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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion
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To: paul e thomas who wrote (13200)11/7/1998 6:25:00 PM
From: Wil Faller  Read Replies (2) of 13949
 
Look for Goldman Sach's Upgrade on CRYSF this month

Crystal Systems Solutions (CRYSF)

Conference call would suggest that they will double revenue and earnings in 1999. They continuously pointed out that Y2K projects are expected to grow from 21% to 44% capital expenditures in 1999 as compared to 1998. That would put EPS at around $1.60, compared to the current street expectations of around $1.05. They also were directly asked if the problems that Micro Focus Group was having were company specific or industry wide. While being nice and trying not to say anything about the other companies, they made it quite clear that the do not have a problem. They are eating the other companies lunches do to superior products and service.

Also, Crystal retains earnings, like Microsoft, in that they don't realize/report the earnings until the completion of the deal. These are earnings which they already have, but have not been reported. Like having a company piggy bank where anytime you need to increase your earnings you go take out some money. Anyways, for what it is worth they now have over $10 million in retained earnings. About $1.00 per share in earnings which they already have, but have not reported. Each quarter has seen an increase of about $2.5 million in retained earnings. In other words, were they to report all earnings for a quarter, rather than retain them, they would report roughly an additional $0.25 per share. The flip side is that with the retained earnings you can be quite sure that they will beat the street every quarter.
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