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.
January 15, 1997 |
Bay Networks Inc. said Tuesday that its fiscal second-quarter profit from operations fell 74%, the fourth straight quarter the computer networking company's results have fallen below Wall Street forecasts. The Santa Clara-based company said profit from operations for the quarter ended Dec. 31 fell to $19.2 million, or 10 cents a share, from $72.9 million, or 38 cents, from the year-earlier period. Pretax charges totaling $207.2 million resulted in a bottom-line loss of $172.
November 12, 1997 |
Rockwell Semiconductor Systems said Tuesday that it has filed a lawsuit alleging that Bay Networks Inc. breached an agreement allowing it to make computer networking equipment using Rockwell's modem technology. Bay makes networking equipment using technology from both Rockwell and Rockwell rival 3Com Corp. The two companies are locked in a bitter fight to win new customers.
August 20, 1997 |
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.
March 19, 1998 |
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.
June 16, 1998 |
Northern Telecom, North America's No. 2 telephone equipment maker, agreed to buy Bay Networks, the No. 3 maker of networking products, for $7.27 billion in stock. Santa Clara-based Bay makes equipment that connects computers to corporate networks and the Internet, competing against Cisco Systems Inc. and 3Com Corp. As its larger rivals shipped newer products, sales of Bay's older gear plunged this year and fierce price competition has cut into its profits.
May 13, 1998 |
Bay Networks Inc. told analysts it rejected an acquisition offer from Northern Telecom Ltd. as too low but would consider higher bids from NorTel or other suitors. "It's no longer a question of whether they [Bay] are for sale; it's now a disagreement over price," said Kevin Fong, a partner with venture capital firm Mayfield Fund. Fong said he spoke to Bay executives about the offer.
December 31, 1998 |
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.
January 7, 1998 |
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.
September 7, 1995 |
Bay Networks, a company that links computer networks, said Wednesday that it is buying Xylogics Inc., so it can offer remote workers the means to stay linked to their office systems. The planned buyout is in the form of a stock swap valued at about $330 million. News of the deal sent Xylogics stock up as much as 37% to $50.75, before closing up $11.875 at $48.875 on Nasdaq. Bay Networks fell $1.375 to $48.875, also on Nasdaq. Xylogics, based in Burlington, Mass.