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Technology Stocks : Open Text

OTEX 33.67

-1.8%

Nov 14 9:30 AM EST

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To: Michael Burry who wrote (304)	1/31/1997 7:18:00 PM
From: Gary105	of 1195

Mike, The earnings through june do not surprise me - I remember checking a while ago and they have not changed much. What is disappointing is the decrease in 6/98 estimates from 0.42 to 0.25. What is the rationale? despite super growth and very high gross margins earnings remain flat. Why? Because the company is not controlling sales/marketing and overhead costs - they are either getting fat and happy - or they are preparing for super sales growth. If the latter happens they must control expenses - otherwise they will only be marginally profitable. This does not surprise me for a techie company - great smarts but not shareholder oriented. Given the dates of these reports - its probably already factored into the share price - and the reason the stock did not pop on earnings release. Gary

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