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Technology Stocks : PERI (Periphonics) -- Ignore unavailable to you. Want to Upgrade?

To: Mel Spivak who wrote (1605)	6/7/1999 7:44:00 PM
From: Clarksterh	Read Replies (3) \| Respond to of 1682

Periphonics preliminary results CC notes: I will not cover the items already in the Press Release, and it should be kept in mind that all of the conference call was based on unaudited (i.e. preliminary) numbers. Finally, these are my notes and although I think I copied everything correctly, I am not a stenographer. Hopefully any errors are small: 1) All business sectors grew. Y/Y revenues grew 21%, and new products (including calling center voice recognition) grew 83% so that it now makes up 23% of systems revenues (Note that that implies that new systems made up about 2/3 of the growth.) 2) While domestic and especially European/Arab sales grew briskly, non-US Americas was stagnant and Asia was down very significantly. Overall international sales grew 32% for the year and domestic sales were up 18% for the year. 3) New order interest is doing very well, and Asia is starting to show significant pickup (especially in traditionally strong areas like Australia and NZ, but also in some new areas like Singapore and Thailand). Government interest appears to continue to be good. 4)Expect system GM to improve somewhat this Q and over the next year if orders keep coming in as they currently are. Also, expect Operating Expenses percentage to drop this Q and over the next year. 5) Due to normal seasonality, expect Q1 revenues to be sequentially down from this monster Q4, but still very strong relative to last year (this implies that many of the orders they received this last Q aren't going to be shipped until Q2 or later) 6) Although the Press Releases over the last Quarter showed the large increase in large orders, smaller orders were growing just as rapidly. (Think monster backlog!) 7) Largest customers this last Q were 10%, 6% and 5% of revenues. 8) Part of Peri's business strategy is not to compete with Service Bureaus, which are some of their largest customers. (Although they gave a brief description of 'Service Bureau', it wasn't really clear to me. In any case it sounded like they were trying to differentiate themselves from competition. Anyone know what INTV does in this regard?) 9) When asked who their main competition was they answered that it was cancellations. They lose many more contracts to cancellations than they do to any specific competitor. Comments? Clark