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Technology Stocks : BORL: Time to BUY! -- Ignore unavailable to you. Want to Upgrade?

To: Ghassan I. Ghandour who wrote (7615)	11/20/1997 7:12:00 PM
From: Paul Corbett	Respond to of 10836

"this acquisition has almost been no event for the price of BORL as I think it was heading down from 12 anyhow. " you are probably right but it was nice to be rich for a while wasn't it!! Thanks to Neil too for his good posts.

To: Ghassan I. Ghandour who wrote (7615)	11/20/1997 10:27:00 PM
From: David Miller	Respond to of 10836

>>comments on the 10-Q<< Overall it appears to be a healthy financial picture, with only a couple of small clouds. The restructuring accruals "pot" still has a couple of million in it. It will be interesting to see how Del handles this - there cannot be too many unresolved expenses from the restructuring activities, so we can expect these to offset this Q expenses somewhat - I would imagine that the auditors would pretty well demand that anything unused is written back anyway. Cashflow from operations was a couple of million negative - not much of a problem when you have $80m in the bank, but still not totally worry-free. It was mostly caused by an additional few days of AR, not surprising as the company moves into higher value sales - DSO at around 50 can be expected to continue to stretch a little as this trend continues (you can't twist an end-user's arm for cash quite so hard as you can a distributor's...!) On the subject of cash, it is interesting that had the $33m not been raised, the current ratio would have been down around 1.05 I still think that there is substantial flexibility for Del to present the picture that he wants at the end of this quarter, but it now a little harder to predict what that picture might be. The figure of over $40m in accrued expenses intrigues me a little - it is such a significant percentage of the balance sheet. I am not an accountant, so I need some help here, but I assume that it is stuff that has already been processed throughh the P&L as a known expense, but has yet to hit cash. Can anybody shed any light on this one? I don't have too many reasons to change my position on this quarter's results - I am assuming that all Visigenic-related expenses will be next quarter's problem. I think I saw somewhere that a Finance person (not the CFO) said Visi-related charges could be $10 - $12m. Any ideas as to what this will be spent on? david