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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, September 5, 2000

Meeting to focus on Hawaii high tech

The Hawaii Technology Trade Association and partners are sponsoring "HiTechHawaii@2000: Connecting to the New Economy," a meeting to be held Oct. 11-12 at the Hawaii Convention Center.

The event includes speakers, workshops and a high-tech exhibition. A resource center will offer business support, from legal service to explanations of Hawaii tax incentives.

Those who register by Sept. 15 pay $150. Afterward, the price is $200. Deadline for registration is Oct. 6. For more information, call 547-5898, or visit HTTA's Web site at www.htta.org.

Ciena slammed after client fails

NEW YORK -- Telecommunications equipment maker Ciena Corp. said today it would record a charge in the fourth quarter to account for up to $28.2 million it may not be able to collect from a troubled European customer.

Linthicum, Md.-based Ciena said it was informed by iaxis Ltd., a United Kingdom-based provider of optical communications services across Europe, that a London court issued an administration order against iaxis. Such an order is similar to a filing for reorganization in the United States, Ciena said. Ciena shares fell $13.80, or 6 percent, to $216.33 on nearly 16 million shares on the Nasdaq. Trading in the stock was delayed this morning pending the announcement. The charge, which stems from accounts receivable attributable to iaxis that Ciena may not be able to collect, could range as high as 6 cents per share on a post-stock split basis, Ciena said. The company said the amount owed to it by iaxis accounted for about 13 percent of net receivables as of July 31.

In other news . . .

NEW YORK -- AT&T Corp., the largest U.S. long-distance telephone company, won a $450 million contract from International Business Machines Corp. for data services IBM needs to meet surging demand to run business Web-site computers. The multiyear contract lets IBM use AT&T data centers in New York, Chicago and Phoenix by the end of this year and in six other U.S. cities in 2001.