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Technology Stocks : Phoenix Technologies (PTEC) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Brophy who wrote (3259)	4/20/1999 6:46:00 PM
From: Jules B. Garfunkel	Read Replies (2) \| Respond to of 3624

All, There is not much that I can add to the reviews of the CC that have not already been posted. I thought all of the reviews presented were excellent. I guess to sum up my feelings...I was disappointed with the flat to down operating revenues for the quarter,... but on the other hand, I was very pleased to see the significant cost cutting, which certainly affected the quarter's earnings. Even more encouraging though, were Jack Kay's statements that revenue growth would pick up in Y2K. His positive disclosure of a future Internet strategy was for me a very big PLUS. I thought his response to my question on PTEC's plans for the Internet, and that he would announce those plans, when he had customers, was extremely hopeful. For the first time, we were told that there IS an Internet Strategy,... further, it was implied, that it would soon be marketed. This was a pleasant surprise for me and it portends additional good news to come in the future. Of course, the news yesterday that the Board of Directors had indeed authorized the stock buy-back of $25,000,000 worth, was a must. This fact, combined with PTEC going down today, encouraged me to add to my already over-weighted position in PTEC, this afternoon. As for the Y2K missed opportunity. While I agree that a large investment in order to promote the shortlived Y2K market, probably wasn't warranted. However, I feel that there should have been something PTEC could have done to capitalize on this phenomenon. In summary, I am optimistic about PTEC's future.... mostly because of the slight bit of optimism, that I thought I detected, in Jack's characteristically, conservative statements. Jules