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Technology Stocks : BMC Software

BMCS 0.00520

-36.6%

Nov 3 2:14 PM EST

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To: Douglas V. Fant who wrote (570)	2/18/1999 7:50:00 AM
From: norm chin	Read Replies (3) of 1492

"...BMCS states in its SEC 10Q released yesterday that its exposure in SEC -related restatement of in-process research and development charges would be less than $0.01 /share/quarter affected....which the Company believes is not material to its previously reported results nor its expected future results." Doug, that seems to remove a bit of uncertainty. Even though the new SEC rules will affect other software cos, let's hope the Street does not pick on BMCS. The $0.01 /share/quarter will decrease 1999 and 2000 earnings by 2.6% (4x100/152 where $1.52 is the estimated 1999 earnings according to Zacks) and 2.1% (4x100/189 where $1.89 is the estimated 1999 earnings according to Zacks ) respectively. Clearly if BMCS continues to grow, the effect of the $0.01 on the bottom line will be less than 2.1% in 2001.... Let's hope the investment community sees the $0.01 "amortization" as being negligible. The new SEC rules change nothing other than influencing how the books are "cooked".

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