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Technology Stocks : Newbridge Networks

NN 15.80

+2.0%

2:59 PM EST

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To: Thomas Scharf who wrote (11144)	5/5/1999 1:08:00 AM
From: Glenn McDougall	of 18016

<<I have been long NN for 4 years. While it is clear that the vision from the top has been perfect (ATM is the future of teleco switching) but during that entire time they have consistently had poor manufacturing margins, even on the old TDM products.>> Hi Tom; I have been long Newbridge for over twice that time and I understand and agree with your statement. Terry sure knows where the market is going. <<The problems seem to be in middle management. Who is chief of operations? How long has he held the job. If there has been no change there in the last few years, it is about time that there was. If Alan Lutz is any good, some heads should be rolling very soon.>> His name is Bruce W. Rodgers EVP of Operations. To the best of my knowledge he has been in this position since the company was formed or just after. I am as mad as hell 2 Q's in a row where we had the deals and could not get them out the door. What a way to blow the Q. Your suggestion about changes being necessary are imho 100% correct and if for no other reason (and I am not suggesting that this is the case) changes need to be made to show investors that this problem is being addressed. Don't get me wrong Alan for one is doing a great job at getting the ducks lined up for booming ATM sales with all the new hires in the S&M areas and given that CISCO is having problems with their products and Ascend is only showing a 2-3% growth rate when we are in the 50% increase in ATM orders mode all looks well. We need to correct these problems in operations and do it now. Other companies can deliver on time so perhaps we need some outside help in the operations area to get us moving in the right direction. Changes must be made. Regards Glenn

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