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April 21, 1994

LOTUS FAIL TO PLEASE THE MARKET

By CBR Staff Writer

Lotus Development Corp’s figures – see page seven – may have looked all right but they didn’t please the market because sales fell short of expectations, and the shares plunged over $6 to $58.50 in the first hour of trading: the revenue growth was not high enough – I was looking for a rise of 15% said Steven Frankel, an analyst with Adams Harkness & Hill in Boston; Lotus meanwhile said it added to the number of partners that are offering its Notes software and services to customers and during the first quarter, 80% of Notes sales came from its partners, up from just 20% this time last year.

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