TRO Learning (tutr) Message Board

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Technology Stocks : TRO Learning (tutr)

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To: BRIAN who wrote (54)	8/16/1997 4:37:00 AM
From: Stratajema	of 93

To anyone. What is the allure of this stock that would keep the price up around $9/share? Their 6 month sales are flat compared to the previous year and they just posted a $3.6 million loss before taxes in the last quarter. As of 4/30/97, cash is gone and they've got $12 million in debt. The stock price doesn't seem to be supported by book value. It seems to me that unless they can bring expenses in line, sales will have to increase dramatically from current levels for this company to post a profit. Their installment receivables which comprise the majority of accounts receivables are a red flag. They are essentially selling product and saying pay us later, much later. These aren't the type of customers to support a growing business that needs cash. The installment receivables were described this way in their 10K filing for year-end 10/31/96: "The increase in accounts receivable and installment receivables of $5,445,000 is a function of the growth in revenues as well as an increase in deferred payment terms offered to customers. These deferred billings more closely align customer billings with their funding cycles. " Ok. I've given you guys the negative view of this company. Can anyone counterbalance this with a more postive view?

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