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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (7499)	9/9/2000 4:36:02 AM
From: S. maltophilia	Read Replies (1) \| Respond to of 10293

Hello Bill PRXL looks intriguing, from a valuation standpoint, if nothing else. Any thoughts about the following, from the most recent 10Q (don't you hate it when the last 10K is 11 1/2 months old-g-)? During the nine months ended March 31, 2000 the Company experienced contract cancellations of $140 million, including $36 million related to the Novartis contracts discussed below, compared to contract cancellations of $41 million for the same nine month period last year. In March 2000, the Company announced that Novartis, a key customer, had reduced the amount of work being outsourced to PAREXEL's Contract Research Services group due to Novartis' reprioritization of its research pipeline. As a result, Contract Research Services revenue was impacted by approximately $1 to $2 million in the third quarter of fiscal 2000 and will be impacted by approximately $9 million in the fourth quarter of fiscal 2000, and by $40 to $45 million in fiscal 2001. Receivables seem to be a very large part of the assets. At least Novartis could be counted on to pay their bills, though I'm sure they were never in any hurry to do so.