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Technology Stocks : Advanced Fibre (AFCI) ** IPO -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (614)	7/3/1998 1:31:00 PM
From: Beltropolis Boy	Read Replies (2) \| Respond to of 3299

you two are making my stomach growl. i'm off to nantucket for an extended weekend next fri (alas, via air). gotta get me one of those pipin' hot bowls uh chowduh. for the record, GTE represented 19% of AFCI's '97 revenues. ----- The Motley Fool's Market Movers (Goats) July 1, 1998/FOOLWIRE/ -- Telecommunications systems manufacturer Advanced Fibre Communications (Nasdaq: AFCI) was pummeled today, losing $20 15/16 to $19 1/8 after warning that it will miss revenue and earnings expectations for the second quarter. With Q2 revenues projected at around $83.5 million, below the analysts' mean revenue estimate of $97.1 million, the company will come in with a 60% year-over-year revenue growth rate for the first half of 1998. Respectable, but it's not the 73% analysts were expecting. Meanwhile, Q2 EPS is expected to come in between $0.07 and $0.09, which will fall short of analysts' mean estimate of $0.17. In its press release, Advanced Fibre mentioned in passing the loss of its business with GTE (which accounted for 19% of its 1997 revenues), a material fact that doesn't seem to have been disclosed in any of the company's press releases over the last three quarters nor in its 1997 10-K filing. As if the earnings warning weren't bad enough, the company also announced the resignation of President and CEO Carl Grivner, who has become CEO of Western Hemisphere Operations for Cable & Wireless.