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HEROES

Internet search engine companies moved higher today, led by Lycos Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LCOS)") else Response.Write("(Nasdaq: LCOS)") end if %>, which gained $7 3/4 to $58 7/8. Yesterday, the company said it closed six multi-year advertising and sponsorship deals in March with companies such as online music retailer CDNow <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CDNW)") else Response.Write("(Nasdaq: CDNW)") end if %> and cyber travel agency Preview Travel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PTVL)") else Response.Write("(Nasdaq: PTVL)") end if %>. The agreements totaled $30 million -- almost as much as the $32.5 million in sales recorded by the company over the four most recent quarters. Elsewhere, Excite Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %>, fresh from signing a multi-year marketing agreement with privately owned online software retailer Software.com yesterday, advanced $7/8 to $55 3/8. Yahoo! Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> rose $6 1/16 to $103 7/8 as EVEREN Securities threw the equivalent of a pebble at an oncoming freight train in cutting its short-term rating for the company to "market perform" from "outperform."

Cardiovascular pharmaceuticals developer COR Therapeutics <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CORR)") else Response.Write("(Nasdaq: CORR)") end if %> pumped out a $9 27/32 gain to $22 5/16 after the FDA said the firm's Integrilin drug, which was initially expected to be only approved for angioplasty, is also "approvable" for sufferers of unstable angina. Schering Plough Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGP)") else Response.Write("(NYSE: SGP)") end if %>, which is COR's marketing partner for the drug, gained $2 1/2 to $84 5/16 on the news. Centocor Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNTO)") else Response.Write("(Nasdaq: CNTO)") end if %> fell $2 1/4 to $44, since the new treatment will compete with its popular angioplasty drug, ReoPro. Both Integrilin and ReoPro are used to stop blood clots in patients by keeping platelets in the blood from gathering together and blocking off circulation. Currently, analysts estimate that ReoPro will garner $350 million in fiscal 1998 sales for Centocor. COR and Schering are hoping to grab some of those sales dollars away from Centocor, but to do this they need to differentiate their product by price, by comparing side effects, or by some other manner. According to a Schering spokesperson, the two drugs have not been tested head-to-head, so the question "Which is better?" is still out there.

QUICK TAKES: Electronic commerce and remote banking services provider CheckFree Holdings Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CKFR)") else Response.Write("(Nasdaq: CKFR)") end if %> picked up $2 1/2 to $27 5/8 after saying it would sell off seven of its software products by June 30 in order to focus on its core electronic commerce business... Baseball, football, and basketball maker Rawlings Sporting Goods Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RAWL)") else Response.Write("(Nasdaq: RAWL)") end if %> hit one out of the park, rising $1/2 to $14 1/8 on reporting fiscal Q2 EPS of $0.61, which was in line with the First Call mean estimate... Telecommunications systems and software developer Lucent Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LU)") else Response.Write("(NYSE: LU)") end if %> advanced $3 3/8 to $69 7/16 as the company said it will use technology from telecommunications software and chipset maker Aware Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AWRE)") else Response.Write("(Nasdaq: AWRE)") end if %> for Lucent's digital subscriber line (DSL) chips. Also, the company's two-for-one stock split went into effect after the market closed yesterday.

Jet maker Boeing Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BA)") else Response.Write("(NYSE: BA)") end if %> was lifted $2 3/16 to $54 15/16 after Irish asset management firm Pembroke Capital Ltd. took delivery of 12 of the company's 737 commercial aircraft. The planes will be leased to Belgium's Sobelair... TV and radio network CBS Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CBS)") else Response.Write("(NYSE: CBS)") end if %> added $2 1/8 to $35 5/8 after saying it will start broadcasting TV programs in high definition (HDTV) during five prime time hours per week starting in November... Consumer healthcare products maker Johnson & Johnson <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JNJ)") else Response.Write("(NYSE: JNJ)") end if %> rose $2 7/8 to $76 1/4 after its Sucralose artificial sweetener was approved by the Food and Drug Administration... Paper producer International Paper <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IP)") else Response.Write("(NYSE: IP)") end if %> tacked on $1 3/8 to $49 15/16 after the company indicated that its plan to shed $1 billion of its assets is on track and that a list of buyers for the units up for sale will be ready this month, according to Bloomberg.

Williams Cos. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMB)") else Response.Write("(NYSE: WMB)") end if %> gained $2 3/4 to $35 3/4 after Morgan Stanley Dean Witter started coverage of the natural gas and petroleum transporter with a "strong buy" rating... Etch-A-Sketch maker Ohio Art Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: OAR)") else Response.Write("(AMEX: OAR)") end if %> leapt $12 to $33 1/2 on speculation that toy giant Mattel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MAT)") else Response.Write("(NYSE: MAT)") end if %> might distribute the firm's products, according to Bloomberg... Semiconductor wafer fabrication equipment manufacturer Applied Materials <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMAT)") else Response.Write("(Nasdaq: AMAT)") end if %> jumped $1 1/4 to $38 7/8 after BancAmerica Robertson Stephens upgraded the company to "strong buy" from "buy"... Managed care provider Oxford Health Plans <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OXHP)") else Response.Write("(Nasdaq: OXHP)") end if %> picked up $1 1/4 to $17 3/4 after the company was directed by New York's superintendent of insurance to suspend a $9 million severance payment to its founder and former chairman, according to Reuters.

Internet consulting and services firm USWeb Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USWB)") else Response.Write("(Nasdaq: USWB)") end if %> climbed $3 to $24 7/16 after acquiring three privately held regional Internet services firms for unspecified sums... Internet service provider Earthlink Network <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ELNK)") else Response.Write("(Nasdaq: ELNK)") end if %> added $7 to $66 1/8 after EVEREN Securities raised its short-term rating on the company to "buy" from "market perform"... Managed care provider United HealthCare Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UNH)") else Response.Write("(Nasdaq: UNH)") end if %> climbed $4 1/16 to $68 5/8 after an analyst from Piper Jaffray told Bloomberg News that the company's earnings are growing at a faster rate than the S&P 500 index and that investor sentiment toward the managed care industry is "favorable" in general... UAL Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UAL)") else Response.Write("(NYSE: UAL)") end if %>, the parent company of United Airlines, moved $3 1/4 higher to $93 1/2 after the company said its outlook for fiscal Q1 earnings is "consistent" with the First Call mean estimate of $1.55 per share. Also, Lehman Brothers reiterated its "buy" rating on the company.

Standard Motor Products <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SMP)") else Response.Write("(NYSE: SMP)") end if %> drove $3 7/16 higher to $23 5/16 after Morgan Stanley Dean Witter upgraded the manufacturer of aftermarket auto parts to "outperform" from "neutral"... Online services provider America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> moved up $1 5/16 to $74 1/4 after Bear Stearns started coverage of the company with a "buy" rating and a 12-month price target of $90 per share... Year 2000 problem solver and data recovery services provider Strategia Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: SAA)") else Response.Write("(AMEX: SAA)") end if %> was lifted $1 7/8 to $9 5/8 after the company signed an alliance with enterprise software developer Computer Associates International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %> to jointly provide Year 2000 compliance services to clients of both firms.

Bed Bath & Beyond <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BBBY)") else Response.Write("(Nasdaq: BBBY)") end if %> rose $3 1/4 to $51 5/8 after the retailer of scented soap and other bath goodies reported Q4 EPS of $0.35 versus $0.26 a year ago, topping the First Call mean estimate of $0.32... Specialty memory devices maker Microchip Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MCHP)") else Response.Write("(Nasdaq: MCHP)") end if %> climbed $4 3/4 to $25 7/8 after NationsBanc Montgomery Securities raised its rating on the stock to "buy" from "hold"... THINK New Ideas <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: THNK)") else Response.Write("(Nasdaq: THNK)") end if %> gained $3 19/32 to $27 1/4 today after rising 38% yesterday on a "strong buy" rating from Volpe, Brown. According to Volpe's analyst, the provider of Internet marketing services for businesses is on the verge of becoming the #1 player in the Internet advertising market and has just recently received more institutional following.

Security Capital Atlantic <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SCA)") else Response.Write("(NYSE: SCA)") end if %> rose $1 9/16 to $22 9/16 after agreeing to be acquired by fellow real estate investment trust (REIT) Security Capital Pacific Trust <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PTR)") else Response.Write("(NYSE: PTR)") end if %> in a stock swap valued at about $1.1 billion. Security Capital Pacific fell $15/16 to $23 3/16 on the news... Zygo Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ZIGO)") else Response.Write("(Nasdaq: ZIGO)") end if %> surged $3 1/2 to $19 3/16 after the manufacturer of yield improvement instrumentation and measurement systems announced a reorganization of the company into "a single worldwide organization... aligned by market segment with semiconductor, data storage, industrial, and OEM sales"... Commercial banking dreadnought Chase Manhattan <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CMB)") else Response.Write("(NYSE: CMB)") end if %> added $4 1/16 to $139 5/16 after the Wall Street Journal reported that the company is in talks to acquire the securities custody and clearing unit of Morgan Stanley Dean Witter <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MWD)") else Response.Write("(NYSE: MWD)") end if %>.

GOATS

Chrysler <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: C)") else Response.Write("(NYSE: C)") end if %> skidded $7/8 to $41 after the nation's number three auto maker reported a 1.8% decline in U.S. March vehicle sales. The company, which saw a 16.8% drop in car sales, said year-over-year comparisons were made difficult because more cars were sold to rental fleets last March and there were supply constraints for new models such as the Concorde, according to Reuters. The decline in car sales was offset by continuing demand for sport-utility vehicles (SUV) such as the Dodge Durango and the Jeep Cherokee -- SUV sales were up 30%. March is an important month for auto makers when roughly 40% of vehicles are sold yearly, and so far sales are looking down across the industry. Ford <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: F)") else Response.Write("(NYSE: F)") end if %> and General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GM)") else Response.Write("(NYSE: GM)") end if %> are slated to report March sales on Friday. Meanwhile, with the exception of Honda <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HMC)") else Response.Write("(NYSE: HMC)") end if %>, Japanese car makers reported sharp sales declines: Toyota <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TOYOY)") else Response.Write("(Nasdaq: TOYOY)") end if %> sales dropped 13.4%, Nissan's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSANY)") else Response.Write("(Nasdaq: NSANY)") end if %> fell 42.3%, Mitsubishi's were cut 27.8%, and Subaru of America saw a 20.7% decrease. Beating the downward trend, Honda reported a 5% increase in sales.

Software components and tools maker Rogue Wave Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RWAV)") else Response.Write("(Nasdaq: RWAV)") end if %> plunged $6 7/16 to $9 1/16 on heavy trading of nearly 5 million shares, compared with its 30-day average volume of 135,000, after announcing that it expects Q2 EPS of $0.04 to $0.05 before charges. The First Call mean EPS estimate was $0.13. The company attributed the shortfall to delayed orders resulting from mergers, especially in the banking and telecommunications industries, as well as its own internal restructuring, which includes its acquisition of Stingray Software, moving its headquarters, and reorganizing its sales force. One of Rogue Wave's biggest customers, MCI Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MCIC)") else Response.Write("(Nasdaq: MCIC)") end if %>, is delaying its orders as it awaits completion of its merger with WorldCom <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WCOM)") else Response.Write("(Nasdaq: WCOM)") end if %>.

QUICK CUTS: Intel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> shed $1 1/8 to $76 3/8 after J.P. Morgan started coverage of the Pentium chip maker with a "market performer" rating, saying that PC buyers now prefer low cost over high performance, which could drive down prices for microprocessors. J.P. Morgan also said Intel's stock is trading at a high price-to-earnings multiple... Software company Oracle <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ORCL)") else Response.Write("(Nasdaq: ORCL)") end if %> fell $1 1/4 to $30 1/8 after Dataquest announced that shipments of network computers were less than expected in 1997 and likely won't be "significant" at all this decade, according to Reuters... Trans World Airlines <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: TWA)") else Response.Write("(AMEX: TWA)") end if %> declined $1 to $11 5/16 after Lehman Brothers cut its rating on the airline to "neutral" from "outperform" based on valuation and earnings concerns.

Multimedia conferencing network servers provider VideoServer Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VSVR)") else Response.Write("(Nasdaq: VSVR)") end if %> erased $1 1/4 to finish at $11 3/8 after announcing that it expects to report Q1 sales of about $11.5 million and break-even operating results before one-time charges. The company said customers "have further slowed their purchases of traditional conferencing products as they begin to evaluate new conferencing technologies just now coming to market"... Identix Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: IDX)") else Response.Write("(AMEX: IDX)") end if %> dropped $15/16 to $7 5/8 after announcing that it expects Q3 results to fall below the loss for the year-earlier period due to one-time restructuring charges, the shipping delay of two large orders, and lower gross product margins related to sales to new markets.

Network and data security solutions provider Security Dynamics Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SDTI)") else Response.Write("(Nasdaq: SDTI)") end if %> plummeted $15 9/16 to $26 15/16 after announcing that its Q1 results will fall short of expectations due to failure to close some expected sales for the quarter. The company anticipates earnings of $0.14 per share versus $0.12 for the year-earlier period... Respironics Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RESP)") else Response.Write("(Nasdaq: RESP)") end if %> ran out of breath today, sinking $10 11/16 to $18 3/8 after the medical devices manufacturer announced that it expects Q3 EPS to be between $0.12 to $0.14 before merger-related charges, compared with the First Call analysts' mean estimate of $0.29... Prepaid phone cards vendor SmarTalk TeleServices <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SMTK)") else Response.Write("(Nasdaq: SMTK)") end if %> was disconnected for a $8 11/16 loss to $22 7/16 after announcing that it anticipates a Q1 loss of $0.05 per share on sales of about $40 million. The First Call mean earnings estimate was a gain of $0.05 per share.

Integrated Measurement Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: IMSC)") else Response.Write("(Nasdaq: IMSC)") end if %>, which makes equipment and software for testing electronic devices, dropped $1 1/2 to $11 after announcing that it expects Q1 EPS between a loss of $0.03 and a profit of $0.01, compared with analysts' mean estimate of $0.16... Embedded systems solutions provider Applied Microsystems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: APMC)") else Response.Write("(Nasdaq: APMC)") end if %> dropped $1 1/8 to $6 1/4 after announcing that it anticipates reporting a Q1 loss of between $0.08 and $0.12 per share compared with a profit of $0.01 per share for Q1 1997. The company blamed the performance on sales shortfalls in the Pacific Rim and North America and unfavorable foreign currency exchange rates in Japan.

Digital printing equipment maker Presstek Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRST)") else Response.Write("(Nasdaq: PRST)") end if %> lost another $1 3/4 to $15 15/16 after announcing on Tuesday that its 1998 EPS will be lower than a year ago on marginally higher revenues. The company attributed the weaker-than-expected results to a lower sell-through of Quickmaster DI products from printing press manufacturer Heidelberg and start-up costs for production of its new PEARLgold printing plates... DSC Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DIGI)") else Response.Write("(Nasdaq: DIGI)") end if %> was down $1 to $16 15/16 after the telecom equipment and software provider announced late yesterday that its Q1 financial performance has been "extremely disappointing" and that it expects a Q1 loss of between $0.15 and $0.25 a share versus the First Call mean EPS estimate of $0.16.

Online lottery products and services provider GTECH Holdings <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GTK)") else Response.Write("(NYSE: GTK)") end if %> lost $1 15/16 to $36 1/16 after reporting a Q4 loss of $0.87 per share (including a pre-tax special charge of $1.45 a share) versus earnings of $0.54 per share for the prior-year period. The First Call mean EPS estimate was $0.59... STM Wireless <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: STMI)") else Response.Write("(Nasdaq: STMI)") end if %> was cut $1 1/8 to $10 after reporting a Q4 loss of $0.64 per share, compared with a loss of $0.90 for the year-earlier period. Sales declined to $7.1 million from $11.4 million the year before.

FOOL ON THE HILL
An Investment Opinion
by Alex Schay

Sustainable Growth?

A number of Internet-related businesses saw their share prices make strong moves today. Although lumping them together tends to obscure some essential qualitative and quantitative differences among them, the companies do share some common characteristics. The meteoric rise of the "Internet" stocks over the last several months (ironic because meteors actual fall) has given many investors pause, primarily to consider: How fast can these companies grow? While share price can always get ahead of valuation, and sometimes in really absurd ways, there are definitely limits on how fast an actual business can grow -- and we're talking the mechanics of the business here.

Although the management of growth is a highly complex subject, worthy of a great deal more space than even a year's worth of these columns, it is also true that a discussion involving the basics of the endeavor can elucidate why the "Internet model" holds such promise. Whether or not demographics and proper managerial execution can make good on that promise is another question. Taking a look at a "traditional" business, the financial limits imposed on a company are dictated in no uncertain terms by its sustainable growth rate -- that is, according to some qualifications that will be outlined below, the maximum rate at which a company can grow its sales without depleting its financial resources.

Growing faster than this rate can literally end up in a situation described as "growing broke" where cash needs outstrip available resources. Almost as many companies go broke due to overwhelming sales as they do to no sales, and how depressing that must be! Surprisingly, many companies, through the exercise of some financial acumen, actually put a break on growth in order to shore up their financial strength. Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> is a great example of this. At one point in 1993 Michael Dell confronted a cash position that was down to $20 million, which was enough for roughly two days, and he realized that it was time for a change. Dell had to move away from that mantra of "growth at any price" (not to be confused with the highly unsuccessful stock picking strategy of the same name) and toward sustainable growth. Executives get fewer heart attacks that way, and as we all know, in the ensuing years everything went pretty well for Dell on the growth front.

Again, back to the "traditional" company. If a firm wants to increase sales in a given year, it must also increase its assets, namely: inventory, productive capacity, and hopefully accounts receivable (and not by extending collection periods). First, however, we are going to have to make some assumptions to illustrate a point Don't worry, these are very "real-world" assumptions. Here goes: Management is unwilling to issue new equity and wants to grow as rapidly as market conditions permit. As well, management has a target capital structure that it wants to maintain.

As equity grows, liabilities can increase proportionately without an alteration to the capital structure. Combined, the growth rate in equity and the growth of liabilities determines the rate at which assets expand (since Assets = Liabilities + Equity). Remember, coming full circle, the growth in assets will determine the growth in sales. Following the logic here, the funding of new assets to grow sales is done through new borrowings (remember -- no equity) and since Assets - Liabilities = Owners' Equity, the possible growth rate in sales for a company is nothing more than the growth rate of owners' equity.

Without getting into the actual sustainable growth rate equation and mathematical proof at this time (however disappointing that may be), it should become clear to investors that Internet companies are a different kind of animal altogether. The biggest benefit, as far as investment in assets to sustain growth goes, is that they are extremely productive. What sales can they generate on their assets?

Taking a look at Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %>, on a trailing 12-month basis the company generated $147.76 million in revenues on $9.265 million in fixed assets, or for every $1.00 in sales, approximately $0.06 in fixed assets were used. It is obviously not a capital intensive business. So, what are the implications for sustainable growth? That is a difficult question to answer because the metrics that are used to evaluate the constraints on growth require profitability. With the real benefits for Internet companies coming from superior marginal returns on capital, once a certain critical mass has been reached, growth and profitability becomes a clouded picture. And that is an issue we'll deal with in future columns.

CONFERENCE CALLS

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ANOTHER FOOLISH THING

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E-mail the Fool News Team
and we will start working on the story.
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Yi-Hsin Chang (TMF Puck), a Fool
Brian Graney (TMF Panic), Fool Two
Alex Schay (TMF Nexus6), Fool, too
Dale Wettlaufer (TMF Ralegh), Final Fool
Contributing Writers

Brian Bauer (TMF Hoops), another Fool
Jennifer Silber (TMF Amused), Fool at last
Editing