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Technology Stocks : Viador (VIAD) - Enterprise Portal -- Ignore unavailable to you. Want to Upgrade?

To: Walter Morton who wrote (219)	9/21/2000 2:20:14 PM
From: Carl R.	Read Replies (1) \| Respond to of 294

No, I'm not the only person. That was the primary reason cited by the brokerage that downgraded them after the last earnings report, which was how I became aware of it. You may recall that after the March report I questioned why R&D expenses had fallen so much, and couldn't figure it out. I realize now that the reason R&D expense fell was that they started capitalizing it. I do understand that there are circumstances where R&D can be capitalized. I don't know for sure what they are, though. I also don't know of any other software companies that are capitalizing R&D, so it makes me wonder why VIAD is. Carl

To: Walter Morton who wrote (219)	9/23/2000 11:45:06 AM
From: Carl R.	Respond to of 294

According to the CEO of SQSW, the portal market is just beginning to really grow: biz.yahoo.com They are projecting profitability in mid-2002. I frankly don't like their current financials because I don't like their balance sheet (very high DSO, almost no deferred revenue). Also this is a bit scarey: unlockdates.com With 28 million shares unlocking on 11/8/00, I'd be very cautious about entering right now. Note that PLUM just passed them in sales, dropping them to #3 in the pure portal market (behind VIAD and PLUM). Who knows where they stand if you include other portal players such as BRIO, HUMC, and SYBS. Carl