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  "authorName": "Bear Stearns",
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  "presentationDate": "2006-04-01 00:00:00",
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      "kind": "quote",
      "text": "We are maintaining our Neutral rating as we expect the current pause in VoIP demand to continue through calendar 2005. We believe that organic growth could be flat year-over-year with flat-to-down gross and net margins. We do not expect VoIP sales to be robust enough to overcome the declining legacy TDM business, in order to give Aviator significant growth to warrant a buy rating.",
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      "text": "Despite the earnings miss and pressure on the shares this morning, we still see some downside risk in sales and margins for the next several quarters. We believe that the year-over-year decline for core Aviator’s sales highlights sales of IP telephony products mostly just cannibalizes sales of traditional telephony products and the enterprise telephony industry as a whole has shown and is likely to continue to show limited growth.",
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      "text": "Despite these reductions to our top-line forecast and an assumed “market-even” growth outlook in our discounted cash flow model we still view the shares as grossly undervalued by the market. While we certainly acknowledge a lower bar has been set with the disappointing results for F2Q, we do not believe the current stock price fairly represents the company’s cash-generating potential over the longer term.",
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      "text": "We believe that most of the issues are temporary, the Tenovis integration wiped out almost 50% of this quarter’s EPS and service revenue weakness explains the rest. The Tenovis integration had a highly detrimental effect—contributing a loss of $28m in the quarter. The integration of this company is clearly proving to be a more challenging task than envisioned by the company.",
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