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Technology Stocks : Comverse Technology
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To: JEFF CHAPMAN who wrote (297)11/28/1997 3:12:00 AM
From: LzzrdKing  Read Replies (1) of 1331
 
Perhaps a possibility of a huge contract with Sprint going uncollected may be hurting BSN, together with its large exposure overseas:

this from 10Q:

The Company is engaged in a dispute with one of its customers, Sprint PCS
("Sprint"), regarding product and software deliverables and performance under
agreements against which approximately $26 million has been invoiced. Sprint
has purported to terminate its agreements with the Company and refused to pay
the balance due of approximately $19 million. Of this outstanding balance, a
significant portion has not been recognized as revenue and, as a result, is
not included in the Company's account receivable balance. The Company believes
it has established adequate reserves to cover any exposure associated with this
dispute. The Company believes that Sprint's assertions are without merit and
that the unpaid amounts are due and owing. The Company has discussed the
dispute with Sprint but no resolution has yet been reached. The agreements
between the Company and Sprint require that disputes be submitted to binding
arbitration if not resolved by mutual agreement. Although the Company believes
that its position has merit, there can be no assurances the outcome will not
have a material adverse effect on the Company.
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