Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: TraderTerry who wrote (9311)	6/1/1998 6:14:00 AM
From: Richie3	Read Replies (1) of 18691

Hi Barbara, I took a closer look at PSQL. I quickly reviewed the 10Q and found interesting things: the company has experienced an increase in account receivable (has anybody an explanation for it?) the company has to reduce its expenses and will experience cash outlays of about USD 1,7 million due to restructuring Liquidity (cash + cash equivalent) amounted to USD 6,7 million as of June 30, 1997 and increased to USD 9 million as of March 31, 1998 due to (guess what......) STOCK OPTION EXERCISES (no contribution from operational cash flow!!!) competition is fierce: Solomon, State of the Art, GPSI and SAP (I read a few months ago that SAP developed a version of their software focused on the middle market -where PSQL is playing-), Baan, PeopleSoft I also noticed that Santoro Carmelo (Director) sold his whole holding (560,000 shares ) in the beginning of May 98 (has anyone an explanation for that?) Technically the graph looks week (50 days MA has been broken) It looks like growth expectations are very high for the share to sport a PE of more than 200. It looks like a short opportunity in this weak market. Any comments and further analysis is welcome. Regards, Richie3

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