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Technology Stocks : Identix (IDNX)

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To: David who wrote (4104)	10/15/1997 12:09:00 AM
From: David	of 26039

One Brad-like explanation for no earnings surprise . . . IDX has a pending eight figure contract with the INS for TP-600s. They have to be able to come through for an agency that needs them yesterday (except they can't order them until tomorrow, because of the appropriations process). They have to be stockpiling machines over at IDX, and they can't be delivering them ahead of the contract. I don't think they could even be billing them under any accounting system. So they are sitting ready for the new FY98 budget. What drives down potential earnings from .10 to .04? About $1.5 million of extra expenses. Say, about 50(?) TP-600s gathering dust for a month or so. I'm not an accountant, but wouldn't a 1Q sale under this hypothetical result in a bulge next quarter at the expense of this one . . . (with apologies to Brad) a happy thought . . . By the way, Congress is out of session until next week. Then I think they work until November 7 or 8. We'll probably see the INS budget go through next month.

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