BlackBerry Cancels Friday's Earnings Call

Before you go, we thought you'd like these...
Before you go close icon

Citing the letter of intent to be acquired for $9 a share signed Monday with a consortium led by its largest shareholder, Fairfax Financial , BlackBerry  has opted to cancel its conference call and webcast following the 7 .a.m EST release of Q2 earnings this Friday, the company announced yesterday.

Complete second-quarter financial results will be released Friday at 7 a.m. BlackBerry said additional information regarding its Q2 will be released next week when it files a "Management Discussion and Analysis," along with consolidated financial statements.

BlackBerry announced preliminary Q2 earnings on Sept. 20, which included an inventory write-off of nearly $1 billion, an estimated $1.6 billion in revenues for the quarter, and sales of approximately 3.7 million smartphones.

On Monday, BlackBerry announced that Fairfax Financial, led by former BlackBerry board member Prem Watsa, had offered to take the company private in a deal valued at $4.7 billion.

Fairfax, BlackBerry's largest shareholder, with a 10% stake, is trying to attract other investors. BlackBerry shares on Wednesday lost 6%, closing a dollar below Fairfax's bid on fears the deal won't happen.

There is no breakup fee should Fairfax walk away, but Watsa told The Associated Press his firm is not in the business of making an offer and then walking away or redoing the deal.

Watsa said Fairfax won't be contributing more to the bid than the 10% it already owns.

"The 10% is like $500 million. It's a significant amount of money," he said. "We're going to bring equity partners and we think the company will be very well-capitalized."

He declined to name the other investors he is trying to bring in.

-- Material from The Associated Press was used in this report.


The article BlackBerry Cancels Friday's Earnings Call originally appeared on

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading