BAY NETWORKS TO BE LISTED ON NEW YORK STOCK EXCHANGE
"Bay Networks continues to be one of the world's leading providers of networking products and services," said Bay Networks' President and CEO Andy Ludwick. "Our objective is to reach the broadest possible base of investors, both domestically and internationally, and to provide them with the greatest possible liquidity. Our move to the New York Stock Exchange will help us to achieve these goals, while also affording increased visibility in the worldwide investment community."
"We are delighted and honored to welcome Bay Networks to the NYSE, where we are privileged to trade the world's leading companies," said NYSE Chairman and CEO Richard A. Grasso. "As a leader in its industry, Bay Networks joins a prestigious list of high-technology companies whose shares enjoy the worldwide visibility and liquidity that only the NYSE's auction market can provide. We are thrilled with Bay Networks' decision."
"We're pleased to be joining the NYSE and look forward to the advantages this move will provide to our company and its stockholders," said Bay Networks Chairman Paul J. Severino. "As the provider of backbone routing technology for the New York Stock Exchange, Bay Networks is confident that the NYSE's in-depth understanding of networking in mission-critical environments significantly benefits all companies listed on the Exchange."
With a market capitalization in excess of $8.5 billion, Bay Networks ranks among the top 6 percent of companies listed on the NYSE. Bay Networks had revenue of $541.6 million in the quarter ended December 31, 1995, up 64.8 percent from $328.7 million reported for the same period for the prior year. For the period, including a one-time charge related to the acquisition of Xylogics, Inc., the company reported net income of $58.8 million or $.29 per share.
The NYSE is the world's largest equity marketplace, with a total market capitalization of more than $6 trillion, more than five times that of all other U.S. stock markets combined.
Bay Networks, Inc. is a leading worldwide supplier of a full range of high-speed switches, intelligent hubs, multiprotocol routers, remote access and network management products for organizations building enterprise-wide information internetworks. With more than 1,500 resellers and 2,000 direct sales and service personnel worldwide, Bay Networks markets and supports its comprehensive product suite in 121 offices, providing 7x24 global support coverage. Bay Networks' World Wide Web address is: http://www.baynetworks.com.
NOTE: Bay Networks and Xylogics are trademarks of Bay Networks, Inc. Other brand and product names are registered trademarks or trademarks of their respective holders.
/CONTACT: Linda Fellows, Investor Relations, 408-764-1964, or e- mail, email@example.com, or Chris Carleton, Public Relations, 508-436-3706, or firstname.lastname@example.org, both of Bay Networks, Inc./
CO: New York Stock Exchange; Bay Networks, Inc. ST: California, New York IN: FIN CPR SU:
SR-TM -- NYTU065 -- 6225 02/13/96 03:00 EST