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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Long John who wrote (45506)	6/21/1999 5:03:00 PM
From: Lee Walsh	Respond to of 120523

CS looks like it will go higher tomorrow beats estimates by .02 or .03 Cabletron Systems Announces First Quarter Results June 21, 1999 04:47 PM ROCHESTER, N.H.--(BUSINESS WIRE)--June 21, 1999--Cabletron Systems, Inc. CS today reported financial results for the first quarter of fiscal 2000, ended May 31, 1999. Net sales for the first quarter were $349.5 million as compared with $345.1 million in the fourth quarter of fiscal 1999 and $365.7 million in the first quarter of fiscal year 1999. On a pro forma basis, net income was $7.3 million, or $0.04 per diluted share. As illustrated in the table below, this compares to pro forma net income of $3.8 million in the prior quarter and a pro forma break even in the same quarter a year ago. The pro forma presentation excludes the amortization of intangible assets related to purchase acquisitions of $7.4 million ($5.3 million, net of tax), an inventory write-off related to the discontinuations of several product lines, $15.2 million ($10.0 million, net of tax) and one time restructuring charges of $23.7 million ($14.5 million, net of tax). For additional details on the Company's results, see the financial table accompanying this release. Including all charges, actual net loss, for the quarter ended May 31, 1999, was $22.5 million or $0.13 per share. This compares to an actual net loss of $12.7 million or $0.07 per share in fiscal Q4, 1999 and $154.6 million or $0.95 per share in fiscal Q1, 1999. "I am very pleased to announce our continued growth in operating income through increased sales and continued cost controls efforts," said Piyush Patel, chairman, president, and CEO. "This reflects the great dedication of my predecessor, Craig Benson, from the founding of the firm up until his retirement." Patel continued, "Looking forward I will continue to position the company in high growth revenue opportunities such as the emerging service provider market." BRT