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Technology Stocks : LEGATO SYSTEMS LGTO
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To: Chuzzlewit who wrote (714)1/26/2000 11:11:00 AM
From: Robert Hughes  Read Replies (1) of 1138
 
Excellent description of prepaid services delivered over time and recognized over the course of contracts. In this case, the situation seems to be a bit different and even more damaging. Roughly $20mm in sales were made to a firm which was too new/poor to pay for it in advance or under conventional terms and booked when signed. However, payment was to be ONLY from revenues for services provided to clients using the purchased software. This doesn't just shift revenue recognition, it calls collection at all into question. In effect, the product was consigned, not sold.
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