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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (1408)	4/21/1999 10:41:00 PM
From: Mike Buckley	Read Replies (2) \| Respond to of 54805

In an earlier post I mentioned that I was unimpressed with SAP's 7% increase in product sales. I stumbled upon an article that explains that. When investors uncover the real stuff, I see the stock retreating to below $20. SAP's earnings are confusing as the company pads its license revenue numbers with customer software upgrades, instead of splitting the two into "license" and "maintenance" categories as other enterprise resource planning vendors do. "It hides the fact that licenses are down," he said, noting that SAP's new license growth, an important indicator of how well an ERP company is doing, down about 8 percent from the year-ago quarter. news.com --Mike Buckley