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Technology Stocks : Extended Systems Inc (XTND)
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To: DD™ who started this subject10/30/2000 6:24:36 AM
From: Mr. Miller   of 403
 
Stephens Inc. comments...

We believe Extended Systems’ future success hinges on its MIM software business, or
more specifically, its Bluetooth software products and its XTNDConnect Server
product. We believe both these businesses will benefit from the strong industry
fundamentals we have discussed in the industry section of our report.

We expect revenues from Bluetooth products to grow from approximately $1.5
million in 4Q00 to $4.0 million in 4Q01 (Table 1), representing a 27.4% compound
average sequential quarterly growth rate. As a result, we expect a $9.8 million
revenue contribution from Bluetooth software in FY01. We would like to point out
that these are very conservative estimates, given that Extended Systems is the leading
player in the embedded Bluetooth software market, which we expect to grow to $114
million in calendar 2001 (Table 1 in Industry Section). We expect XTND’s Bluetooth
revenue to more than double in FY02 as Bluetooth devices hit the marketplace in
bulk, with continued revenue growth acceleration as a result of Bluetooth becoming a
mass-market success.
We also expect quarterly compound average revenue growth of 11.5% for the
remainder of the MIM software segment, which includes Extended Systems’ suite of
synchronization products, client server database products, and legacy software.
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