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Technology Stocks : Veramark Technologies Inc. (Nasdaq: VERA) -- Ignore unavailable to you. Want to Upgrade?

To: J_W who wrote (193)	3/29/2000 9:14:00 AM
From: J_W	Read Replies (1) \| Respond to of 221

Veramark sees Q1 operating loss in excess of $2 mln PITTSFORD, N.Y., March 28 (Reuters) - Veramark Technologies Inc. (NasdaqNM:VERA - news) said on Tuesday that it expects first-quarter sales to be ``significantly below' year-ago levels, resulting in an operating loss in excess of $2 million in the period. ``This unexpected decline in sales occurred over several product lines and several customers including the company's largest customer, Lucent Technologies' (NYSE:LU - news)," David Mazzella, Veramark president and chief executive officer, said in a release. ``We are evaluating the reasons for the decline in sales and are taking steps to reverse it,' he added. ``Notwithstanding the decline in first quarter, we anticipate an increase in Veramark's revenues over the remainder of this year and a return to profitability by year-end.' Mazzella called Veramark's balance sheet ``strong,' with no debt and over $5.4 million in cash. Shares of Veramark, which designs, produces and services telecommunications management and billing systems, closed off 3/16 to 5-9/16 on the Nasdaq.