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Gold/Mining/Energy : Certicom Corporation (TSE:CIC, NASD:CERT) -- Ignore unavailable to you. Want to Upgrade?

To: caly who wrote (2666)	1/7/2000 7:33:00 AM
From: Tom Drolet	Read Replies (3) \| Respond to of 4913

calypso: Was indeed a great article. Can never stop learning--thxs. I am just back to the frozen North (actually)-- not to bad at about 40 dergrees F. My e-mail wasn't working right when I was away. I got a bunch of requests for info from a wide variety of folks. I will comply tomorrow am--sorry for the delay. On the bunch of new analyses'--Yorkton, Scotia Capital etc.--yes good stuff BUT--I will get an an old, but reliable, hobby horse out and say the obvious. IMHO, we should always remind ourselves not to let the Revenue model get too far from our minds. When I, again, start to see otherwise sane and competent analysts like Mark Pavan--push out cash flow breakeven (not including good will) into next fiscal year instead of in this years last fiscal quarter ending May 2000 (Mangements statement--3 times)--then I get concerned. Also, when the revenue model hockey stick (royalties per unit--not the solid service fee and sign up fee income they are getting now) keeps getting put back into further years--them we should be again concerned. Yes OEM product roll out is slower--understood. Look, so many of these high tech outfits 'are and will' stumble on the shoals of no or little income. We got an exception in CIC. It has the "most solid" underpinnings as the "security company to all"! Its revenue model is somewhat clearer than when it changed 18 months ago-- but the big big $ are still not there. Valuations must IMHO be based in some time based relationship to reliable income projections. We should watch the earnings and keep asking--where and when?. Tom D.