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To: broozer who wrote (27303)1/26/2005 2:53:31 PM
From: Robert Douglas  Read Replies (3) | Respond to of 60323
 
there is a 1 quarter revenue lag on the reporting of L&R revenue.

Yes, I'm aware of that and here are the numbers if Bear's $35 million L & R number materializes.

L & R as % of total revenues:

2004

3Q: 8.8%

2Q: 9.9%

1Q: 11.0%

2003

4Q: 12.0%

3Q: 12.2%

2Q: 9.3%

1Q: 11.7%

2002

4Q: 10.7%

2Q: 13.8%

This is not a happy trend.