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Technology Stocks : Corel Corp.

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To: gregor who wrote (1925)	9/10/1997 5:40:00 PM
From: gregor	of 9798

Well, I've been talking to myself all day, I might as well post this to myself...........but this is what I'm thinking.. Without the 113 million writedown in the 2nd qtr. they made .06 cents. Their cash position increased in the second qtr. from 12.016 million to 20.634 million an 8.618 million increase. They wrote off around 8 million in depreciation and amortization so that balanced out. Now they tell me their cash position is unchanged, they are not writing off the 113 million one time writedown anymore and they are still writing off approx 8 million in depreciation each qtr.. meaning to me. 1. If they broke even for the qtr the cash position should have increased 8 million or .09 cents /share. 2. They therefore obviously did not break even. 3. If the lower than expected cash position was due to increased A/R which was already questionably high what does that say about the worthiness of their A/R 4. Add all this up and to me they on a relative basis, did .15 to .20 cents per share worse than they did in the 2nd qtr when they made .06 cents before the writedown..Plus 6 minus 15 or 20 = paper loss of 9 to 14 cents. I'll keep my eye on this one but I am for the moment out of Corel. gregor

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