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Technology Stocks : Avant (AVNT)
AVNT 30.96-1.7%Dec 12 9:30 AM EST
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To: fut_trade who wrote (971)10/14/1997 10:05:00 AM
From: Peter Bernhardt   of 3441
 
Thanks for the link, Peter. Very interesting report. Two things immiediately spring out at me.

First, Avant! was compelled to point out that they beat analysts EPS estimates (excluding the one-time charges, of course). I can't recall ever seeing a company, even one that smashed estimates, refer to analysts estimates in an earnings release.

Second, and more significantly, accounts receivable exploded this quarter: up from $12.9M in Q2 to $25.5M this quarter. That's a 97% sequential increase and a 180% increase from last year! This represents a huge increase is A/R turnover and DSOs. Not a positive sign at all.

Either this is some wild imbalance due to the acquisition or, given this company's apparent preoccupation with making its EPS numbers, the A/R surge strongly suggests a heavily backloaded quarter.

Avant!'s quick ratio is also down significantly this quarter.

Hope the investment community gives this report the scrutiny it deserves.

- Peter B
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