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Technology Stocks : IFMX - Investment Discussion
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To: Johnny Canuck who wrote (14013)4/20/2000 9:01:00 AM
From: Logain Ablar  Read Replies (1) of 14631
 
Hi Harry:

I'll post the details this weekend. Margin was good, tax rate still low due to NOL's, SG&A higher this quarter with acquisition and increased marketing but expect it to decrease with ARDT intergration, DSO's increased but they expect this to also come down.

Management does not guide the analysts like other companies due to the recent lawsuits. When one analyst stated the growth means 20 to 25% Jean-Yves was quick to state no it does not.

From my perspective there were many positives in the presentation going forward. However a couple of points to focus on is the increased shares due to the litigation settlement and the customer advance revenue. Both hurt this quarters results (although the company was still able to meet targets). The customer advance is probably related to the SEC income recognition issue so being able to defer revenue and still make #'s is a plus. The DSO's is also a negative and the f/x of the $ against the euro hurt as well.

I'll give details over the weekend. Still like the company as an investment. Should grow 15 to 20% this year (my estimate, not theirs). Of course in this market I've lowered my targets down.

They still have the US competitiion issue with ORCL. They are growing in Europe and Asia but not as fast in the US.

Tim
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