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   | 2000 Globe 100 |

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The Boston Globe OnlineBoston.com Boston Globe Online / Business / 2001 Globe 100

4. TELAXIS COMMUNICATIONS CORP.
Loss of customer is powerful blow

5/22/2001

   

BEARS & BULLS

Old economy companies led Bay State Bulls
The shining lights of the local investment world were companies that sell sneakers, blood tests, clothes for middle-age women, and life insurance.
Continued

THE BULLS
1. J. Jill Group
2. Inverness Medical Tech.
3. Reebok Intl.
4. Bostonfed Bancorp
5. John Hancock Financial


THE BEARS
1. Aztec Tech. Partners
2. Engage Inc.
3. CMGI Inc.
4. Telaxis Communications
5. NaviSite Inc.


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lame it on Paris.

When the French phone giant Alcatel bought Canada's Newbridge Networks last year, Telaxis Communications, of South Deerfield, lost its dominant customer. Alcatel took most of Newbridge's Telaxis spending back in-house.

Shares of the maker of fixed-wireless transmitting gear used in broadband Internet systems promptly cratered, losing 97.6 percent of their value in the 12-month period that ended March 31. They have since bounced around just barely above the $1-a-share threshhold for being delisted from Nasdaq. The shares had soared to $120 after a February 2000 initial public offering.

Telaxis, founded in 1982 as Millitech, eked out barely a half-million dollars in revenue in the first quarter of this year, less than 9 percent of what it sold in the same period in 2000, when its Newbridge business was still riding high.

Telaxis executives insist they may be battered, but not beaten. As of March 31, the company reported $34 million in cash and saleable securities, enough to cover about 18 months of red ink.

John Youngblood, Telaxis's president, said last month that the company had ''reduced expenses in all areas except research and development.'' He said the company continues to develop products and improve manufacturing. But using this year's favorite comment from US high-tech executive suites, Youngblood said, ''Our visibility is limited in such a rapidly changing market environment.''

PETER J. HOWE

   


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