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Initial public offering in 1986
Institutions have purchased 67.6 million shares over the last quarter
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3.43 3.435 3.436
Revenues:
Licensing Fees 3,688.37 3,193.49 2,896.70
Services 5,138.87 3,950.38 2,787.64
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3.43 3.435 3.436
Cash 2,562.75 1,919.19 1,213.19
Receivables 2,238.20 1,857.48 1,540.47
Prop, Plant, Equip 987.48 934.35 868.95
Investments (FMV) 249.54 186.51 116.34
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3.43 3.435 3.436
Cash 35.3% 33.0% 26.2%
Receivables 30.8% 31.9% 33.3%
Prop, Plant, Equip 13.6% 16.1% 18.8%
Investments (FMV) 3.4% 3.2% 2.5%
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<3.3 <3.35 <3.36
Operating Activities
Depreciation 319.82 286.32 238.24
Deferred Income Taxes 20.37 23.09 6.29
Gain on Sale of Inv. 55.56 42.25 26.53
Accounts Receivable Change (486.43) (464.99) (628.03)
Accrued Expenses Change 154.47 159.13 108.70
Other Liabilities Change 136.70 123.83 144.33
Financing Activities
Purchase of PPE (346.59) (328.36) (390.74)
Proceeds from Maturity of Inv. 1,055.94 803.40 252.08
Purchase of Investments (1,250.50) (1,196.07) (524.31)
Investing Activities
Issuance of Common Stock 306.42 204.29 138.18
Repurchase of Common Stock (1,086.95) (489.82) (528.21)
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35 brokers are covering the stock
Average recommendation = 1.53
15 brokers ± Strong Buy
18 brokers ± Moderate Buy
2 brokers ± Hold
Notables:
A.G. Edwards Strong Buy
Credit Suisse First Boston Buy
Deutsche Bank Securities Buy
Goldman Sachs Strong Buy
J.P. Morgan Strong Buy
Merrill Lynch Strong Buy
Salomon Smith Barney Buy
Warburg Dillon Read Strong Buy
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Fiscal Year 2000 Quarter 2 results released December 14
Actual earnings of $0.13 v. estimates of $0.11
Compared to earnings of $0.095 the same period one year ago
11.7%
9%
5%
Very strong revenue and earnings growth over the past several years
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