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Technology Stocks : MAGIC SOFTWARE-MGIC

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To: DAVID BANISTER who wrote ()	5/5/1999 10:01:00 PM
From: DAVID BANISTER	Read Replies (2) of 219

I spoke with the CEO and CFO on the conference call today. Was able to ask them about A/r numbers, they are usually high due to maintenance contracts signed in early part of calendar year. HE mentioned that they are well aware of keeping tabs on it, and collections are normally about 87 dso, instead of 135 or so from first quarter. Now that they are doing more consulting and maintenance contracts, DSO and A/R numbers will be higher than usual. They were very bullish on the CC, feel potential to explode revenues which I agree. Plan on quite a few profitable quarters to come yet. IBM and MAGIC have held discussions in Germany as well on a few occassions. Much more revenue growth to come they say. I am holding because I have a big stake already purchased around 8 3/8 to as much as 11 1/4 ranges. Expect to see $20 per share easy this year, could prove conservative.

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