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Technology Stocks : LHSP: Lernout En Hauspie

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To: geert who wrote (2412)	11/10/2000 11:12:47 AM
From: xdimitri	Read Replies (1) of 2467

The 32M$ from D&D in Q2 doesn't represent the actual runrate. Dictaphone revs were +-350M$ in 1999 Dragon revs were +-60M$ in 1999 Due to a change in rev recognition policy only a part of D&D's revenue was included in L&H's Q2 numbers. It was going to take until Q4 before the effect would be neutralized. lhs.com << Dragon's and Dictaphone's revenues were adversely impacted in the second quarter by their adoption of L&H's more conservative revenue recognition policies. Furthermore, Dragon and Dictaphone revenues are reflected for only the post-acquisition portion of the quarter. >> L&H's balance sheet shows an accrual of over 65M$ in deferred revenue from Q1 to Q2. A big part of it is probably due to the D&D acquisition. Presumed that the alleged fraud was only happening at L&H, D&D's average revenue should be more like 75-100M$/quarter assuming flat to slightly declining revs at dictaphone and leaving room for a more serious drop at Dragon. If we back out most of the doubtful Korean sales from last Q, L&H's runrate is probably only 50M-70M/quarter. rgds slwyc

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