Banyan Systems announces expected first-quarter results.WESTBORO, Mass.--(BUSINESS WIRE)--April 4, 1997--Banyan Systems Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNYN BNYN ePresence (stock symbol; formerly known as Banyan) ), today announced that it expects revenue for the first quarter of 1997 to be in the range of $20 million to $21 million. The Company also expects to report a net loss for the first quarter of 1997 in the range of $5.5 million to $6.5 million, or between $0.32 and $0.38 per share. William P. Ferry, who joined Banyan banyan (băn`yən), species of fig (Ficus bengalensis) of the family Moraceae (mulberry family), native to India, where it is venerated. Its seeds usually germinate in the branches of some tree where they have been dropped by birds. on February 24, 1997 as President and Chief Executive Officer, commented, "Banyan's reorganization, which began in November 1996, reduced expenses substantially compared with last year's level. However, our first- quarter performance has been affected by purchasing delays in several key accounts, delays in certain new product deliveries, and general uncertainty resulting from the changes in senior management. We are working to strengthen our customer relationships, accelerate the evaluation of new products and to integrate these products with our customer's networks." "Since joining Banyan, I have focused on evaluating customer feedback, reviewing our operations and beginning the rebuilding process. With my recent appointment of an experienced industry executive, Bob Burke The name Burke (from Irish Gaelic de Burca, of Norman origin). In English the meaning of the name Burke is "fortified hill." See also Berkley. Places Australia
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. relationships with our customers. However, in light of our expected results, it is clear that we must act swiftly to reduce our overall cost structure and to improve our responsiveness to customers as we deliver standards-based solutions to their networks," concluded Mr. Ferry. Banyan expects to release its first-quarter results on April 21, 1997. The Company noted that each of the above forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. were subject to change based on various important factors, including, without limitation, competitive actions in the marketplace and buying trends by businesses. Further information on potential factors which could affect the Company's financial results are included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 1996 fiscal year, which was filed with the SEC at the end of March 1997. -0- About Banyan Systems Incorporated: Banyan Systems (NASDAQ:BNYN) is a pioneer and leader in enterprise network services. These products make it easy to find, share and manage information and resources within enterprise networks. Founded in 1983 and headquartered in Westboro, Massachusetts, USA, the Company markets products worldwide through authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: network integrators, resellers and international distributors. Banyan can be reached on the World Wide Web at http//www.banyan.com . CONTACT: Banyan Systems Incorporated Jeffrey D. Glidden (508) 871-2271 or Banyan Systems Incorporated Richard M. Spaulding (508) 871-2271 |
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