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Technology Stocks : TLAB info? -- Ignore unavailable to you. Want to Upgrade?

To: Bob Martin who wrote (2380)	4/15/1998 6:03:00 PM
From: Bob Martin	Read Replies (4) \| Respond to of 7342

Well, I just got back from the meeting. It lasted about 90 minutes, including questions. Not a whole lot of earth-shattering news, with the following possible exceptions: 1) no split was announced. It was quite humorous, though, when a lady asked Mike Birck during the Q&A "I think TLAB might split this summer. What do you think?" The whole place had a nice, hearty laugh, and then Mike said "Next question!" 2) Mike announced a new stretch objective to replace $2B by 2K (since it is so obvious that it will happen). He said the plan is now to be one of the top 3 telecom/data equipment makers in the world by 2003. No decision has been made yet on exactly what the metrics will be to determine the ranking, but that will be forthcoming. To illustrate how far we have to go: using market cap, LU and CSCO are both well over $100B, TLAB is $12B, using sales, Siemens is over $60B, TLAB is $1.2B, so however you want to look at it, it's definitely a stretch objective. 3) Followup to #2, he was asked if he would be around until 2003 to see this plan through. He said he we could count on him being around for most of this time, he has no other current plans. 4) TLAB is now working with a venture capital firm, looking for strategic investments in startups which fit smartly with our current plans and objectives. 5) TLAB is looking for strategic acquisitions, since the growth we anticipate in the next several years will require it. 6) TLAB is NOT looking to be acquired, and anybody who tries will have a fight. That's all I can think of for now. Three presentations were given, by Mike, Brian Jackman, and John Vaughan. For any of you who have read the annual report or listened to the conference calls, it was pretty standard fare, citing past growth and looking to the new areas to help us keep growing. Also, both matters were approved: board members Mike Birck and Fred Kreihbel were re-elected, and the new stock option plan was approved, both by landslide margins. Hope this is useful, Bob Martin