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

To: John Arnopp who wrote (1122)	2/18/1998 7:56:00 PM
From: John Arnopp	Read Replies (1) \| Respond to of 4467

Two notes on the conference call transcript: 1) Perhaps they were not ruling out the possibility of 4 rights offerings per year, as I had thought from my initial listening. One per quarter would be great! 2) I just had to post this portion of the transcript, as it validates not focusing on earnings for Safeguard. It also shows how very cool these guys are: Don Caldwell: Sherry, this is Don Caldwell. I'm going to let Jerry Johnson answer the Intellisource question. But before I do that, I can't let your question about the earnings go unaddressed here. In the sense that you- as you yourself have said as well as every other analyst that covers us, you know, earnings are not the issue here, remember? Sherri Wolf: Oh no, I recognize that. However. Don Caldwell: What really is important here is that the portfolio has gone up dramatically- will go up dramatically because of the Coherent sale. And, you know, the Coherent sale may or may not have any impact on our earnings, but with now what looks like between $800 and $900 million worth of unrealized gains in our portfolio, earnings can be whatever we want them to be, right? Sherri Wolf: I did recognize that, Don. I just wanted to make sure that, you know, the first call numbers weren't going to change, and that was the nature of the question. --John