HP equity portfolio down in Q3

By : |September 15, 2001 0

p>NEW YORK: Hewlett-Packard, which announced plans to buy competitor Compaq
Computer Corp. on Sept. 4, said in a Securities and Exchange Commission filing
that its proceeds from sales of securities and gross realized gains were less
than $1 million.

Computer and printer maker Hewlett-Packard Co said in a filing on Friday that
its portfolio of equity and debt securities was worth $1.075 billion at the end
of its fiscal third quarter on July 31, a decline of about $1 million from April

That compares with investment proceeds of $26 million and gross realized
gains of $24 million in the year-earlier period. The company also said that it
had gross unrealized gains in its portfolio of $68 million and gross unrealized
losses of $23 million in the three months ended July 31, 2001.

Many technology companies have had to write down their equity investments
this year in both private and public companies as stock valuations have declined
sharply. HP recorded an impairment loss – which it attributed to the global
economic downturn – of $365 million on its investments in both public and
private emerging market companies in the first quarter of fiscal 2001.

(C) Reuters Limited 2001

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