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Technology Stocks : SEEC, Inc. (SEEC)
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To: Nanda who wrote (75)3/10/1998 8:45:00 AM
From: Ron Sirch  Read Replies (2) of 1031
 
The numbers from Wainwright:

I hope SEEC goes to a calendar year from its current fiscal year soon. I think it is confusing, at best, to talk about fiscal 98 when it ends with the first quarter of 1998. On the other hand fiscal '99, which sounds like NEXT year, is a close approximation of calendar 1998 because it includes the last three quarters of 1998 plus the first quarter of 1999. Alex Arnold uses the fiscal years in his research report, as any good analyst would. I've chosen to look at the calendar years because it gives a clearer picture going forward and makes it easier to analyze growth rates, etc. in the correct time horizon and to compare them with other growth companies going forward.

Revenues for calendar '98 forecast at $18.7 million vs $9.1 million for '97. (+105%)

Earnings for calendar '98 forecast at $.57 vs $.17 for '97. (+235%)

Current quarter revenues estimated at $4.1 million vs $.8 million a year ago (+412%) and EPS at $.11 vs $(.13) a year ago.

Trailing PE, now at 100 will drop dramatically to 41 when earnings are released, assuming they are on target. Previous quarters have all exceeded the estimates and I continue to believe that upside surprises will be the fuel that will propel this stock much higher. The EPS estimates above reflect the effects of the company's secondary offering and are lower than they were on fewer shares. I still believe that CEO Ravi Koka's decision to go for the secondary will greatly enhance the long term future of this company. He has a lot of shares (about 500,000) and I believe the secondary reflects his confidence in the future. You may have guessed by now that I share his optimism.

Ron Sirch
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