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Strategies & Market Trends : The New Economy and its Winners
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To: Lizzie Tudor who wrote (32582)5/16/2007 3:57:40 PM
From: Bill Harmond  Read Replies (1) of 57684
 
16-May-07 14:33 ET In Play Salesforce.com: Earnings Preview (44.94 +0.87) : Today after the close CRM is scheduled to report Q1 results, with analysts expecting EPS of $0.08 on revs of $157.68 mln. Wedbush is forecasting greater than expected Q1 rev and EPS results due to continued sales of premium edition subscriptions. They forecast Q1 rev of $161.6M mln and mgmt's rev guidance of $155.0-157.0 mln. They also expect Q1 EPS of $0.09 and expect GAAP EPS of $0.01 vs guidance of ($0.01)-0.01. The firm ests that CRM could add 65,000 net new subscribers vs the 45,000 net new subscribers in the prior year qtr and the 90,000 net new subscribers in Q4. They model the average A.S.P to be $72.75, down from $75.81 in the prior qtr and $73.25 in the prior year qtr. The firm notes that mgmt will not provide these metrics to investors following Q1, and as such they expect a wide degree of speculation after earnings are announced related to the number of net new subscribers added in the quarter... JMP says tone of business in one region was strong, although there were no large deals. They look for GAAP EPS of $0.01. They look for total rev of $157.4 mln. Their subscription est is $146.4 mln, up 11% sequentially. The firm notes CRM will not provide a net subscriber number this quarter, as it switched from quarterly net new subscriber metrics to bi-annual net new subscriber metrics. As a result, they expect investors to take a closer look at cash flow. The firm is looking for cash flow from operations of $23.9 mln and free cash flow per share of $0.15.
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