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To: Maxer who wrote (28486)	7/4/1998 4:03:00 PM
From: rupert1	Respond to of 97611

Maxer: Obviously, the guidance of "about break-even" for the quarter, and the references to DEC accretive contributions by the fourth quarter all refer to "operating" results. It is the "operating" figures which interest the market most. My only concern is that earlier statements that DEC would be accretive "by the fourth quarter" seem to suggest that this would happen at or near the beginning of the fourth quarter. But EP's CNBC interview in Europe last week had him saying that it would "probably" be accretive by the "end" of the fourth quarter - or in six months from last week. I don't know whether this represents a substantive change from the company's previous projections or is mere semantics. As for this quarter, it would seem that the company's pronouncements as recently as last week are that operating results will at least meet the guidance already given for "about break-even" and there is a slight openness to the suggestion that they may be a bit better. I cannot quite understand why so many on the thread are getting exercised about the write-off's. The write-offs flow from the acquisitions, and the decision to write-off unsold inventory; these will improve the balance sheet, and prepare the ground for better financial results later. All write-off's are categorised as "adjustments" by the market. Victor