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Technology Stocks : Corel Corp.
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To: Ulrich Santo who wrote (4042)12/22/1997 2:20:00 PM
From: gregor  Read Replies (1) of 9798
 
Dear Ulrich:

>>>>>>>>>Corels rising Cash level can only be explained with
stuffing the channel with Draw and Office Products,
collecting the cash, but not accounting it as sale.
<<<<<<<<<<

It is my understanding that Corel uses distributors, almost exclusively; so how would this be possible ? Even if they have a buyback agreement with the distributors when push comes to shove, they will not make the refunds. Or, to me they simply were shipping quanties far in excess of what was relevant to actual sales expectations. If this were so they were extending terms to their distributors and the excess would have shown up in balooning receivables-- which to my knowledge did not happen.

So either they fradulently withheld the excess shipments as part of their receivables or tomorrows news announcement will say that through an accounting error they have discovered that the 100 million in sales were actually true sales and they are in the process of rewriting all the prior press releases on 4th qtr. adjustments to sales. JMHO ..gregor
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