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Pinnacle Inks Pact to Buy Motorola's Antenna Site Business

Pinnacle Holdings


agreed to acquire



North American antenna site business for $255 million in cash.

Goldman Sachs


Network Plus'

(NPLS:Nasdaq) 8 million-share IPO top-range at $16. The company is a local and long-distance service provider.

Elsewhere in new issues, Goldman priced


(SMNS:Nasdaq) 13.75 million-share first offering below range at $15. The company is a producer and marketer of vegetable and fruit seeds.

In other postclose news (earnings estimates from

First Call

; earnings reported on a diluted basis unless otherwise specified):

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Earnings/revenue reports and previews



reported third-quarter net earnings of $1.27 a share. The single-analyst estimate called for operating earnings of 68 cents vs. the year-ago 32 cents.

Alpine Group


recorded fourth-quarter earnings of 33 cents a share, higher than the single-analyst prediction of 25 cents and above the year-ago 27 cents.



said it will take a $6 million restructuring charge in the first quarter.



announced second-quarter operating earnings of 19 cents a share, missing the eight-analyst forecast for 23 cents and falling below the year-ago 27 cents.

Finish Line


posted first-quarter earnings of 15 cents a share, 1 cent higher than the 14-analyst forecast but behind the year-ago 22 cents.

GT Interactive Software


posted a fourth-quarter loss of $1 a share, wider than the four-analyst forecast for a loss of 42 cents and below the year-ago profit of a penny. The company also said it hired

Bear Stearns

to help it explore a recapitalization, merger or sale of the company.

International Flavors & Fragrances


said it will take a 1999 charge of $31 million, or 29 cents a share, due to a restructuring program that will cut 200 employees, or 5% of the company's workforce.

Kaiser Aluminum


said its second-quarter net income will include a $13 million, or 10-cent-a-share, gain from the sale of its interest in a joint venture and a legal charge.



reported fourth-quarter earnings of 11 cents a share, a penny above the six-analyst view but below the year-ago 16 cents.



announced a reorganization plan that will eliminate 15% of its workforce, close 20 operations and result in a second-quarter restructuring charge of $17 million.

Secure Computing


said it sees a second-quarter net loss mainly due to transaction delays and Y2K issues. The company also said Chairman and CEO Jeff Waxman resigned. John McNulty, president and COO, will take over Waxman's duties. The five-analyst outlook called for quarter earnings of 5 cents vs. the year-ago 6 cents.

Supreme Industries


said it sees second-quarter earnings of 24 cents to 26 cents a share, which would fall below both the three-analyst estimate of 33 cents and the year-ago 30 cents. The company blamed rising labor costs and delayed shipments.

Mergers, acquisitions and joint ventures



said it will sell 213,651 domestic access lines in Arkansas to



for $843.3 million.

Modem Media.Poppe Tyson


, an Internet marketing company, said it resigned its relationship with



, saying its "philosophies and strategies are not aligned with AT&T." Modem added it's still comfortable with 1999 earnings estimates despite the move.



Majority Leader

Trent Lott

(R., Miss.) said now that the Senate has decided to let a health insurance reform bill come to floor in mid-July, he expects

Lawrence Summers

to be confirmed as


secretary this week.

Gilead Sciences


filed a new drug application with the

Food and Drug Administration

for adefovir dipivoxil, an investigational drug for treating HIV patients who don't respond to other therapy.



said Chief Executive and President Bryan Bedford resigned. John Fredericksen, the company's vice president and general counsel, was named interim CEO.

Philip Morris


said it will discontinue official imports and sales of its


cigarettes in Colombia. The country's government has accused Big Mo of underbilling the value of cigarette imports to avoid a 65% duty.