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To: art slott who wrote (2528)	12/17/1997 6:24:00 PM
From: GoingHikin	Read Replies (1) \| Respond to of 4676

Art, In the third quarter the deemed dividend was $980,000 and sales were ~$500,000. I'd say that it pretty much wiped out the sales figures. Look at that compared to 1st or 2nd quarter, and you'll see that without the deemed dividend the company would show a decreasing loss every quarter this year, opposed to what actually appeared which was an increasing loss. If I had understood this earlier, I could have predicted the $.08 per share loss instead of the $.05 per share that I actually predicted. You are right about the other thing. They won't be taking anymore charges in '97. Fourth quarter will look excellent but it will get hidden in the annual report. With a quarterly income of ~$800,000 in the fourth quarter and consistent overhead expenses, I'd say they'll break even in the 3rd or 4th quarter next year. Unfortunately, more preferred stock will be convertible and this may wipe out earnings on paper. I have yet to look at this in detail now that I understand it all. Someone came in and bought some up this afternoon. I was hoping it would drop a little more and I could continue scooping it up for 3/8. -David