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To: Joan Osland Graffius who wrote (30061)	7/21/1998 3:30:00 PM
From: Earlie	Read Replies (2) of 132070

Joan: Good comment. Three quick observations: 1. Operating earnings are not increasing. 2. Service revenues, (as booked) have for several quarters exactly matched the reduction in hardware/software/maintenance revenues. A coincidence of course (g). 3. It is an amazing company that can obtain a growth PE with no growth. Best, Earlie

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