PROGRAMMER'S PARADISE (PROG) Message Board

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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: Larry Brubaker who wrote (253)	1/14/1999 10:44:00 PM
From: Zeev Hed	Read Replies (4) of 2383

Larry, you got an "Oops" there, before taxes and after taxes. If they reinvest $900 K pretax (about 18 cents or so) without that investment they would have had only half of it in net (post taxes) income. They pay pretty close to 45% or so in taxes. That is why conservatively I assumed this quarter's earning will be only $.30 (I like to leave space to "positive surprises", companies that just meet forecasts get punished...<VBG>). My $1.20 guess for next year is also a down played figure, mostly because you have to assume that as their web income (still insignificant) increases, their average margins should increase from the current gross margin of about 12.5% to possibly as high as 17.5 % (but not in 1999, probably just 14% gross margins in 1999 and growing, hopefully for another two years). Zeev

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