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Technology Stocks : RGFX Raster Graphics

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To: Jeff Lawlor who wrote (39)	7/13/1997 10:52:00 PM
From: Richard Haugland	of 593

A further refinement on my estimate of shares issued in the ColourPass merger: In their annual report edgar-online.com RGFX reported 9,051,227 shares outstanding on 3/17/97 (four days before the ColourPass acquisition) and in their first quarter report (April 23, 1997) reported 10,147,985 shares. That indicates a maximum of 1,096,758 shares issued in the deal. There was a charge for the acquisition of about $139,000 in the first quarter. Since ColourPass contributed about 10% to both revenues and EPS this seems like a wash. ColourPass revenues, had they been reported separately, increased about 40% during the first quarter.

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