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Technology Stocks : FORE Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Elmer Flugum who wrote (10200)	1/19/1999 4:47:00 PM
From: Tom Gebing	Respond to of 12559

FORE Systems, Inc. Announces Third Quarter Financial Results PR Newswire - January 19, 1999 16:23 go2net.newsalert.com PITTSBURGH, Jan. 19 /PRNewswire/ -- FORE Systems, Inc. (Nasdaq: FORE) today announced final financial results for its fiscal third quarter ended December 31, 1998. Revenue for the third quarter of fiscal 1999 totaled $158.7 million, or an increase of 30% over revenue of $122.1 million reported in the previous year's fiscal third quarter. Net income and earnings were $11.1 million and $.10 per diluted share, respectively, as compared to $10.1 million and $.10 per diluted share reported during the previous year's fiscal third quarter. Revenue for the nine-month period ended December 31, 1998 totaled $444.2 million, or an increase of 36% over revenue of $327.2 million reported for the same period during the previous fiscal year. Excluding purchased research and development costs and restructuring charges relating to the September 1998 acquisition of Berkeley Networks, net income and earnings for the nine-month period ended December 31, 1998 were $35.0 million and $.32 per diluted share, respectively, as compared to $22.0 million and $.22 per diluted share reported during the same year-ago period. "I'm pleased to report record revenue and solid operating results for our fiscal third quarter, reflecting continued strength in our overall business," said Thomas J. Gill, President and Chief Executive Officer of FORE Systems. "In particular, our service provider core ATM switching revenue grew by more than 150% sequentially, fueled by shipments of our ASX(TM)-4000, which was released for volume production in October." During the quarter, FORE Systems introduced a new family of multi-gigabit Application Aware(TM) routing switches, the ESX(TM)-2400 and the ESX-4800. Both switches employ FORE's innovative networking architecture to deliver new levels of application predictability and wire-speed security. "Our outstanding product line continues to win significant industry awards and distinctions," added Gill. "The ESX-4800 was recently tested by Strategic Networks as routing 38 million packets per second -- the fastest routing switch they have ever tested. In addition, the ESX-2400 received Best of Show honors at the most recent NetWorld+Interop trade show in Sydney, Australia. Finally, our highly successful ForeRunner(R) ASX-1000 backbone switch helped FORE win InternetWeek's Best of Breed award at an asynchronous transfer mode (ATM) solutions test held earlier this year." FORE also announced several important customer relationships in a variety of business areas during the quarter including National Oceanic and Atmospheric Administration (NOAA); Health First, Inc.; China Guangdong Provincial Cable and Development Dimensions International. About FORE Systems FORE Systems is a leading global supplier of ATM networking solutions based on an Intelligent Infrastructure(TM) designed to handle the networked applications of today and tomorrow. FORE's Networks of Steel(TM) deliver the increased capacity, reduced complexity and unparalleled flexibility and scalability necessary to build networks that last. Thousands of enterprise and service provider customers worldwide have put FORE Systems' solutions at the heart of their networks. For more information on FORE's Networks of Steel, call 888-404-0444 or visit the FORE Systems web site at fore.com. Investor Relations can be reached at 800-713-1734. This press release contains forward-looking statements with respect to future growth, products, partners, customers and other matters. Please refer to the Annual Report on Form 10-K filed by FORE Systems with the Securities and Exchange Commission in June, 1998, and the Quarterly Reports on Form 10-Q filed by FORE Systems in August and November, 1998, for a discussion of risks that could cause actual results to differ materially from such statements. All FORE Systems' editorial information and graphics can be found on NEWSdesk, the high-tech Internet Network at newsdesk.com. FORE Systems and ForeRunner are registered trademarks of FORE Systems, Inc. ESX, ASX, Intelligent Infrastructure, Networks of Steel and Application Aware are trademarks of FORE Systems, Inc. All other brand or product names are trademarks or registered trademarks of their respective holders. FORE SYSTEMS, INC.