PC DOCS GROUP (DOCSF) Message Board

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Technology Stocks : PC DOCS GROUP (DOCSF)

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To: Johnny Canuck who wrote (603)	8/1/1997 4:10:00 PM
From: Sexual Chocolate	of 910

Let me pipe up here and say that the numbers were not that good. SG&A is a ridiculous 18%. They can blame end of year accruals, but Q4 last year (I don't have the number in front of me) was right around 12%. Next up is a capitalization of 47% of their total R&D spending. I know that the upcoming releases of DOCSFusion and CyberDOCS present defendable capitalization rationalle, but come on. Keeping the cap rate the same as Q3 and assuming the same total outflow would chop $1m off the bottom line. Nuff said. Finally, as a large shareholder, this business about repricing the options is troublesome (to put it nicely). If you ask management, officers and directors own upwards of 40% of the outstanding options. But hell, they deserve a raise, right??? So the argument about incentives to the workers should be taken with a grain of salt. Let me end off with a few positives... 1. International presence expanding...22% of sales 2. Core EDM business doing better. 3. Support and Service headcount increases by 19... Revenues from existing are now 50% of the total, so let's keep 'em happy! ---

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