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Technology Stocks : Cognos Inc. - COGN -- Ignore unavailable to you. Want to Upgrade?

To: Sultan who wrote (1022)	2/21/2000 1:00:00 AM
From: Carl R.	Read Replies (1) \| Respond to of 1109

Thanks Sultan, I found it on the COGN home page, but I'll keep your links for future reference. Here is what I find: * R&D as % Rev * Sales Exp as % Rev Jun99 Sep99 Dec99 Jun99 Sep99 Dec99 COGN 14.9% 14.6% 13.9% 54.9% 54.0% 55.8% BOBJ 11.2% 10.9% 10.5% 48.9% 48.0% 47.9% BRYO 15.3% 15.8% 14.6% 51.6% 48.6% 49.1% MSTR 13.4% 15.5% 13.1% 46.4% 44.7% 45.4% HYSL 15.2% 15.2% 14.1% 40.0% 38.6% 39.0% HUMC 11.9% 17.6% 16.6% 39.6% 39.1% 40.8% Note that even though COGN is ramping up R&D, it is doing no better than keeping up with R&D. Note also that BOBJ has very low R&D, and this could come back to haunt them in the future. COGN has been able to increase the sales staff fast enough to keep pace, and this probably is part of the reason that growth has picked up. Note also that all of the companies really have similar cost structures. Here are some smaller/newer companies: * R&D as % Rev * Sales Exp as % Rev Jun99 Sep99 Dec99 Jun99 Sep99 Dec99 EPNY 48.6% 34.7% 27.0% 111.1% 97.8% 82.1% ACTU 23.5% 19.8% 15.4% 43.7% 46.0% 53.4% SGNT 23.9% 18.8% 22.2% 57.6% 52.8% 49.9% INFA 19.5% 18.3% 16.0% 55.5% 54.7% 53.0% VIAD 51.0% 60.9% 57.5% 117.8% 105.9% 95.5% INFA is starting to move to the same general area as the group above. EPNY is also headed that way, but has further to go. On the other hand, at their current growth rate they should get there fairly quickly. SGNT has very heavy R&D, which could mean good growth in the future. VIAD is also spending very, very heavily on R&D as a % of sales, and they are obviously counting on big growth in the future. Carl