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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (44221)	1/22/1999 12:34:00 PM
From: Knighty Tin	Respond to of 132070

To All, CDW had a very funky eps report. In the headlines, they made their numbers of eps up 32% and revenues up 36%. Beyond the headlines, some very troubling numbers appear. Receivables were up nearly 100% year to year. Number of orders shipped were flat with 3Q. Average order size did go up, which is positive for them. The sales force grew 56%!!!! Whoa, Nelly. Amazing management capability to add that many salespeople while reducing selling and administrative expenses as a % of net sales. So amazing that I don't believe it. <G> Cash declined by 13%. Excuse me, shouldn't 36% higher sales increase cash, everything else being equal? The good news is that early on here, the market seems to recognize a rancid trading sardine is not an eating sardine. <G> MB