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Technology Stocks : COM21 (CMTO)
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To: pat mudge who wrote (1562)1/23/2000 12:05:00 AM
From: Mark Laubach   of 2347
 
Pat,

Thanks for your excellent research on this. What I was very
surprised at was the following line "the original agreement states
Rogers can return any product any time and for whatever reason..."

This says that any $ shipped to Rogers (or anyone else under a
similar agreement) should be accounted for as $ liability by
Terayon. Terayon has put $'s at risk as the customer could return
the merchandise at any time without restriction. They should keep
it on their books for the normal lifetime of the product or until
the product is returned. This is not a warranty situation where
a shareholder would expect to see 2% to 3% return rate. This is
a more significant risk as a future market or technology change
could trigger a wholesale return of their product *without*
*restriction*.

If they aren't tracking these sales as a liability, I think they
are really misleading their shareholders.

Mark
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