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Technology Stocks : Newbridge Networks

NN 12.62

-0.2%

3:48 PM EST

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To: Chris Stovin who wrote (3309)	2/24/1998 6:58:00 PM
From: nick cash	Read Replies (2) of 18016

chris..... you are not wrong. NOBODY expected a charge of this size. my reaction when i read it...a 4 letter word that starts with an f. time for t m to write a new book "how to turn a $100mm acquisition into a $500mm loss". the $181mm includes write off of goodwill assos with the ost acq. of a couple years ago. they said it's a "rather large #" (the ost charge) but didn't nail it down. maybe off line they'll give a real # for that. i cannot figure out how the charge could be this large. nothing positive on the call that i heard. more alluding to coming tenders by tm-what else is new. terry is a broken record in that regard. company is looking at flat op ex going forward next 2-3 quarters to bring in line w/revenues. i view this negatively as i feel that s g and a should be DECLINING especially with the layoffs and this huge f$@&$&*& charge. i for one am not impressed and am glad that i have yet to buy back in. market reaction tomorrow...... i really don't know. i'm sure i am not the only one dumbfounded by the size of the charge and disappointed that op ex are not dropping. whether revenue growth rebounds quickly or not, their op ex are too damn high. also alluded to op ex growth continuing in 3 qtrs or so once within their 36% goal (too high imo as i'm sure you have gathered). gotta go. will try to post again in a few days. all imo only....nick

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