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Gold/Mining/Energy : Jetform-FORM -- Ignore unavailable to you. Want to Upgrade?

To: Hank who wrote (213)	3/5/1998 3:01:00 PM
From: 4finger	Read Replies (1) \| Respond to of 530

The news was very good, and I believe confirms that FORMF will attain their $200MM by 2000 goal. But the market cap stands at about $350MM CDN which is not particularly cheap. I think these good results mean that the stock can hold this level, but I'm not surprised to see no upside. Maybe folks are looking ahead and anticipating dilution from another issue (Kelly has been clear that this will happen it's just a matter of how much and when). I think this is the kind of "great company but not cheap dilema" that warrants 1/2 positions. The stock will look very good on bad day and I'd be prepared to load up. Anyone have any thoughts?

To: Hank who wrote (213)	3/5/1998 5:33:00 PM
From: Midas	Read Replies (1) \| Respond to of 530

They certainly have a big debts in their balance sheet as a result of the purchase of Delrina. That and other acquisitions and general cash burn have resulted in lots of share issues in the last couple of years, and hence dilution, so e.p.s growth has been poor. Those reasons certainly account for why they are off the all time high. I believe the fall today and after the last qtrs announcement was due to pent up insider sales. I have seen this with other software companies such as PLAT. Too many share options granted? Did anyone listen in to the telephone conference? Anything mentioned that wasn't in the press release?