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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: ria who wrote (116)1/10/1999 5:43:00 PM
From: Zeev Hed  Read Replies (1) of 2383
 
ria, I believe you nailed it, when their WEB sales will reach 50% of total, then their DSO should go down to about 20. Right now they are selling probably to Government, institutions and corporations, and these are at least on a 30 days payable, the Government is more like 90 days. When you look at their web site, you see that many corporations have set up an authorized account with them, and that must be the source of the high DSO. Not pleasant, but I can live with that, particularly since I think that much of the incremental sales will not require excessive working capital to support it.

Zeev
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