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Technology Stocks : Son of SAN - Storage Networking Technologies

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To: Douglas Nordgren who wrote (503)	4/20/1998 1:01:00 PM
From: Douglas Nordgren	Read Replies (2) of 4808

Box Hill Systems Corp. - Investment Opinion - 'Accumulate' biz.yahoo.com Monday April 20, 12:18 pm Eastern Time Company Press Release GAINESVILLE, Fla.--(BUSINESS WIRE)--April 20, 1998--Barber & Bronson Inc. has updated its coverage of Box Hill Systems Corp. (NYSE:BXH - news) with a ''3-Hold'' in the short term and ''2-Accumulate'' for long term investors. Box Hill Systems announced that first quarter results will be well below expectations, with revenues of between $15.5 and $16 million and earnings per share to range between $.06 and $.08. This compares to our previous forecast of $21.5 million in revenue and $.16 in per share earnings for the quarter. In addition, the adoption of Fibre Channel technology has not occurred as quickly as we had originally forecasted due primarily to longer than anticipated evaluation, testing and purchasing cycles. While we continue to believe the technology will be successful, we are lowering our estimates in 1998 and 1999 to reflect this change. Even with the slow start to the year and revised expectations for Fibre Channel, we still anticipate 25% revenue growth for the year and slightly higher earnings per share. Much improved 1999 results are expected due to higher contributions from Fibre Channel, the growing OEM business and easy comparisons to weaker 1998 results. Although we continue to like Box Hill's long term prospects, we are lowering our rating on the stock to a 3/2 until revenue and earnings growth can be consistently achieved. Box Hill is a leading supplier of high performance data storage systems to the UNIX and Microsoft Windows NT markets. The company recently completed its initial public offering at $15 per share, raising nearly $60 million in capital. Barber & Bronson Inc. is a full-service brokerage and investment banking firm based in Miami, with offices in New York and Hilton Head, S.C. A copy of the report will be available shortly on our web site at barberbronson.com.

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