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Technology Stocks : Computer Associates

CA 25.02

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Nov 7 4:00 PM EST

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To: BostonView who wrote (2986)	10/16/1998 7:00:00 PM
From: Harry Landsiedel	Read Replies (1) of 5232

Boston View. Re: BMC software. The following was posted on the Motley Fool today. Catch the last sentence. HL Despite reporting what it called a "record-breaking revenue quarter" -- which seemed true, at least at first blush -- enterprise software company BMC Software (Nasdaq: BMCS) tumbled $6 3/4 to $42 1/8 after announcing fiscal Q2 EPS of $0.33, up from $0.22 a year ago and slightly ahead of analysts' $0.31 consensus estimate. However, concerns about the quality of BMC's earnings were broadcast loudly by analysts, as the company reported a surprising $27 million drop in deferred revenues after a $124 million jump the previous quarter. ABN Amro analyst Robert Johnson told Reuters the deferred revenue number indicated BMC might be "dipping into the cookie jar, that it's potentially indicating the company has dipped into stockpiled revenues.'' BMC's desire not to report even a hint of a topline decrease is understandable, as it wants desperately to maintain a positive impression in investors' minds by putting as much distance as possible between its growth prospects and those of recently troubled rival Computer Associates (NYSE: CA).

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