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Technology Stocks : Metrowerks (MTWK)
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To: Mike Chen who wrote (105)10/20/1997 4:24:00 PM
From: David Semoreson   of 158
 
I was reading the Annual Report last night and noticed two things:

1) They reduced their cost of sales to 21% in the last quarter due to changes in "production and fulfillment operations" which should continue. The cos for the year was 24.9% so a 3% margin improvement should be expected this quarter/year.

2) They have raised their provision for bad debts to $1.27 million on A/R of $6.3 million, which seems very high. And they specifically cite one distributor "Ingram Micro" as representing $2.1m at year end (on sales of $3.05m to them) and stating that they have not historically had any bad debts with them - is this a questionable receivable ????

Otherwise, I am looking for signs of success in the embedded market as proof of their strategy. BTW, I am long already.
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