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Technology Stocks : PROGRAMMER'S PARADISE (PROG)
PROG 0.146+6.5%Jun 13 5:00 PM EST
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To: GBT who wrote (2076)2/1/2000 12:48:00 PM
From: Carl R.  Read Replies (1) of 2383
 
Some good and some bad in this report. Overall sales were well over my target, but margins were lower. Also there was positive income prior to income taxes, and the entire loss was caused by income taxes. This is most odd, and I presume it means that they under-accrued taxes earlier in the year. I can't recall ever seeing a company pay 250% income taxes before.

There is one sentence in the press release that I found surprising. They state that internet sales rose 275% to $12 million. That would imply that internet sales in 1998 were only $3.2 million. I have been using a number from Berger Capital that said that last year they had $5 million of internet sales. Using the $12 million they had internet sales in the 4th quarter of only $3.56 million, far below my target, which was apparently based on incorrect data for 1998. I'm going to have to go back to last year's 10K to see if I can clear this up, but I don't know when I'll find the time.

So the good things I see are:
1. Good top line growth
2. Continued strong cash position
3. They apparently have repurchased about 150,000 shares.
4. They were profitable prior to a tax adjustment

The bad things are:
1. Lowered margins due to competition
2. Internet sales lower than I had previously believed
3. The high income taxes

I guess we'll just have to wait and see.

Carl
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