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Technology Stocks : Avant (AVNT)
AVNT 35.99+2.9%12:00 PM EST
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To: Peter Bernhardt who wrote (1575)11/24/1997 6:42:00 PM
From: PMylnar  Read Replies (2) of 3441
 
I agree w/ you on the short covering. However, on the DSO issue, having followed the Compass/VLSI relationship in the past, I think that AVNT is telling the truth with regard to why DSO's "exploded" last quarter. AVNT has said that DSO's were up do to the Compass acquisition. Compass recievables ran well over 70 days prior to AVNT's purchase of the company (VLSI had no incentive to pay Compass on time, and Compass' external clients were late on payments to VLSI because of the uncertainty of what VLSI was going to do w/Compass). Given that AVNT purchased Compass very late in the 3q97, they received a negative boost to DSO's w/o any time to accelerate collections. A similar thing happened when AVNT bought a company in the 3q96. I think it was Anagram. DSO's in the 1q96 and 2q96 were running about 46-48 days.They bought Anagram late in the 3q96 and DSOs shot up to 58-60 days. Over the next 2 qtrs the DSO numbers dropped back to 35 days. My guess is that AVNT's DSO's drop over the next couple of quarters.IMOO.
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