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Technology Stocks : Network Associates (NET) -- Ignore unavailable to you. Want to Upgrade?

To: DBrian who wrote (5447)	7/3/1999 3:10:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 6021

Some general comments regarding NETA's financial position and results through March 31: Compared to the same period in the previous year, net cash provided by operating activity decreased by some $3.5 million. The most troubling aspect is that during the period deferred revenues decreased by 3.7MM while during the same period in the previous year deferred revenue increased by more than $13 MM. YOY deferred revenues increased by only 6%. A second troubling issue is the fact that revenues increased by only about 8% YOY. Perhaps this is the result of a more conservative accounting treatment, but the increase in accounts receivable of $31.7MM for the quarter does not lend credence to that supposition. Finally, note that cash flow from operations accounted for about 83.1% of income from operations last year, but rose to 84.8% this quarter. TTFN, CTC