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Technology Stocks : Sapiens International Corporation (SPNSF): Turn around...? -- Ignore unavailable to you. Want to Upgrade?

To: chuckj who wrote (662)	10/31/1997 1:43:00 PM
From: wpckr	Read Replies (2) \| Respond to of 1936

Addi; I really enjoy your enthusiasm for this stock. However, I have to say that I see some caution signals. 1. We have an un-audited earnings release--and it includes some very hard to understand elements that have already been mentioned. 2. I saw very little forward looking enthusiasm in the report. Its tone was kind of dull and dry. 3. No new contract announcements, etc. 4. No optimistic numbers forecast. I feel Kind of like I just kissed my sister. Does anyone else share my cautious view here?

To: chuckj who wrote (662)	10/31/1997 3:28:00 PM
From: feltburner	Read Replies (2) \| Respond to of 1936

Chuckj: The shares outstanding will actually be increasing substantially to 19mm in the 4th qtr. with conversion of preferred shs. The elimination of the dividend payments and the non-cash amortization of the discount to mkt. given to preferred shareholders at time of issuance more than offsets the dilution to eps from greater # of shs. This is why the fully diluted number is greater. It is also a big plus in that we are getting closer to an easily understood capitalization structure which will allow some bigger brokerage firms to pick up coverage. -Felt Burner