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August 25, 1988

LOTUS SHARES FALL AFTER MISSED 1-2-3 RELEASE 3 DEADLINE

By CBR Staff Writer

Lotus Development Corp shares had shed $1 even at $18.25 by 1pm New York time on Wall Street yesterday following a warning, given after the market closed Wednesday night that it was now only aiming for delivery of Release 3 of 1-2-3 late in the fourth quarter: when the company announced that it would miss the planned June ship date, it said that the thing would be shipped by the fourth quarter; it says it is functionally complete, but that work still needs to be done to compress the code so that 1 2-3 3.0 will run in a reasonable amount of memory; it also said that it planned further versions of 1-2-3 Release 2 after it shipped Release 3; the 1-2-3 family of products accounted for two thirds of the company’s $395m sales last year, and Lotus staffers in Cambridge, Massachusetts could no doubt year the chortling coming all the way across the country from Redmond, Washington, where Microsoft Corp is going gangbusters with its rival Excel product, and from Scotts Valley, California, where Borland International Inc is encouraged by the business it is doing with Quattro.

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