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Dow Jones Newswires -- July 7, 1999
DJ Redback CEO: Co. Is Only 'Pure' Broadband Access Play
NEW YORK (Dow Jones)--One reason investors have flocked to the supernova stock of
Redback Networks Inc. (RBAK) is that the network equipment maker is the only "pure
broadband access play," said Chief Executive Dennis Barsema.
"We are not just (direct subscriber line)-centered," Barsema told CNBC in an interview
Wednesday. "We do DSL, we do cable access, we do wireless access. We do all forms
of broadband access."
Redback Networks makes the products Internet service providers use to connect
customers to the Web. Its initial public offering has soared 554%, making it the best
performing issue that debuted during the second quarter.
The stock, which priced at $23 on May 18, recently traded at 150 1/2, down 2 5/8, or
1.7%. It has been as high as 163.
Barsema said the Redback's first-mover advantage coupled with its successful product
has given it an edge on its competitors.
"We started shipping our products in the beginning of 1998," he said. "Our competition
came into the market about 3 to 4 months ago in terms of shipping products."
The Sunnyvale, Calif., company has shipped 600 systems and has 85 customers to date,
he said.
-Marcelo Prince; 201-938-5394 |
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