December 10, 1996 |
Bay Networks Inc.'s new chairman said he expects the No. 3 networking company's earnings to be "flattish" until it straightens out problems involving employees and customers. David House, the former Intel Corp. executive who was hired at the Santa Clara-based company in October, said he's conducting an extensive evaluation inside and outside Bay. Bay had profit from operations of 25 cents in its fiscal first quarter.
January 22, 1998 |
Bay Networks Inc. shares fell about 10.5% after the Santa Clara-based company reported slower-than-expected sales growth for several products. Shares of Bay, the No. 3 maker of computer-networking equipment, fell $2.56 to close at $27 in New York Stock Exchange trading.
December 4, 1996 |
Bay Networks Inc. said its chief financial officer, William Ruehle, will resign, the second management change since the computer networking company named an Intel Corp. executive as its chairman and president. The Santa Clara-based company said Ruehle, 54, will step down as CFO and executive vice president as soon as a successor is found. Ruehle said he is leaving in hopes of joining a smaller company. Bay named Intel veteran David House its chairman, president and chief executive on Oct. 30.
March 5, 1997 |
Bay Networks Inc., former Chief Executive Andrew Ludwick and other executives have been named in a shareholder lawsuit charging them with making misleading statements about the company before a disappointing earnings report. The suit was filed in U.S. District Court in San Francisco. Bay Networks shares fell $3.375, or 14%, to $20.875 on Oct. 15 after the company posted fiscal first-quarter earnings of 3 cents a share. Analysts had been expecting the Santa Clara-based company to earn 29 cents.
December 19, 1996 |
Santa Clara-based Bay Networks Inc., keeping up with rivals in the computer networking business, said it paid $99 million in cash and stock to buy closely held NetICs Inc. The acquisition gives Bay Networks a line of devices called Fast Ethernet switches that are becoming increasingly popular with computer technicians for speeding up the flow of information through corporate computer networks. Bay Networks' rivals Cisco Systems Inc. and 3Com Corp.
November 12, 1997 |
Rockwell International Corp. said it sued Bay Networks Inc., alleging that Bay Networks breached an agreement letting it make computer-networking equipment using Rockwell's modem technology. Billerica, Mass.-based Bay Networks makes remote-access products for Internet service providers and phone companies to handle calls from millions of customers. It's remote-access products can use either Rockwell's K56flex technology or 3Com Corp.'s rival X2 technology.