Enterasys (NYSE:ETS)
Historical Stock Chart
From Sep 2019 to Sep 2024
Enterasys Networks (NYSE: ETS), the Secure Networks
Company(TM), today announced that its shareholders have approved the
Company's plan to implement a 1-for-8 reverse stock split. The vote
took place at a special meeting of shareholders on October 24.
The reverse split will take effect at the close of trading on
Friday, October 28, 2005. Shareholders will receive one share of
Enterasys common stock for every eight shares they currently own, and
cash payments will be made in lieu of fractional shares to the extent
that an individual's holdings are not evenly divisible by eight.
EquiServe Trust Company, N.A. will serve as the Exchange Agent in
connection with the reverse split and will be mailing instructions to
all record holders explaining the process for obtaining new stock
certificates.
About Enterasys Networks
Enterasys Networks is the Secure Networks Company, providing
enterprise customers worldwide with the industry's most up-to-date
portfolio of edge-to-core networking products, solutions and services,
with award-winning policy-based security capabilities embedded into
the infrastructure. For more information on Enterasys Secure Networks
and the company's comprehensive wired and wireless products, visit
www.enterasys.com. (ETS-F)
This news release contains forward-looking statements regarding
future events, activities and financial performance, such as
management's expectations regarding future revenue and cash flow;
strategic relationships and market opportunities; product development;
and other business strategies and objectives. These statements may be
identified with such words as "we expect," "we believe," "we
anticipate," or similar indications of future expectations. These
statements are neither promises nor guarantees, and actual future
financial performance, events and activities may differ materially.
Readers are cautioned not to place undue reliance on these statements,
which speak only as of the date hereof. We expressly disclaim any
obligation to update such statements publicly to reflect changes in
the expectations, assumptions, events or circumstances on which such
statements may be based or that may affect the likelihood that actual
results will differ materially.
Some risks and uncertainties that may cause actual results to
differ materially from these forward-looking statements include, but
are not limited to: worldwide and regional economic uncertainty and
recent political and social turmoil may continue to negatively affect
our business and revenue; we have a history of losses in recent years
and may not operate profitably in the future; our quarterly operating
results may fluctuate, which could cause us to fail to meet quarterly
operating targets and result in a decline in our stock price; we earn
a substantial portion of our revenue for each quarter in the last
month of each quarter, which reduces our ability to accurately
forecast our quarterly results and increases the risk that we will be
unable to achieve previously forecasted results; we continue to
introduce new products, and if our customers delay product purchases
or choose alternative solutions, or if sales of new products are not
sufficient to offset declines in sales of older products, our revenue
could decline, we may incur excess and obsolete inventory charges, and
our financial condition could be harmed; we may be unable to upgrade
our indirect distribution channels or otherwise enhance our selling
capabilities, which may hinder our ability to grow our customer base
and increase our revenue; we have experienced significant changes in
senior management and our current management team has been together
for only a limited time, which could limit our ability to achieve our
objectives and effectively operate our business; there is intense
competition in the market for enterprise network equipment, which
could prevent us from increasing our revenue and achieving
profitability; a portion of the enterprises we sell to rely in whole
or in part on public funding and often face significant budgetary
pressure, and if these customers must delay, reduce or forego
purchasing from us, our revenues could be harmed; we depend upon a
limited number of contract manufacturers for substantially all of our
manufacturing requirements, and the loss of any of our primary
contract manufacturers would impair our ability to meet the demands of
our customers; and those additional risks and uncertainties discussed
in our most recent filings with the Securities and Exchange
Commission, including our Form 10-Q for the quarter ended July 2,
2005.