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BUSINESS
January 15, 1998
West Covina-based California State Bank posted fourth-quarter profit of $2.7 million, or 49 cents per share (diluted), compared with $2 million, or 37 cents per share (diluted), for the same period in 1996. . . . Cabletron Systems Inc. agreed to buy the 76% of Sunnyvale-based Yago Systems it doesn't already own for about $87.8 million in stock to acquire equipment that connects computer networks at high speeds. . . . Bay Networks Inc.
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BUSINESS
December 31, 1998 | Bloomberg News
Sun Microsystems Inc., a computer maker, and Bay Networks Inc., a maker of computer-networking equipment, have filed to sell 175,000 shares of high-speed Internet access provider @Home Corp., whose shares have almost tripled this year. Palo Alto-based Sun filed to sell 100,000 Class A shares, worth $7.85 million based on Tuesday's closing price of $78.50. Santa Clara-based Bay, which was purchased by Canadian phone equipment maker Northern Telecom Ltd. on Aug.
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BUSINESS
December 10, 1996 | Times Staff and Wire Reports
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.
BUSINESS
May 14, 1998 | From Bloomberg News
Bay Networks Inc. shares rose 16% on Wednesday after the company told analysts it rejected an acquisition offer from Northern Telecom Ltd. as too low but would consider higher bids. Bay stock rose $3.94 to close at $27.94 after earlier touching $28.56. NorTel shares fell $1.25 to $63.56. Both trade on the New York Stock Exchange. NorTel, like other telephone-equipment makers such as Lucent Technologies Inc.
BUSINESS
December 4, 1996 | Times Staff and Wire Reports
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.
BUSINESS
March 5, 1997 | Times Staff and Wire Reports
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.
BUSINESS
November 12, 1997 | Bloomberg News
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.
BUSINESS
January 22, 1998 | Bloomberg News
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.
BUSINESS
January 9, 1997 | Times Staff and Wire Reports
Bay Networks Inc. named David Rynne, Santa Clara-based Tandem Computers Inc.'s chief financial officer, its new CFO. The hiring is the third senior management change since October at Bay Networks, which is revamping operations to keep pace with its rivals. The Santa Clara maker of computer-networking equipment said Rynne will replace William Ruehle by the end of the month. Ruehle said last month that he would resign and hoped to join a smaller company.
BUSINESS
December 19, 1996 | Times Staff and Wire Reports
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.
BUSINESS
March 19, 1998 | Bloomberg News
Bay Networks Inc. shares rose more than 10% despite a warning by the company that its fiscal third-quarter earnings will lag expectations because of price cuts and slowing sales of a key networking product. Shares in the No. 3 networking equipment maker surged $2.50 to close at $26.50 on the New York Stock Exchange. After the company's warning late Tuesday, the shares fell as low as $24 in composite trading, 29% lower than their 1998 high on Feb. 27.
BUSINESS
March 18, 1998 | Bloomberg News
Bay Networks Inc. said fiscal third-quarter revenue will fall below the previous quarter's, hurt by price cuts on key networking products and weaker-than-expected sales. The No. 3 computer-networking company said revenue in the quarter ending in March will be 10% less than the $645 million it reported in the quarter ended in December. Bay has cut prices on its switches that use so-called fast Ethernet technology amid increasing competition from larger rivals Cisco Systems Inc. and 3Com Corp.
BUSINESS
January 22, 1998 | Bloomberg News
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.
BUSINESS
January 15, 1998
West Covina-based California State Bank posted fourth-quarter profit of $2.7 million, or 49 cents per share (diluted), compared with $2 million, or 37 cents per share (diluted), for the same period in 1996. . . . Cabletron Systems Inc. agreed to buy the 76% of Sunnyvale-based Yago Systems it doesn't already own for about $87.8 million in stock to acquire equipment that connects computer networks at high speeds. . . . Bay Networks Inc.
BUSINESS
January 7, 1998 | From Bloomberg News
Bay Networks Inc. has formed an alliance with NetSpeak Corp. to develop and sell technology that allows voice, fax and video transmissions to be carried over the Internet. As part of the agreement, computer-networking equipment maker Bay Networks will pay about $37.6 million for a 9% stake in NetSpeak, which makes software for the Internet phone technology.
BUSINESS
November 12, 1997 | Bloomberg News
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.
BUSINESS
March 18, 1998 | Bloomberg News
Bay Networks Inc. said fiscal third-quarter revenue will fall below the previous quarter's, hurt by price cuts on key networking products and weaker-than-expected sales. The No. 3 computer-networking company said revenue in the quarter ending in March will be 10% less than the $645 million it reported in the quarter ended in December. Bay has cut prices on its switches that use so-called fast Ethernet technology amid increasing competition from larger rivals Cisco Systems Inc. and 3Com Corp.
BUSINESS
December 31, 1998 | Bloomberg News
Sun Microsystems Inc., a computer maker, and Bay Networks Inc., a maker of computer-networking equipment, have filed to sell 175,000 shares of high-speed Internet access provider @Home Corp., whose shares have almost tripled this year. Palo Alto-based Sun filed to sell 100,000 Class A shares, worth $7.85 million based on Tuesday's closing price of $78.50. Santa Clara-based Bay, which was purchased by Canadian phone equipment maker Northern Telecom Ltd. on Aug.
BUSINESS
August 20, 1997 | From Bloomberg News
Bay Networks Inc. said Tuesday that revenue and earnings for its fiscal first quarter will exceed analysts' expectations because of strong sales and orders. The news pushed its shares up nearly 10%. The Santa Clara-based firm's rosy predictions mark the first time this year that a big computer-networking company has publicly advised analysts to raise their estimates. Bay Networks said orders for the first seven weeks of the quarter ending Sept. 26 are running well ahead of forecasts.
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