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To: David who wrote (2216)	2/22/1998 6:25:00 PM
From: John McCarthy	Read Replies (2) \| Respond to of 3506

David - We've both been in TRMB long enough to expect surprizes. But the SSR comment is baffling. To wit: (1) The national sales meeting expense is a change in timing, not annual expense. (2) Lower SOFTWARE sales in the 1st qtr. (as expressed by SSR) is also change in timing, not annual SOFTWARE revenues. In addition, they did not imply a change in product mix for the full year. (3) OK, if they want to drop down $0.10 a share - Fine - But where? (a) Is it because of an INCREASE to annual expense? ((Increase in Annual Expense) * ( 1 - Tax Rate))/Shares Out= $.10 hit. Solve for:Increase in Annual Expense They don't mention this. (b) Is it a absolute revenue hit?: ((Decrease in Rev * GM%) * (1-Tax Rate)) / Shares Out = $.10 hit. Solve for Decrease in Revenue. (4) What this thread MUST RESOLVE is (my opinion) where did the big bucks (GM%) go - given that they were sat on in the 4th to ship the army stuff. IOW - at the GM% line, 1st Qtr should be MUCH BETTER - or somebody is wiggling out of a lie or half truth. I am waiting to see how Red Chip responds to their remarks. Regards, John McCarthy