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REDBACK GOOOOOOOO!!!!!!!

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papadope:

REDBACK GOOOOOOOO!!!!!!!

13.07.00 16:22

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Reuters, 07/13/2000 09:40

RESEARCH ALERT - Lehman ups Redback

NEW YORK, July 13 (Reuters) - Lehman Bros. said analyst Steve Levy on Thursday raised his price
target and earnings and revenue outlook for computer networking systems company Redback Networks
Inc. (NASDAQ:RBAK) after the company posted strong second quarter results on Wednesday.

-- Levy raised his fiscal year-end 2000 price target on the company to $200 from $160 and 2000 and 2001
revenue estimates to $230 million and $525 million from $191 million and $440 million, respectively.

-- He raised his EPS estimates to 2 cents in 2000 and 54 cents in 2001, versus prior estimates of a loss
of 17 cents in 2000 and 46 cents in 2001.

-- He said the company ended the quarter with a positive book-to-bill ratio as well as its best visibility
ever.

-- He also said revenues exceeded his expectations by 21 percent and the bottom line loss per share was
only 5 cents versus his estimate of 10 cents.

-- Shares of Redback closed at 156-1/2 on the Nasdaq exchange Thursday. Their 52-week range is 198-1/2 - 35.

Copyright 2000, Reuters News Service

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Kicky:

Verlust nur 5cents/share statt der erwarteten 11 cents/share,Revenue +3.

13.07.00 22:04

Redback Networks (RBAK: news, msgs) reported a second-quarter pro forma loss of $5.7 million, or 5 cents a share, wider than last year’s equivalent loss of $2.6 million, or 6 cents a share.

Analysts surveyed by First Call expected the provider of networking software to post a per-share loss of 11 cents.

Shares of the Sunnyvale, Calif.-based company rose 9 1/2 to 166 in recent trading.

Revenue rose 340 percent to $48.7 million in the latest three months from $11.1 million in the same period a year earlier.

Redback saw strong demand for its existing Subscriber Management Systems (SMSs) and shipped its first production SMS 10000 systems, according to Chief Executive Dennis Barsema.

Additionally, the company’s SmartEdge platform has been “well received” and has multi-million dollar orders from both carriers and service providers, Barsema said.

Following the release of the results, Conrad Leifur, an analyst at U.S. Bancorp Piper Jaffray reiterated a “strong buy” rating on RedBack’s stock and raised his price target to $245 from $205.

“Redback continues to dominate the subscriber management space and we are beginning to see tangible evidence that the company is leveraging this position into a leading position in the metro optical space with the SmartEdge platform,” Leifur said in a research note.

Separately late Wednesday, the company named Vivek Ragavan, its president and chief operating officer, to the additional post of chief executive officer. The company also appointed Barsema to the vice chairman post, effective July 17.

www.cbs.marketwatch.com

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