Token Ring supplier Madge Networks saw its fourth quarter profits catapult 170 per cent as it ended last year back in the black.
Net profit was $2.7 million, or six cents a share, for the three months ended 31 December 1998, compared to $1 million, or two cents a share for the same period last year. However revenues for the quarter dropped to $53.3 million from $66.7 million a year earlier.
In 1997 Madge posted a year end loss of $76 million, but came back into profit to the tune of $35.8 million during 1998. Funds from disposals and non recurring charges helped the company turn in positive results.
Said Robert Madge, Madge's chairman and chief executive: "Against a background of difficult market conditions we have maintained profitability and managed our business well."
"We see continuing opportunities for our product businesses: in Token Ring our switching products are showing encouraging growth as customers migrate from shared media to switched networks, and in video networking we will be bringing new products to market in the coming months," said Madge.
During the quarter Madge sold its Ethernet division, Lannet, to Lucent for $17 million, and established a unit supplying IP based managed network services to existing Mdage customers and other specific market sectors.
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