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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks -- Ignore unavailable to you. Want to Upgrade?

To: John Stichnoth who wrote (240)	9/10/1999 7:44:00 AM
From: David	Read Replies (1) \| Respond to of 1931

Dear John: Been looking at CDEN since it was first mentioned here several weeks ago. I too am put off by the CFO resignation. I did not see any mention of an 'admitted problem with [the company's] software.' Would appreciate it if you could point me to the source of your information on this. I agree, that would be a bad combination and wouldn't be surprised to see restated figures. The company also does not appear to be trading below net of cash assets, and the quality of those current assets may be of some concern. What is the receivable from Coast PA? What are the 'available-for-sale investments'? Why the big drop in 'Cash and cash equivalents' and 'available-for-sale investments' (I realize that $4,644,645 went towards the purchase of Treasury Stock; where is the other $6 million). 'Cash and cash equivalents' and 'available-for-sale investments' net of all liabilities is $1.25/share. (this one may be o.k.); The Coast PA receivable adds another $1.04/share (depends on quality of receivable); Supplies, inventory and small tools adds another $.41/share(wonder what the after market is for these 'assets'); Pre-paid expenses and deferred taxes adds another $.16 per share. All totaled, $2.86/share net cash assets on a stock selling today at $3.875/sh. The company does not appear to be trading below net-net current assets. Yours & etc. Stern.