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Technology Stocks : ANTEC Corp. (ANTC) -- Ignore unavailable to you. Want to Upgrade?

To: DenverTechie who wrote (436)	10/21/1999 6:18:00 AM
From: kendall harmon	Read Replies (1) \| Respond to of 847

ANTC--comments from Unterberg Towbin yesterday Raising Numbers to Reflect Robust Sales to AT&T. Antec reported record Q3 1999 revenues of $237.2 million and EPS of $0.27 per diluted share. Revenues were well ahead of our $224.0 million estimate, but EPS was one penny shy of our $0.28 estimate, based on lower than expected gross margins Bookings reached a new high of $239.0 million, up 75% y/y, and backlog of $102.0 million was up 100% y/y Sales to AT&T were $105.0 million, up 153% y/y and 35% sequentially. significant portion of AT&T sales can be attributed to Arris's (Antec/Nortel Networks joint venture) cable telephony products, which experienced 71% sequential growth Optical transmission products, approximately 15% of revenues, increased 23% sequentially, and continue to experience record backlog levels Short-term drivers for the stock include upcoming announcement of a "Micro-Node" product and ramping sales of network powering product to AT&T We are raising our numbers to reflect robust sales to AT&T and strong outlook based on rising backlog and bookings **We are introducing 2001 estimates of $1.4 billion in revenues and $1.83 in EPS and setting a $64 price target based on a 35x multiple of estimated 2001 EPS.