Remote access company Shiva paid for being stuck with V.34 PC cards at the end of 1997.
The company made a $2.2 million loss in its fourth quarter, thanks to a whopping $2.6 million inventory write-down - the result of a massive glut of V.34 modems at Shiva during 1997.
Shiva admitted the market moved quickly to 56Kbps technology last year, which forced it to write-down its V.34 inventory and offer its reseller channel price protection on those products.
Otherwise, Shiva?s results were not as bad as analysts expected. The company lost $2.2 million in its fourth quarter to 3 January, compared to profit of $1.5 million in Q4 1996. Its turnover fell from $48.2 million to $37.9 million over the same period.
James Zucco, president and chief executive at Shiva, said the company has put its problems behind it to concentrate on getting back its leadership of the remote access market. "When you have more years of in-market experience and the largest installed base in a market segment, you know what customers want most ... reliability, ease of use, and delivering the right features at the right price."
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