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Technology Stocks : LEGATO SYSTEMS LGTO
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To: Chuzzlewit who wrote (729)1/26/2000 5:28:00 PM
From: A. Wayne   of 1138
 
Chuz, My accounting is old and rusty but it seems to me that the auditors put them on a progress payment schedule because they were awarded the contracts but will be paid upon completion of fullfilling each condition of the contract. At least that is what happens in the Engineering/Construction industry. If you're building something you typically get paid according to what percent complete the project is for each month. I think the whole contract can still be unearned A/R (someone correct me if I'm wrong on this point). So, there may not have been any cash up front.

Wayne
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