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To: TLindt who wrote (200)	2/3/1999 3:44:00 PM
From: Bob Foley	Read Replies (1) \| Respond to of 525

I read through the 10-k filed with the sec.gov. I get mixed feelings, loan is up the end of this month, they sound positive on the renewal. The sale of the overseas property generated the great percentage of their operating income through 9/30/98. They mention issues with both themselves being in Y2k compliance, but say they will have it nailed by June 99, and they also mention that some of their customer base (a small %) are probably not going to be Y2k compliant. They do mention that IBM, and one other (I forgot the name) company are the main bloodline of their existance (at least that is the way I interpreted it). On the positive side, most of their client base is fortune 500 companies. The software runs on a number of O/S's. The great boom in online purchasing has broadend the client base that they can sell to (but they also mention the higher amount of competition in this arena). The numbers did show a better return on capital last year which backs up the movement toward software developement, away from hardware (that overseas division they sold was a hardware based operation). One thing that stood out to me was on the quarterly reports. I forget the quarter that mentioned the hiring of a new marketing manager, but there was a distinct lack of the same in the very next quarterly. I would have thought that they would want to mention that he/she was making things happen in this or that area. I just thought it curious.... Later Bob