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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play?
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To: Skeeter Bug who wrote (1920)9/12/1997 1:05:00 PM
From: Linda Kaplan   of 3431
 
====================================================================== NEW YORK, Sept 12 (Reuter) - The chief executive of Glenayre Technologies Inc said Friday that a drop in the company's share price could be due to Motorola Inc's (NYSE:MOT) warnings about weakness in two big pager markets. In early-afternoon trading, shares of Glenayre, a leading provider of paging infrastructure and equipment, were off one point at 15-3/16 on volume of 876,000 shares, nearly four times the daily average. "We suspect it could have something to do with the Motorola announcement," said Glenayre Chief Executive Gary Smith. Motorola shares took a beating Friday after the company issued a third quarter earnings warning, citing a larger-than-normal seasonal downturn in the pager market in China and continuing struggles in the U.S. paging market. Glenayre claims to have more than 70 percent of the paging infrastructure market worldwide. Smith said 40 to 50 percent of the company's sales last year came from international business. He said this figure is expected to increase in the future. Smith declined to say what percentage of Glenayre's international business comes from China, and he also declined to comment on U.S. sales. But he said Glenayre's business from Asia in the first half of 1997 was up more than 70 percent from the first half of 1996. "Paging growth has a lot to do with penetration in the markets, and we think there's a lot of room for growth in China," Smith said. "We've had a good first half in Asia and we're optimistic about the future of China and Asia in general," he said. Copyright 1997, Reuters News Service
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