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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (3662)	4/2/2001 4:57:19 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 33421

John: CMRC book value has a lot to do with the appnet goodwill. They only have appx $130M of cash (last q) which is less than $1 / share). AR is up there too due to the merger. The SG&A is high and should come down. Not sure of ARBA's. If you like a good balance sheet look @ CORV & SCMR. Both have around $3.5 / share in cash and good balance sheets.

To: John Pitera who wrote (3662)	4/2/2001 5:08:36 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 33421

John: Quick scan and then off to clients. As of last quarter 1) ARBA - 3B of goodwill with 400M of cash (the cash may have just gone thru a 45m burn when they were supposed to increase it). 2) CMRC - $2.4B of goodwill with 340M of cash (more than I remembered, mixed up the quarters). Also of the $340M they have $112M of deferred revenue. CMRC is projected to burn appx. $8M of cash this quarter. A difference for CMRC is the licensing revenue was less than the servicing revenue. Later Tim