad restructuring actions have been taken across broadcast and communication systems and further restructuring charges are expected as the radiodetection unit is integrated with this platform.”
For SPX as a whole, fourth quarter earnings per share from continuing operations were up 31 percent in the fourth quarter of 2003, compared to 2002.
Bloomberg.com posted a story saying analysts expected no revenue growth this year, noting “the shortfall would come from waning sales and profit at the company’s power-systems and TV antenna business.”