The Motley Fool, 04/23/97: The Evening News

HEROES

Enterprise management software company PEOPLESOFT INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PSFT)") else Response.Write("(Nasdaq: PSFT)") end if %> jumped $7 5/8 to $42 5/8 after reporting Q1 EPS of $0.14 on revenues of $154 million, which were gains of 87% and 75%, respectively, over Q1 1996. Like ASPECT DEVELOPMENT <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASDV)") else Response.Write("(Nasdaq: ASDV)") end if %>, which reported earnings yesterday, the company's software keeps track of inventory throughout a plant and distribution channels. PeopleSoft, however, is a much more diverse software supplier that also produces cost control, materials management, and human resources software packages for vertical markets such as healthcare, chemicals, banking, and automotive products companies. Two of its largest competitors are BAAN CO. NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BAANF)") else Response.Write("(Nasdaq: BAANF)") end if %>, which gained $3 3/8 to $50 3/8 today, and Germany company SAP AG. Aspect gained another $2 5/8 to $22 1/8 today as well.

LEVEL ONE COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LEVL)") else Response.Write("(Nasdaq: LEVL)") end if %> reached a higher level today, gaining $4 1/2 to $26 1/2 after reporting Q1 EPS of $0.25 last night. Gross margin increased slightly over last year, while operating margin declined a bit as more money went into R&D on such products as the company's new multi-rate digital subscriber line chip. Operating income has been bumping along right around $4.6 million in each of the last three quarters, and the stock has been up and down as investors have anticipated a significant increase in sequential revenues. With a book-to-bill ratio at a healthy 1.21 to 1 at the end of the quarter, investors took that as the green light for an increase in revenue growth, which should also bode well for its customers in the networking industry.

Transaction equipment supplier VERIFONE INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VFI)") else Response.Write("(NYSE: VFI)") end if %> rocketed $17 3/8 higher to $47 1/2 on announcing an agreement to be acquired by HEWLETT-PACKARD <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> in a stock swap valuing VeriFone at $1.18 billion. The purchase price is less than three times revenues for a business that shows margins superior to those of Hewlett-Packard. With the global reach of Hewlett-Packard and the obvious manufacturing and product synergies, the companies were quite excited about the potential impact of the deal for Hewlett-Packard. At about 26 times 1997 earnings estimates, the acquisition offers Hewlett-Packard an excellent addition to its products and presence in Internet electronic commerce and in transaction processing systems.

QUICK TAKES: Web browser company SPYGLASS INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPYG)") else Response.Write("(Nasdaq: SPYG)") end if %> shot up $2 1/8 to $8 1/4 after announcing that it is working on additional licensing deals and reporting Q2 EPS of $0.16 (which included a one-time $8 million payment from Microsoft and a $900,000 charge)... PEAK TECHNOLOGIES GROUP <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PEAK)") else Response.Write("(Nasdaq: PEAK)") end if %> gained $4 1/2 to $17 1/2 after the data collection systems company agreed to be acquired by business forms and data services company MOORE CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MCL)") else Response.Write("(NYSE: MCL)") end if %> for $18 per share in cash... Sales & marketing helpdesk company THE VANTIVE CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VNTV)") else Response.Write("(Nasdaq: VNTV)") end if %> surged $3 3/4 to $19 1/2 before reporting after the bell Q1 EPS of $0.10, beating estimates of $0.08 per share. SCOPUS TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SCOP)") else Response.Write("(Nasdaq: SCOP)") end if %> rose $4 3/8 to $26 5/8 along with Vantive... VEECO INSTRUMENTS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VECO)") else Response.Write("(Nasdaq: VECO)") end if %> gained $5 3/4 to $33 1/8 after the electronics equipment manufacturer reported Q1 EPS of $0.43 on revenues of $29.6 million... FORTE SOFTWARE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FRTE)") else Response.Write("(Nasdaq: FRTE)") end if %> gained $2 3/8 to $16 after the software developer announced yesterday that it is collaborating on Internet applications with NETSCAPE COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSCP)") else Response.Write("(Nasdaq: NSCP)") end if %>... PLANET HOLLYWOOD <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PHII)") else Response.Write("(Nasdaq: PHII)") end if %> gained $2 7/16 to $18 9/16 after signing a restaurant development deal with a Saudi Arabian prince for up to 34 locations... Clinical research organization PAREXEL INTERNATIONAL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRXL)") else Response.Write("(Nasdaq: PRXL)") end if %> gained $3 25/32 to $26 5/8 after reporting Q3 EPS of $0.15, beating estimates of $0.14... Research company QUINTILES TRANSNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QTRN)") else Response.Write("(Nasdaq: QTRN)") end if %> rose $3 1/4 to $53 5/8 after reporting a 131% increase in Q1 EPS and attracting an Morgan Stanley upgrade to "strong buy" from "outperform"... DUPONT PHOTOMASKS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DPMI)") else Response.Write("(Nasdaq: DPMI)") end if %> climbed $4 3/4 to $ 43 1/2 after the semiconductor manufacturing equipment supplier reported Q3 operating net income of $0.62 per share, up 24% over last year... Consumer goods company STANHOME INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: STH)") else Response.Write("(NYSE: STH)") end if %> jumped $5 1/2 to $30 1/2 after announcing an agreement to sell its Hamilton Direct Response business to The Bradford Group for approximately $46 million, including debt repayment... U.S. AIRWAYS GROUP <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: U)") else Response.Write("(NYSE: U)") end if %> flew $5 1/4 to $34 1/8 after reporting a record Q1 profit of $153 million, or $1.45 per share, nearly doubling estimates... Software giant COMPUTER ASSOCIATES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %> gained $4 5/8 to $47 after pre-announcing Q4 EPS of $0.90, ahead of estimates of $0.86 per share.

GOATS

MONEY STORE INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MONE)") else Response.Write("(Nasdaq: MONE)") end if %> fell $1 3/4 to $18 7/8 as Q1 earnings missed estimates after adjusting for a gain on an interest-only debt security. EPS of $0.41 was boosted by a gain of $9.97 million, or $0.09 per share, on the adoption of Statement of Financial Accounting Standards (FAS) No. 125. Estimates for the quarter called for earnings of $0.36 per share. Nonetheless, the company did come in with an 18.5% increase in EPS and annualized return on shareholders equity between 14% and 18%, depending on which earnings number is used. These numbers compare well with the results of companies traditionally thought of as banks. Getting right down to it, though, looking at the company's credit quality standards and its investment-grade debt rating, one might think they are looking at the financial statements of a bank, but without as much cumbersome overhead.

Another company adopting FAS No. 125 was UNITED COMPANIES FINANCIAL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UC)") else Response.Write("(NYSE: UC)") end if %>, which lost $1 7/8 to $15 7/8 after reporting Q1 EPS of $0.62. These earnings were boosted by $0.14 per share for the gain on the holding of trading securities. The company is a non-traditional lender, making loans to consumers with lower credit standards or needs that normal banks won't serve. Its home equity loan charge-off percentage at 0.67% of loan balances isn't that different from banks or savings and loans; however, loan delinquencies were much worse than what you'd experience with the neighborhood S&L. Some investors worry that companies like this one aren't charging off loans quickly enough, with delinquencies over 30 days running about 10%. The company makes up for this with an average home equity loan coupon of 11% and by charging 390 basis points (3.9%) on the origination of the loans.

QUICK CUTS: MADGE NETWORKS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MADGF)") else Response.Write("(Nasdaq: MADGF)") end if %> was stomped for a $1 5/8 loss to $5 after posting a Q1 loss of $0.11 per share... Application software company INSO CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INSO)") else Response.Write("(Nasdaq: INSO)") end if %> met Q1 EPS estimates of $0.30, but apparently didn't show the revenue growth investors were looking for... INTERLINK COMPUTER SCIENCES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INLK)") else Response.Write("(Nasdaq: INLK)") end if %> lost $2 1/16 to $5 15/16 after the network systems software company reported Q3 EPS of $0.16, hitting estimates on the nose... Telecom equipment and services company BRITE VOICE SYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BVSI)") else Response.Write("(Nasdaq: BVSI)") end if %> was bedarkened $2 to $7 on reporting Q1 EPS of $0.11, below estimates of $0.15... PREMIER RESEARCH WORLDWIDE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRWW)") else Response.Write("(Nasdaq: PRWW)") end if %> departed from its clinical research organization siblings in losing $3 5/8 to $13 1/8 after reporting earnings this morning... Financial software company PLATINUM SOFTWARE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PSQL)") else Response.Write("(Nasdaq: PSQL)") end if %> was tarnished for a $1 7/8 loss to $7 7/8 after reporting Q3 EPS of $0.03 (without any provision for income taxes), beating estimates of $0.02... NOVELL INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NOVL)") else Response.Write("(Nasdaq: NOVL)") end if %> shed $1 23/32 to $7 5/16 after pre-announcing Q2 revenues of $300 million to $335 million and a slight quarterly profit, which will fall short of estimates of $0.16 per share... Sub-prime lender and specialty finance company EMERGENT GROUP <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EMER)") else Response.Write("(Nasdaq: EMER)") end if %> lost $2 to $9 1/4 after reporting Q1 EPS of $0.04, down from $0.20 per share a year ago. Sub-prime mortgage lender AAMES FINANCIAL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AAM)") else Response.Write("(NYSE: AAM)") end if %> also dropped $1 1/4 to $13 3/8... SAKS HOLDINGS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SKS)") else Response.Write("(NYSE: SKS)") end if %> was marked down $9 5/8 to $19 3/4 after pre-announcing Q1 EPS of $0.20, below estimates of $0.32... PHARMACIA & UPJOHN <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PNU)") else Response.Write("(NYSE: PNU)") end if %> stumbled $4 3/4 to $30 1/8 after announcing forecasts for a 6% decline in first quarter revenues, which will translate into a 16% slide in Q1 operating EPS... Publisher READERS DIGEST <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RDA)") else Response.Write("(NYSE: RDA)") end if %> fell $2 1/2 to $23 3/4 announcing that it expects full year 1997 earnings to fall 26% from last year... GUNDLE/SLT ENVIRONMENTAL INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GSE)") else Response.Write("(NYSE: GSE)") end if %> was taken down $1 1/4 to $6 3/8 on reporting a loss for the quarter due to poor gross margins... FRUIT OF THE LOOM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FTL)") else Response.Write("(NYSE: FTL)") end if %> was cut down $3 3/8 to $34 1/4 after reporting Q1 EPS of $0.28, beating estimates of $0.27... Cellular telco PALMER WIRELESS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PWIR)") else Response.Write("(Nasdaq: PWIR)") end if %> declined $1 7/8 to $10 13/16 before reporting earnings after the close of trading.

FOOL ON THE HILL
An Investment Opinion by Randy Befumo

A Remote Access Primer

Remote access is the intersection between the local area network (LAN) and the wide area network (WAN). A user dials up over the public WAN, normally connecting through a phone line, to gain access to a specific LAN. With remote access, organizations with remote locations, telecommuters, and employees on the road can connect to a variety of resources back at the office, whether in a data processing center or on a LAN. As LANs becoming increasingly ubiquitous, it becomes increasingly necessary for users to be able to access them regardless of where they happen to be at any given moment. Almost all of the information technology industry analysts have named remote access as the fastest growing sub-segment of the networking industry.

The top three players in remote access measured by revenues or "ports" are ASCEND COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASND)") else Response.Write("(Nasdaq: ASND)") end if %>, CISCO SYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSCO)") else Response.Write("(Nasdaq: CSCO)") end if %>, and U.S. ROBOTICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USRX)") else Response.Write("(Nasdaq: USRX)") end if %>. Each of these companies has seen explosive revenue growth in networking systems with remote access capabilities over the past two years. Below this holy trio stand BAY NETWORKS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAY)") else Response.Write("(NYSE: BAY)") end if %>, DIGITAL EQUIPMENT <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DEC)") else Response.Write("(NYSE: DEC)") end if %>, Livingston, SHIVA <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SHVA)") else Response.Write("(Nasdaq: SHVA)") end if %>, and Cyplex. 3COM CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COMS)") else Response.Write("(Nasdaq: COMS)") end if %>, ACCESS BEYOND <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ACCS)") else Response.Write("(Nasdaq: ACCS)") end if %>, GANDALF TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GANDF)") else Response.Write("(Nasdaq: GANDF)") end if %> and MICROCOM <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MNPI)") else Response.Write("(Nasdaq: MNPI)") end if %>, recently acquired by COMPAQ <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPQ)") else Response.Write("(NYSE: CPQ)") end if %>, bringing up the rear with tiny market shares measured in the tens of millions.

The biggest change in the remote access landscape is 3Com's recent decision to merge with U.S. Robotics. 3Com will pick up a tremendous amount of market share in remote access with the acquisition of Robot's Total Control product line. U.S. Robotics has developed a wide variety of products in the remote access area of networking, concentrated around its premier Total Control Enterprise Network Hub. The Total Control Hub is a product designed to be modular in nature, emphasizing a customer's ability to buy various expansion cards to tweak their remote access capacity as their needs shift over time. Until recently, the Total Control Hub was far and away the market leader in terms of revenues and "ports" (a modem that allows the user to connect to the network).

Measuring market share in the remote access business is always something of a challenge. There are two ways that the major research organizations do it -- using dollars of revenue or ports. According to Brad Baldwin of International Data Corp., Ascend is the clear market share leader in number of ports shipped, followed by Cisco and then U.S. Robotics. In terms of revenues, Ascend still remains in the lead, but U.S. Robotics is number two and Cisco is number three. The difference is that Cisco bundles a lot of remote access functionality into some of its network products, but does not sell any devices specifically focused on just that need.

Looking at Ascend's MAX Product Family Overview Chart, it is clear that the MAX-TNT with its 672 ports per unit is behind its huge presence in market share relative to ports shipped. A carrier-class device, the MAX-TNT is used by phone companies and Internet Service Providers (ISPs) for large-scale solutions. Although America Online has deployed Total Control Hubs throughout its AOLNet architecture, much of the volume for the device comes from organizations seeking solutions on a slightly smaller scale. When 3Com's small remote access business is added to U.S. Robotics Total Control business, in terms of ports they match Cisco and in terms of revenues they come within a few million dollars of Ascend, although Ascend has quite a bit more velocity -- particularly in terms of ports -- because of the success of its MAX-TNT.

U.S. Robotics is certainly no slouch in the remote access arena, and has actually had independent testing done to compare the Total Control Hub with the MAX 4004, Ascend's product that competes directly with U.S. Robotics' product. The benchmark tests are located on the Web at U.S. Robotics' website and show that Total Control beats Ascend's MAX 4004 by a decent margin. The biggest knock against U.S. Robotics is the price per port of $810 compared to Ascend's $430, including the incredibly port-dense MAX-TNT. As pricing is what killed Shiva in the end, according to many industry analysts including IDC's Baldwin, this is a problem area for U.S Robotics and something that it probably needs to improve. Although the comparison is complicated because both companies retail their products in completely different ways and Total Control really does not compete with the MAX-TNT, it is a damning statistic that can be effectively used against U.S. Robotics.

Investors interested in remote access might do well just to purchase both companies despite U.S. Robotics' pricing issues and lack of a next-generation carrier-class switch, hedging Ascend's superior port-density against the low valuation of 3Com-U.S. Robotics. With the "new" 3Com structured as half low-margin access devices like network interface cards (NICs) and modems and half LAN switches and remote access, in the end it will be the remote access business that will really allow the company to attain value by letting it own a good portion of the border of the network.

CONFERENCE CALLS

US ROBOTICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USRX)") else Response.Write("(Nasdaq: USRX)") end if %>
Available after 7:00 PM EDT
(800) 696-1563 (code: 164010) -- replay

HEWLETT PACKARD <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %>
VERIFONE <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VF)") else Response.Write("(NYSE: VF)") end if %>
Replay available from 4:15 PM EDT today through 8:00 PM EDT on 4/25, and from 10:00 AM EDT on 4/28 through 8:00 PM EDT on 4/30
(800) 633-8284 (reservation # 2699996)

UNITED COMPANIES FINANCIAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UC)") else Response.Write("(NYSE: UC)") end if %>
Replay available after 12:00 noon EDT
(800) 475-6701 (code 336752)
(321) 365-3844 -- outside US

COMPUTER ASSOCIATES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %>
Replay available from 9:00 PM EDT through 6:00 PM EDT on 4/25
(888) 243-0816 (password: 4647) -- Note: number is toll-free

IOMEGA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IOM)") else Response.Write("(NYSE: IOM)") end if %>
(800) 633-8284 (reservation # 2593689)
Replay from 6:30 PM ET through 4/23

360 COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XO)") else Response.Write("(NYSE: XO)") end if %>
(402) 220-3014 -- replay through 4/22

SUN MICROSYSTEMS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SUNW)") else Response.Write("(Nasdaq: SUNW)") end if %>
(800) 633-8284 (reservation # 2584848) -- replay avail through 4/22

APPLIED DIGITAL ACCESS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADAX)") else Response.Write("(Nasdaq: ADAX)") end if %>
(402) 220-6032 -- replay through 4/22

AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %>
replay after 11:00 a.m. EDT
(800) 475-6701 (code: 338707)
(320) 365-3844 (code: 338707) -- outside US

IONA TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IONAY)") else Response.Write("(Nasdaq: IONAY)") end if %>
replay available after 1:00 p.m. EDT for 5 days
(800) 475-6701 (code: 338970)
(320) 365-3844 (code: 338970) -- outside US

RTW INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RTWI)") else Response.Write("(Nasdaq: RTWI)") end if %>
replay available from 2:00 p.m. EDT through 4/28
(800) 475-6701 (code: 338849)
(320) 365-3844 (code: 338849) -- outside US

04/22/97 (Tuesday)
FORCENERGY INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FGAS)") else Response.Write("(Nasdaq: FGAS)") end if %>
(800) 475-6701 (code: 338955) -- replay avail. through 4/29
(320) 365-3844 (code: 338955) -- replay (outside US)

MATTSON TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MTSN)") else Response.Write("(Nasdaq: MTSN)") end if %>
(402) 220-6969 -- replay available through 5/6

ACE CASH EXPRESS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AACE)") else Response.Write("(Nasdaq: AACE)") end if %>
(800) 642-1687 (code 355311)
From 6 PM EDT, replayed every two hours

04/23/97 (Wednesday)
OLSTEN CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: OLS)") else Response.Write("(NYSE: OLS)") end if %>
(800) 475-6701 (code: 338904) -- replay through 4/24
(320) 365-3844 (code: 338904) -- replay (outside US)

04/23/97 (Wednesday)
GENZYME TISSUE REPAIR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GENZL)") else Response.Write("(Nasdaq: GENZL)") end if %>
(212) 547-0375 (confirmation # 664581) -- live
(402) 220-5189 (confirmation # 664581) -- replay through 4/30

THE MONEY STORE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MONE)") else Response.Write("(Nasdaq: MONE)") end if %>
(800) 964-4236

THIS WEEK'S CONFERENCE CALL SYNOPSES

TEXAS INSTRUMENTS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TXN)") else Response.Write("(NYSE: TXN)") end if %> Q1 Conference Call

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