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Technology Stocks : Ascend Communications (ASND)

ASND 210.50

+0.5%

Nov 21 9:30 AM EST

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To: gbh who wrote (56214)	10/20/1998 12:40:00 PM
From: Immi	Read Replies (1) of 61433

Ascend CEO Says Wall St. 'Does Not Understand' Write-Down NEW YORK (Dow Jones)--Ascend Communications Inc.'s (ASND) Chief Executive Mory Ejabat said "Wall Street does not understand" its write-down for loans to customers. The chief executive and president told CNBC Tuesday that the company was continuing accounting practices it had practiced "since 1993." As reported, Ascend shares fell 11% Tuesday on concerns over an $8.7 million write-down in the third quarter. The chief executive explained that when Ascend provides financing for customers, it writes the money off. "All financing we have is written off," Ejabat emphasized. Only when customers pay the bills for the financing does the company record the money, Ejabat said. Separately, Ejabat said the company is not in "active discussions" with any company regarding a takeover. "There has not been an offer for Ascend, but if an offer comes, we'll take it to the board," Ejabat said. -By Jessica Madore Fitch; 201-938-5172

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