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To: CalculatedRisk who wrote (12619)	11/6/1997 2:31:00 PM
From: John Howell	Respond to of 18263

Q1 loss of $0.47.

To: CalculatedRisk who wrote (12619)	11/6/1997 3:04:00 PM
From: doug doan	Read Replies (3) \| Respond to of 18263

1st Quarter Projections. I think you did a good job picking apart the numbers. I think you overestimated the sales and underestimated the SG&A. plugging in my more pessimistic estimates I get this: Revenues: Net sales: $4.0 Royalties ..... $0.3 Y2K ........... $0.0 Total ......... $4.3 Million Expenses: Cost of Goods: $3.2 Million R&D ...........$2.5 SG&A ..........$6.0 Operating Income <$11.7 Million> Interest Income $1.5 Total Income <$10.2Million> EPS <$0.65> Shares 15.5 Million Wild Cards: 1. They can dilute the earnings/losses per share by spinning of the 1 million shares they are authorized. 2. I still do not understand the tax business but conceed that they try to seek some sort of tax loss credit. 3. I note that they have a $3 million line of credit (untapped) which expires in Jan 1998 unless renewed. Interesting, as their cash flow dries up the sources are getting scarcer.