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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: DaveHunt who wrote (1083)	2/11/1998 2:01:00 PM
From: John Arnopp	Read Replies (2) \| Respond to of 4467

Dave, I don't know when CVSN reports, but the trend with SFE and Cos. seems to be earnings for profitable companies coming out and building to the Safeguard earnings/conference call and the companies reporting losses coming AFTER Safeguard's earnings (USDC, NM). I'm sure Chromavision will report a loss, so they'll probably release earnings after the 17th. I can only assume the 21% 2-year IRR number was derived from a hypothetical investment in SFE on Jan 1, 1996, with additional money paid to exercise all rights and holding all rights and SFE through Dec 31, 1997. I don't have all the numbers to verify this, though. But if you look at Sanchez and Diamond, they have done very well. Maybe someone else has all the numbers to calculate this for us? --John

To: DaveHunt who wrote (1083)	2/11/1998 8:33:00 PM
From: ncs	Read Replies (1) \| Respond to of 4467

The inside cover of the annual report contains bar charts with the IRRs for 10, 5, 3 and 2 years, the notation along side says: "A shareholder investing in Safeguard and exercising and holding all shares acquired in the rights offering completed during a 10,5,3 or 2 year period would have earned the internal rates of retur highlighted in this chart." Based on what Mr. Musser said at the conference, there was a 20% IRR for the past two years. To a large extent this must have been driven by Sanchez and DTPI.