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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (15281)	8/20/2002 6:53:24 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78710

Paul SGR's backlog: I wish I could tell you I dug it out of the filings by scrutinizing minutia with squinty eyes, but, in fact, I took the lazy way and read in brokerage reports from Merrill and Lehman that aren't publicly available. I suspect the info is in the filings and/or on their site, but that's not how I got it. They recently [4/30] acquired bankrupt IT Group, and environmental and infrastructure company [Like 2000 acquisition of bankrupt Stone & Webster]. This added $2billion to their backlog. There are probably filings that discuss in depth the pro-forma before and after related to that acquisition. As to the portion of renewable, annuity-like contracts as opposed to project driven...I'm not sure, but I suspect size, diversification, and forward booking of contracts help smooth the revenue stream more than annuity like service revenues