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Gold/Mining/Energy : Image Processing Systems (IPV-TSE)

IPV 4.310

-4.0%

Jan 24 4:00 PM EST

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To: John Wright who wrote (508)	11/23/1998 12:08:00 PM
From: Flora Wood	Read Replies (1) of 658

John, Hasn't this escalated beyond objectivity? Gross margins have improved in Q2 to 30%. Given that virtually all the Q2 sales came from Tisma (and yes, we're reporting on a consolidated basis) and given that the average for the packaging machinery industry is 25 - 30%, the Q2 number does not indicate gross squandering of resources. If you take the S G & A numbers apart, only the sales category is a big increase and that refers to a one-time adjustment where we resolved a bad debt in Korea for $500k. Sales expenses over the next two quarters should stabilize at roughly $1mm each quarter. I'm meeting with the CFO today and will address your concerns, but don't overlook what's been accomplished already. And yes, watch the next two quarters. Flora

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