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Lantronix to Buy Software Maker

The Irvine firm's deal with Lightwave Communications is expected to close in May.

April 11, 2001|Dow Jones and Reuters

Lantronix Inc. said Tuesday that it has signed a tentative agreement to acquire a Connecticut company that makes console management software. Terms of the proposed cash and stock deal were not disclosed.

The Irvine maker of network device servers said in a press release that its acquisition of Lightwave Communications in Milford, Conn., is expected to close by the end of May, subject to various closing conditions. Lantronix said both companies' boards have approved the transaction.

Under the agreement, all Lightwave employees will remain with the company.

Lantronix expects the purchase to raise operating earnings by 4 cents to 5 cents a share for the fiscal year ending June 30, 2002.

The company's chief financial officer also said that Lantronix expects third-quarter earnings to meet or beat Wall Street estimates.

Steve Cotton said the company was very comfortable with the 3 cents a share estimated by analysts in a survey by First Call/Thomson Financial.

The stock rose 54 cents to $6.24 a share in Nasdaq trading.

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