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Technology Stocks : Avant (AVNT)

AVNT 31.51

+1.3%

Dec 11 3:59 PM EST

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To: Doug Skrypek who wrote (301)	8/23/1997 12:07:00 AM
From: Brad Davies	of 3441

Doug, while we wait for the next court date/decision a little fundamental analysis might be useful. I agree their balance sheet looks healthy, and absent the legal problems their income statement also looks good. Unforunately, the statements do not tell us what impact the legal problems will ultimately have. I am not sure what kind of committment a purchaser is making to Avant in buying their software, but it seems to me to be a fundamental aspect of a purchaser's business. I believe that we will see the real outcome of the legal uncertainty in next quarter's numbers. I note that all of the recent sales announcemtns are to unnamed corporations, and some of those announcements refer to purchases over extended periods of time. For accounting purposes those revenues can't be booked until the product is sold or the services provided. Mr. Hsu's reference in his announcements to the fact that Cadence has not intimidated the market is also telling. I suppose we will have to wait until October to see what today's reality is.

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