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To: Yeadon who wrote (3461)	1/27/1998 10:09:00 AM
From: Taby	Respond to of 4429

It is not just the earnings, it is where the stock price is compared to the earnings.

To: Yeadon who wrote (3461)	1/27/1998 10:11:00 AM
From: jelrod3	Read Replies (1) \| Respond to of 4429

Conference Call Notes...the conference call just concluded. Will have to go back through my notes, but generally Donald said he was "guardedly optimistic" for FY 98, and expected it to be a "good year." Long term, they target gross margin improvement, and seek 45 to 50% gross margins...but did not say that this would be achieved all in 98. Do expect operating expenses to decline in 98, with improvement of operating margin into low teens, and improvement of net margin. At one point, said expect revenues to grow 20% in 98. Do not foresee any significant decline in spending by their customers. Do not expect much of a negative impact from Asia. Hedged on question of whether there was any plans to repurchase their own stock in view of its price...seemed to suggest that they were thinking about this as an option, then said that there may be other opportunities...hinting at acquisitions instead of share buy backs.