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Technology Stocks : Sapient (SAPE) -- Ignore unavailable to you. Want to Upgrade?

To: jas cooper who wrote (99)	12/3/1998 11:36:00 PM
From: Pancho Villa	Read Replies (1) \| Respond to of 178

Have you guys taken a look at the latest 10Q? It is a good example of some of the most outrageous accounting with a total disregard for gaap. First, they took a 14+ million R&D write-off in the purchase of Studio, that is over 50% of the goodwill acquired, and the worse thing is that Studio, an ad agency, conducts virtually no R&D. Also, in addition to getting a cooking award, they are getting a best magician award, as a bunch of unexplained assets and liabilities from the Studio acquisition that did not appear in the form 8 now magically appear in the 10Q. cash flow situation continues to be awful. Apparent positive cash flows from operations are the results of not having paid their taxes (the tax liability is sitting in their balance sheet). This puppy will easily trade under 20 before 1999 is out.