Networking vendor Cabletron Systems admits its third quarter profit will fall but recently appointed chief executive Don Reed promised to change the company?s strategy.
The company said it will only make around $335 million profit in its Q3, lower than the $360 million it made in the same period in 1997, and will release final figures on 22 December. Wall Street was not impressed and cut a quarter of the company?s value from its share price.
Reed admitted the company?s management does not have enough details to explain the poor forecast but said poor sales in the US and slow decision-making by Federal Government departments were partly to blame. He admitted Cabletron will take a charge of between $25 million and $30 million to change the company, hoping to match its strategy more closely to its market focus.
Cabletron said it will start ?a more focused approach to the company's methods of distribution and being more active in developing partnerships and acquisition opportunities,? it said in a statement.
But Reed insisted: ?I have found many strengths at Cabletron in the short time I have been here and I am optimistic that I will be able to leverage these strengths.?
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