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Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (11674)	6/1/1999 6:15:00 PM
From: Rob C.	Read Replies (2) \| Respond to of 18016

Ian, dailynews.yahoo.com Tuesday June 1 5:22 PM ET Newbridge Delivers Disappointing Results OTTAWA (Reuters) - Newbridge Networks Corp. (NYSE:NN - news) delivered fourth-quarter results Tuesday in line with an earlier profit warning that had played havoc with the company's share price. The Ottawa-area firm, which produces digital networking gear, posted a fourth-quarter net loss of 11 cents a share versus a profit of 12 cents a share in the year-before quarter. Excluding charges and gains it posted a per share profit of 12 cents a share against 13 cents in the year-before quarter. Analysts had expected a profit of 21 U.S. cents a share excluding extraordinaries. Problems with the firm's supply chain were behind the shortfall, the company said. Newbridge reported other results in Canadian dollars. Sales were C$457 million in the quarter and profit was C$33 million, or 18 Canadian cents a share, excluding charges and gains. The results, for the period ended May 2, were in line with a May 4 profit warning that sent Newbridge shares into a tailspin. At the time, angry investors shaved the share value by more than a fifth, from C$53.60 to C$41.95, on the Toronto Stock Exchange. One-time gains were related to the initial and secondary public offering of shares of Newbridge affiliate Tundra Semiconductor Corp. Charges reflected one-time costs to streamline operations by cutting development of some mature products and closing some offices. For the year, Newbridge recorded sales of C$1.8 billion and a profit of C$162 million excluding nonrecurring items, or 91 Canadian cents a share. Investors were jittery about the results and plans to repair supply chain problems earlier in the day. The stock fell C$1.35 to close at C$40.15 on moderate trading on the TSE. The company's results were released after the market closed. ($1-$1.48 Canadian)