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Technology Stocks : Epicor (EPIC)
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To: Regis McConnell who wrote (119)4/22/1997 9:39:00 PM
From: Fred Puppet   of 309
 
Regis, Congratulations to you and all the other longs. This is the first profitable quarter in a long time. I think the most impressive result is the increase in cash.

However, I do notice that revenue from software license fees is flat relative to the previous quarter. Where's the growth? A majority of the profits are from interest earned on cash, not from operations. I wonder how they slashed G&A down 77% from the previous quarter. $240k barely pays the executive's salaries. Where is the cost of the support staff and employee benefits? I suspect they are paying the executives in options rather than cash, in order to book a profit. If the previous quarter's G&A were maintained, this quarter would have a loss.

In summary, the cash flow is bullish, but the lack of growth is bearish.

Months ago, people believing there would be a turnaround "bought the rumor". I'm very curious to see if there will be a selloff this week as people "sell the news". Or, will people wait another couple of quarters to sell on even better news.
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