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Pairgain Technologies Inc

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BUSINESS
June 6, 2000 | Dow Jones
PairGain Technologies Inc. said Monday it signed a deal with a distributor to sell its Avidia networking system through Riodata, which provides high-speed Internet services to European companies. The Tustin telecommunications company said the five-year agreement with PanDacom GmbH, a PairGain Distributor, is valued at up to $100 million.
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BUSINESS
April 14, 2000
The Tustin manufacturer of networking systems reported first-quarter net income of $189.4 million, or $2.46 a share, which included a gain of $328.6 million from the sale of its microelectronics group. Without the gain and certain nonrecurring expenses, the company had an operating loss of $15.9 million. In last year's first three months, the company earned $4.2 million, or 6 cents a share. Quarterly revenue slipped slightly to $60.7 million from $60.9 million.
BUSINESS
April 14, 1998
Increasing sales of its data transmission enhancing products helped PairGain Technologies Inc. post a 7% profit increase to $12.2 million from $11.4 million for its fiscal 1998 first quarter. The telecommunications products maker said revenue for the period rose to $72.6 million from $70.7 million. PairGain's profit was equal to 16 cents a share, up from 15 cents a share a year earlier. PairGain makes products that enable data to be sent at high speed on unimproved copper telephone lines.
BUSINESS
September 3, 1999 | Bloomberg News
PairGain Technologies Inc. said it has agreed to plead guilty to improper accounting and will pay a $1.4-million penalty related to 1995 investments with a Beverly Hills money management firm. As a result of the faulty accounting, PairGain's books did not accurately reflect the value of its investments with S. Jay Goldinger and his firm, Capital Insight Inc. The money management team lost about $100 million of client funds, including $15.
BUSINESS
July 11, 1997 | (Bloomberg News)
The price of PairGain Technologies Inc. shares fell 9% Thursday after the telecommunications equipment maker reported second-quarter earnings that didn't meet analysts' estimates. In addition, UBS Securities Inc. in New York downgraded the company's stock to "hold" from "buy" as it lowered PairGain's earnings estimate this year to 63 cents a share from 68 cents. PairGain's stock fell $1.69 a share to close at $16.
BUSINESS
September 11, 1999 | Jonathan Gaw
PairGain Technologies Inc. warned that its earnings for the third quarter will fall "well below" expected results because of sluggish sales in its core lines of telecommunications equipment. The announcement came after U.S. markets closed, a session that saw the Tustin-based company's stock surge 23% in heavy trading on a report that PairGain was close to securing a contract to supply MCI WorldCom Inc. with communications equipment.
BUSINESS
March 3, 2000 | Dow Jones
PairGain Technologies Inc. in Tustin said it agreed to acquire the optical products unit of ABL Canada Inc. for $10.4 million in cash. The deal is expected to be wrapped up this month, according to PairGain, a telecommunications equipment maker that is being acquired by Minneapolis rival ADC Telecommunications Inc. PairGain expects all 15 employees of the optical products unit to join the company. ABL Canada in Montreal provides video systems and services.
NEWS
February 24, 2000 | P.J. HUFFSTUTTER and ROBIN FIELDS, TIMES STAFF WRITERS
PairGain Technologies Inc., a pioneer in high-speed Internet communications and one of Orange County's major public companies, will be bought by a Minneapolis rival for $1.6 billion in stock. The purchase by ADC Telecommunications Inc., announced Wednesday, is expected to trigger a round of mergers among digital network-equipment makers.
BUSINESS
February 4, 2000 | P.J. Huffstutter
Despite shrinking profit margins, financially troubled PairGain Technologies Inc. still managed to outperform Wall Street's expectations when it released its fourth-quarter earnings Thursday. For the final three months last year, the Tustin company reported a profit of $1.3 million, or 2 cents a share, a 64% drop from earnings of $3.6 million, or 5 cents a share, for the previous year's last quarter. The results still were better than Wall Street was expecting.
BUSINESS
January 18, 2000 |
PairGain Technologies Inc. said Monday its Avidia System was picked to provide digital subscriber line, or DSL, service in southern Wisconsin. The Tustin telecommunications company said Chorus Communications Group Ltd.'s Mid-Plains Inc. chose the company's system. Financial terms weren't disclosed.
BUSINESS
December 4, 1999 | Bloomberg News
PairGain Technologies Inc. said it will cut an undetermined number of jobs from its 700-member work force and contract out some manufacturing to Monterrey, Mexico, by July to reduce costs. The telephone equipment maker said it hasn't determined how many workers it will fire at its headquarters in Tustin. The company has warned twice in the last year that earnings would miss forecasts as it lost business and cut prices to compete with rivals.
BUSINESS
December 4, 1999 | JONATHAN GAW, TIMES STAFF WRITER
Tustin-based PairGain Technologies Inc., which has seen its profit margins squeezed this year by competitors, said Friday that it is moving most of its manufacturing operations to Mexico. Company officials said that fewer than 100 of its 600 employees in Orange County would lose their jobs. PairGain has more than 800 employees worldwide. The company said the transition, which began last month, would be completed by the middle of next year.
BUSINESS
November 16, 1999 | Times staff and wire Reports
PairGain Technologies Inc., the Tustin-based telecommunications equipment maker, said Monday it planned to sell its microelectronics engineering development group. The company said the sale will let it focus on developing equipment that enables telecommunications carriers to handle various types of traffic, including voice and data. Broadview International is advising the company on the sale of the microelectronics division, which employs 40 engineers.
BUSINESS
November 9, 1999 | JEFF LEEDS, TIMES STAFF WRITER
A federal grand jury has indicted former investment broker S. Jay Goldinger on four counts of wire fraud in connection with an alleged scheme to use clients' funds to cover his trading losses in 1994 and 1995, U.S. officials said Monday.
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