|Modified | DDT |>| FRI.NOV,971114,15:10-5 |||CoSy/Home ; CoSy/Current||© Coherent Systems Inc .|
============================: THU.NOV,971106 :============================ |( 9711051606,BobA )| EPI Proprietary Bankruptcy Software . Record growth BR > 1E6 in `96 | 5 BR models : Ch 7 liquidation . 13 reorganized & discounted payback . 11 corp reorg . 9 municipalities . 12 farmers . | Their client BR trustee | New ability to mng Ch11 Deposits . License software thru depository bank - take fee based on agregate deposits . Internet BR link . Strong support @ Ch7 convention 9708 . Work w Nations Bank - largest Fed bank . 4th largest overall . Web based svc connecting BR users . 1st large scal use of INet in their sector . Gaing mkt dominance thru data collection . Ch13 is 1st Win95/NT product on mkt . Sucessful initial installs . Always have delivered prod on time . 3 Phase busn plan : for debtors : petition mngt . for creditors : claims recovery systs . Doc Imaging systs . all countrys have similar BR laws . Plan to dominate BR mkt . Then move into similar claims - restitution systems . 5 yr plan : $50M rev . |17:7| Tom : 3 Qs of .3+ growth to 6.3M$ '%' N‘ 1.86 2.02 2.22 |>| 1.86 1.09 1.1 | r * 4 |>| 11.97 1.39 1.46 E%S | `96 .11 1.2 increase | Qs | +/ .04 .04 .06 |>| 0.14 | already on 2x shares . Gross Profit `96 .476 | Qs | .514 .52.5 .526 | OpCashFlow (EBITDA) | 9 mo 960930 | 1.07 E6 | .23 of rev 97 | 1.66 | .273 of rev | .52 $ % share | expect whole yr .72$ When did road show : proj .5 increase | Went public to accelerate growth . X- Xerox . looking @ growing shareholder value . Fahnstock Recomendation : |17:17| ?s : fees come from EndUser Trustee receives @ no direct cost . They get portion of interest . Payments received montly , collect wi 30 days . 100M$ they mak 1.25 , 1.5M . now in 3-400M of 3B$ tot mkt . Money tends to stay up to 7 yrs . | Trustee must use their bank . Nations Fed Gov Banking div . Competitors : ch7 : Chase | Union Bank , SF CA | Internet Security ? - not passing critical info over net . Lucander : Software obsolesence risk . Abe : R&D cost , Acqs ? Acqs Y a few . R&D .5M last yr . ? How make human ? make more efficient . BR now becoming Busn Xactn . price : EPIQ - 8 E%S growing 1.0 | Overhead ?|FRI.NOV,971107,10:50| Afterwards to young guy : Programming Language ? He : won`t say for competetive reasons . I : I believe there is nothing more powerful than APL family languages so I find the notion of the underlying language being a proprietary advantage is silly .
Going further , At APL97 some very sophisticated actuarial applications for the insurance industry were presented which run in price to $200k .
For the .0125 of just one big bankruptcy ( $ 100M ) they implyed they
receive , you could create a very worthy competitor . Generally , to me ,
they seemed too smug .
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