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January 15, 1997updated 05 Sep 2016 12:58pm

CHARGES AND WRITE-OFFS LAND BAY IN THE RED

By CBR Staff Writer

New Bay Networks Inc chief executive Dave House has warned that earnings will be flat or near flat until the company addresses issues such as lack of management methods and ineffective marketing (CI No 3,062). In fact the company blamed a second quarter loss of $172.9m against a profit of $58.8m last time on one-time charges of $165.5m for the recent acquisitions of NetICs Inc and the modem business of Penril Datability Networks. Bay also wrote off $41.7m for the consolidation of some product lines and related inventory and closing down some office space in the quarter. Revenue was down 5% at $514.5m from $541.6m last time. The company reported an operating loss of $182.3m, down from a profit of $91.2m last time.

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