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To: Richard S. Schoenstadt who wrote (643)	10/25/1997 1:11:00 PM
From: Marv Bergman	Respond to of 1229

Your review was comprehensive and thorough. Thank you. It seems to me that without the hedging problems SQNT would have hit it numbers, or at least have come much closer. I think the selloff in the stock was overdone, as is frequently the case. Marv Bergman

To: Richard S. Schoenstadt who wrote (643)	10/25/1997 5:25:00 PM
From: van wang	Read Replies (1) \| Respond to of 1229

Richard...yes that was disappointing that they only committed to 30% to 4Q...and they made it sound like it was a gud target given how strong SQNT's 96 4Q was last dec i dont see how they will make consensus 0.48...my estimate is now 0.38 to 0.42 on yup $240 million top line basically, 2Q 50% and 3Q 40% were hicups in terms of prior year comparisons if they only expect 30% vs prior in 4Q i know they talked of strong pipeline but it wasnt translated into strongER top line growth they are 30-40% above historical sales and they are having difficulty beating historical EPS...yeah i know there is SW amortization but they better get their sales productivity up (either get cost down or get more deals done) yes...they wud have hit their numbers if europe came thru...currency hedge problem was equal to tax credit gain so net out to zero gross margin is expected to be the same in 4Q...this is hard to believe...they better get the other expense items down as a % of sales cheers