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To: David Lawrence who wrote (16729)	7/21/1998 2:50:00 AM
From: Scrapps	Respond to of 22053

Bay earnings on target Computer networking company earns 9 cents in fourth quarter July 20, 1998: 8:37 p.m. ET Bay Networks SANTA CLARA, Calif. (Reuters) - Bay Networks Inc., a developer of networking equipment, reported on-target fourth-quarter earnings, fueled by sales of its new network switches. Bay reported net income of $20.6 million, or 9 cents a diluted share, versus a loss of $118 million, or 59 cents a diluted share, a year ago. Revenues grew 14 percent to $618.3 million from $543 million. The fourth quarter included a charge of $7 million, or about 3 cents a share, for in-process research and development charges related to two acquisitions, Netwave Technologies Inc. and Phase2 Networks, completed in the fourth quarter. Excluding the charge, Bay reported pro-forma net income of $27.6 million, or 12 cents a share, exactly in line with the Wall Street consensus estimate, according to First Call, which tracks analysts' estimates. Bay said that new products contributed more than 55 percent of revenues for the third consecutive quarter, fueled by switching products, which grew 87 percent year-over-year. Network switches are devices that direct the flow of data on a computer network. "We believe that the work we accomplished over the past fiscal year -- specifically re-energizing the product line, strengthening the product development cycle and implementing major steps in our adaptive networking strategy -- positions the company for continued growth," Dave House, Bay's chairman and chief executive, said in a prepared statement. Bay said its revenues for fiscal 1998, which ended June 27, were a record. Its fiscal 1998 revenues were $2.41 billion, up 15.2 percent from fiscal 1997 revenues of $2.09 billion. Bay reported a net loss for fiscal 1998 of $34.8 million, or 16 cents a share, due to charges related to charges for in-process research and development and for the cumulative effect of a change in its accounting principles. In fiscal 1997, Bay also had a net loss, including charges related to acquisitions, restructuring and severance packages, of $285 million, or $1.46 a share. Excluding charges, net income for fiscal 1998 was $145.7 million, or 65 cents a share. In June, Northern Telecom Ltd. agreed to acquire Bay Networks for $9.1 billion, in an all-stock transaction. The deal is still pending government regulatory approval.

To: David Lawrence who wrote (16729)	7/21/1998 9:22:00 AM
From: Moonray	Read Replies (1) \| Respond to of 22053

Diamond Multimedia Expands Modem Market Share; Diamond Now Ranks as Second-Strongest Player in Retail 09:05 a.m. Jul 21, 1998 Eastern VANCOUVER, Wash.--(BUSINESS WIRE)--July 21, 1998--Diamond Multimedia Systems Inc. (NASDAQ:DIMD), a leader in interactive multimedia acceleration, today announced its No. 2 ranking in retail modem sales. "Diamond Multimedia Systems Inc., with its Supra brand modems, was one of the few vendors able to increase its worldwide volumes and its ranking in both North America and worldwide," stated the July 13, 1998 report, 1998 Modems Market Share and Forecast, by Dataquest, a leading industry research firm. Dataquest's report goes further to say, "Diamond has passed Hayes Microcomputer Products Inc. and now has the second-strongest position of the retail players, after 3Com." guide-p.infoseek.com o~~~ O