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Technology Stocks : PROGRAMMER'S PARADISE (PROG)
PROG 0.146+6.5%Jun 13 5:00 PM EST
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To: KellyW who wrote (7)1/8/1999 9:57:00 PM
From: Zeev Hed  Read Replies (2) of 2383
 
Well, last quarter, I did not like the fact that on quarterly sales of $54 MM they had $34 MM in accts receivable. This comes to about 57 DOS. They should get down to about 40 DOS. Hopefully, as web sites sales increase, their use of cash will be more efficient, since on the net you get paid first, then ship. But that is a wart, nevertheless. Not super efficient use of working capital.

I cannot find much else, they even bought some of their own shares (the outstanding has gone down from about 5.4 to about 5.13 MM shares during the last year).

Mind you, there was also some institutional buying, last month. That was the volume spurt that persuaded me to jump in in early December.

There has not been any inside sales since February of 1998, also a good point.

Zeev
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