Here's my summary of the 1Q99 CC that dovetails the great job John did...

No Chuck; Pascoe, McBrayer, Flagg, and Kim
General financial info that can be found on the PR
Price erosion in T1; reflects 34% decrease from 1Q98; 8% higher volume shipped over same period
PG Family doing great; 75% growth over 1Q98; 15% sequential over 4Q98
Gross margin at 49%
$228M cash
Repurchased 200k shares; total now 1.2M shares repurchased
Investment in Anda that will enhance PG Family; new system solution
  will bring voice/data and increase capacity by 85% (Holy Smokes - my comment)
Avidia shipped; trials at several about a two dozen locations
PG2 released in March
HDSL2 product released

T1 => 54% of total revenue
PG => 31%
Megabit => 8%
Royalties/Technology 7%

Quarterly Information
T1 units flat; price erosion stable (3%)
International sales 10%; Latin America weak; Europe strong
$5M investment in Anda
"PAIR growing well in systems business, growth will be better once Avidia is fully introduced" Pascoe
Anda will target total solutions business
PAIR looking to partner with CLECs
Organization changes
New VP of international sales with voice/data/int'l experience
About to sign new North America VP of sales
Restructured sales team, focus on incumbant and new areas (CLECs & independents)
"Marketing more and more important" Pascoe
"Will teach CLECs how to leverage Avidia, higher density use" Pascoe
HiGain 98 approved across the board by all current customers
Better margin HDSL2 products available this Q; $ in 3Q
Nextlink and Level3 taking more products
Flex/Plus very strong; $100M/year & growing
Leverage with RBOCs to sell more
Avidia trials well; FCC/NSB/UL testing; final product to release this Q; $ in 2H99
Several dozen customers for Avidia
"PAIR transforming to systems business" Pascoe

Q&A to follow.