Proteon Message Board - Msg: 1116800

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Technology Stocks : Proteon

PTON 7.465

+0.3%

Nov 11 3:59 PM EST

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To: Joseph E. Caiazzo who wrote (192)	4/3/1997 10:22:00 AM
From: Jim Malone	of 512

In glancing over the latest 10k filed with Edgar for fiscal 96 OpenRoute/Proteon has 23.443 million in cash or marketable securities which works out to be $1.50 per share in cash. OpenRoute/Proteon has 35.191 million in stockholders equity which works out to be $2.25 per share. The company has no debt. The restructuring that took place at the end of 96 should reduce the break even point by a couple of million and get it somewhere in the neighborhood of 12 million. Last quarter they took in around 10.3 in revenue, my best guess is if they can get revenue to around 12 million they should reach break even. They mentioned that the software licensing will diminish this year unless more aggreements come in, software licensing last quarter contributed 1.9 million to revenue, and in my opinion replacing this revenue is critical. With the continued product expansion in the remote access area it does bode well for at least having a good chance to increase revenue, management is very confident of their business plan. I do think they are worth the current price and if they execute and increase revenue this year they will be worth a lot more. The networking sector will come back and this may be a good play.

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