New CEO Optimistic RadioShack Can Rebound
Joe Magnacca made his first public statements Tuesday as RadioShack's new CEO, telling stock analysts that he's bullish on the 94-year-old company, citing its iconic brand and thousands of stores that dot the national landscape.
Like his predecessors, Magnacca's maiden financial teleconference was full of bad numbers. Punished by lower mobile phone sales, RadioShack said it lost $63 million during its fourth quarter, compared to a $12 million net profit for the same period the year before.
The loss, which works out to 4 cents a share, was not as bad