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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF
COMS 0.001600.0%Jan 2 9:30 AM EST
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To: ChinuSFO who wrote (5728)9/24/1997 1:04:00 PM
From: Moonray   of 22053
 
3Com earnings match Street view

Updated: Wed Sep 24 11:25:02 1997

3Com Corp. shares edged higher Wednesday morning after the
company met Wall Street earnings expectations but warned of
potential problems in its second quarter. In a conference call,
3Com said inventory in the distribution channel and postponement
of a standard for 56Kmodems may cause shipment delays in the
second quarter. Analysts were mostly positive on the company due
to strong growth across product lines and renewed health in the
networking industry. Michael Geran, an analyst at the Pershing
Division of Donaldson Lufkin & Jenrette, has a long-term buy
rating on 3Com. "They merged 2 companies and the place didn't
blow up -- that's a good sign!," Geran said. He is paying
particular attention to the company's modem business and price
declines in adapter cards. However, he expects the most strength
in the second half of the company's fiscal year. Excluding
one-time charges associated with the takeover of U.S. Robotics,
which closed on June 12, pro forma net income for the quarter
was $172.2 million, or 48 cents a share, right in line with the
consensus estimate provided by First Call. That compared with
earnings of. $152.0 million, or 43 cents a share, in the
year-ago quarter. Including the pretax merger-related charge of
$426.0 million, the net loss for the quarter was $146.8 million,
or 43 cents a share. Sales increased 28 percent to $1.6 billion.
3Com shares rose 1 3/8 to 53 3/8.

dbc.com

o~~~ O
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