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Gold/Mining/Energy : Image Processing Systems (IPV-TSE) -- Ignore unavailable to you. Want to Upgrade?

To: John Wright who wrote (508)	11/22/1998 11:58:00 AM
From: Luc N.	Read Replies (1) \| Respond to of 658

You can't keep a guy like Graham on board after he has been in charge. A guy like Graham won't accept being a second fidle to someone else. You need to let him go... It's easy to build sales if you are doing so below your competitors costs?

To: John Wright who wrote (508)	11/23/1998 12:08:00 PM
From: Flora Wood	Read Replies (1) \| Respond to of 658

John, Hasn't this escalated beyond objectivity? Gross margins have improved in Q2 to 30%. Given that virtually all the Q2 sales came from Tisma (and yes, we're reporting on a consolidated basis) and given that the average for the packaging machinery industry is 25 - 30%, the Q2 number does not indicate gross squandering of resources. If you take the S G & A numbers apart, only the sales category is a big increase and that refers to a one-time adjustment where we resolved a bad debt in Korea for $500k. Sales expenses over the next two quarters should stabilize at roughly $1mm each quarter. I'm meeting with the CFO today and will address your concerns, but don't overlook what's been accomplished already. And yes, watch the next two quarters. Flora