Our continued unprecedented growth marks this as the right time to ensure we have a leadership team with the depth, insight, decision-making capacity.

Given our strong market position and leadership in high-performance Internet solutions, we continue to expect to grow significantly faster than theĀ  market, with anticipated growth in revenue and earnings per share from operations in the 30 to 35 percent range.

We expect that our revenue growth in 2000 over 1999 will be in the 30 to 35 percent range, up from our previous view of 20 to 21 percent, and that our growth in earnings-per-share from operations in 2000 compared with 1999 will be around 30 percent.

We are seeing longer than expected delays in spending by our U.S. customers as they continue to assess the impact of the economic and market conditions on their businesses.

I feel a lot better about Y2K [than in previous quarters]. I don't think we'll see any Y2K issues on the carrier side of the business. The enterprise side is a little more mixed. The larger corporations are in good shape. The smaller companies are a bit more mixed.

We are pleased with our solid financial performance in the first quarter and especially pleased with the growing business momentum we are seeing. Demand by carriers for our data and optical networks solutions has accelerated.

This program did not have any impact on the final results for 1998. We are on target for achieving results that are in line with our guidance for 1998 and 1999.

I am pleased with our strong growth in the quarter across our carrier segment in North America, Europe and Asia Pacific.

Looking forward to 2001, we expect the overall market to grow in excess of 20 percent. Given our strong market position and industry-leading networking solutions, we expect to continue to grow significantly faster than the market, with anticipated growth in revenues and earnings per share from operations in the 30 to 35 percent range.