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Technology Stocks : CGRM Centigram
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To: David R who wrote (45)2/25/1997 4:10:00 PM
From: Red Dragon   of 333
 
Hi. Yet another follower of Centigram who follows this thread frequently. I am not in the tech industry, but I am close to several people who work there. I pretty much agree with all of your prior comments and assessment of the company. The engineers there feel quite strongly that their product is superior to others. Major problems have been (1) getting sales momentum - it's hard to get companies to dump their VM products for a completely different system. I think Centigram has only a single digit marketshare number, and it's hard to muscle in on the big guys. They have recently been pushing hard for sales in Asia and Europe, where the market is not as saturated, with slow but steady success. I think overseas sales represent about 35% of total revenue.(2)High expenses. As Cary Salsberg pointed out - a 10% cut in R&D and SG&A expenses would have resulted in about a 200% gain in earnings per share (from 0.10 to 0.31, if I calculated correctly). I have heard that the newly appointed CFO is a conservative penny pincher, which hopefully will show soon on the balance sheet.

You are correct in pointing out that Centigram is very attractively valued. All they need is to post a few pretty numbers. Just cutting expenses would result in some nice earnings .
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