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Pairgain Technologies Inc

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BUSINESS
May 6, 1997 | GREG MILLER
There's a saying at PairGain Technologies Inc. that copper phone lines may be buried, but they're not dead. That aphorism helps explain the company's phenomenal profit growth last year. Tustin-based PairGain makes devices that help turn copper phone lines into high-speed data lines. The technology has been a breakthrough for phone firms that are faced with surging demand for high-speed data lines but want to avoid the cost of installing fiber-optic cables.
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BUSINESS
June 29, 2000 | Times Staff and Wire Reports
ADC Telecommunications Inc. completed its acquisition Wednesday of PairGain Technologies Inc., the Tustin-based pioneer of high-speed communications devices that became mired in scandal and disappointing financial results in recent years. PairGain's operations are scheduled to remain in Tustin, but the company's name is being dropped. The stock last traded Tuesday on Nasdaq, closing at $34.19, down $2.19.
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BUSINESS
June 27, 2000 | Dow Jones
Shareholders of PairGain Technologies Inc. on Monday approved ADC Telecommunications Inc.'s acquisition of the Tustin manufacturer of telecommunications equipment in a $1.51-billion stock swap. Stocks of both companies set 52-week highs in Nasdaq trading after the announcement. PairGain shares hit $38 before settling back to close at $36.38, up $2.56. ADC's stock rose $6.19 to $85. The transaction is scheduled to be completed by the end of the week.
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
September 14, 1999 | (Jonathan Gaw)
Data Networking Firm Officials at Tustin-based PairGain Technologies Inc. said Monday that revenue will fall as much as 20% below expectations this quarter and that the company will post a quarterly loss for the first time in four years. Saying that the company was "at a low point" in its core business of high-speed data networking products, chief executive Michael Pascoe said the revenue drop resulted from increased competition and a hole in its sales team that has recently been filled.
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
June 8, 2000 | KAREN ALEXANDER
Lest it seem that executives from chip makers Broadcom Corp. and Conexant Systems Inc. are the only wealthy techies in Orange County with an interest in education, PairGain Technologies Inc.'s Chairman Charles S. Strauch and his wife, Nan, have pledged $2 million to Landmark College in Putney, Vt. PairGain, located in Tustin, designs and manufactures networking systems for digital subscriber lines.
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.
BUSINESS
May 24, 2000 | Dow Jones
Shareholders of PairGain Technologies Inc. are scheduled to vote June 26 on ADC Telecommunications Inc.'s proposed $1.51-billion acquisition of the Tustin manufacturer of telecommunications equipment. Minneapolis-based ADC agreed in February to acquire PairGain in an all-stock deal. ADC develops software and hardware systems used by telephone companies and cable TV operators.
BUSINESS
May 9, 2000
A Minneapolis company's proposed acquisition of Tustin-based telecommunications equipment manufacturer PairGain Technologies Inc. has cleared a federal regulatory hurdle, PairGain said Monday. The proposed acquisition by rival ADC Telecommunications Inc. has cleared a waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act. The deal, valued at $1.6 billion in stock at the time it was announced in February, is expected to be wrapped up July 31.
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
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 24, 2000 | P.J. HUFFSTUTTER and ROBIN FIELDS, TIMES STAFF WRITERS
PairGain Technologies Inc., a pioneer of high-speed communications devices, agreed to be acquired by a rival for $1.6 billion in stock, heralding the start of a predicted round of mergers among digital network-equipment makers. The Tustin company and ADC Telecommunications Inc. in Minneapolis said Wednesday that PairGain operations will be folded into ADC.
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