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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: Howard Feinstein who wrote (60737)	4/11/1999 9:00:00 PM
From: tajen	Read Replies (1) of 61433

"revenue from continuing operations grew only 3 percent in the fourth quarter" I am very uncomfortable with this news. Lucent's Earnings Strength Questioned by Fund Manager, NYT Says New York, April 11 (Bloomberg) -- Olstein Financial Alert mutual fund manager Robert Olstein questioned the strength of Lucent Technologies Inc.'s earnings, saying much of its recent profit growth stems from favorable accounting techniques, the New York Times reported in its ''Market Watch'' column. During the past two years, Lucent wrote off $2.5 billion of research and development expenses for companies it acquired, and about $200 million of Lucent's $480 million revenue increase in the fourth quarter came from reconsolidating its terminated joint venture with Royal Philips Electronics NV, Olstein said. While ''Lucent is a great company,'' revenue from continuing operations grew only 3 percent in the fourth quarter, he told the newspaper. Over the past three years, Lucent's stock price rose an average 101 percent annually, and Olstein's mutual fund averaged a 23 percent total return. (NYT 4/11 3-1 www.nytimes.com)

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