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Technology Stocks : The Learning Company (TLC)
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To: Obewon who wrote (5996)11/4/1998 6:33:00 PM
From: Trader Dave  Read Replies (1) of 6318
 
I've got some work to do, but it basically looked like a pristine quarter.

On the margin we are seeing substantive improvement in every important metric to measure the company's health and progress.

The overall market is growing.

Internally developed titles are growing faster than even the market growth.

The company's market share trends are better than expected. In addition to modest improvements from July/August to September, results through October 24th show a major continuing improvement in market share in all major categories.

From a financial perspective, things looked even stronger:

A/R are down significantly sequentially despite the back ended orientation of Q3.

Inventories are almost unchanged despite higher revenues.

The cash position is significantly improved. It looks like they generated substantial positive cash flow. Cash flow from operations was even stronger.

Here's my question. In looking at the Goldman and the Merill models, they were expecting $0.37 excluding ongoing amortization. (The Merill model expected $0.34 including ongoing amortization.) It looks like the the $0.37 number includes amortization of $ around $4 million. It certainly looks like the Goldman and Merill analysts will be pleased.

Bottom line, the trends in every direction are favorable.

TD
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