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Short Take: PairGain sees shortfall in fourth quarter

PairGain Technologies announced earnings for the fourth quarter would fall "significantly" under current market expectations, following the loss of a major T1 access contract with a regional Bell operating company. The company also cited price erosion in the T1 access sector for the expected fourth quarter shortfall. PairGain was expected to report a profit of 16 cents per share in the fourth quarter, according to First Call. Additionally, the Tustin, California-based company named Michael Pascoe as its new chief executive. Pascoe was formerly president of Newbridge Networks' US operations. PairGain's CEO Chuck Strauch will remain board chairman.

PairGain Technologies announced earnings for the fourth quarter would fall "significantly" under current market expectations, following the loss of a major T1 access contract with a regional Bell operating company. The company also cited price erosion in the T1 access sector for the expected fourth quarter shortfall. PairGain was expected to report a profit of 16 cents per share in the fourth quarter, according to First Call. Additionally, the Tustin, California-based company named Michael Pascoe as its new chief executive. Pascoe was formerly president of Newbridge Networks' US operations. PairGain's CEO Chuck Strauch will remain board chairman.