Epoch Partners Issues Research Note on Pivotal Corporation

Apr 19, 2001, 01:00 ET from Epoch Partners, Inc.

    SAN FRANCISCO, April 19 /PRNewswire/ -- Epoch Partners, Inc. today
 announced it has issued a Research Note on Pivotal Corporation (Nasdaq:   PVTL).
 The Note is available for free to investors through the Epoch Web site
 (www.epoch.com).
     The Research Note, issued by Mark Verbeck, Senior Research Analyst for
 Software, discusses the current investment thesis of Pivotal Corporation.
 Highlights from the report include the following:
 
     -- Pivotal beat expectations for its third quarter, reporting EPS of $0.02
 compared to Wall Street and our estimates of $0.00. Total revenue met
 forecasts at $26.4 million, though the license portion was weak. Like many
 software firms, the company guided revenues and profits down for the rest of
 the year.
     -- The company performed well on key strategic objectives during the
 quarter, completing the first phase of the Microsoft alliance, expanding
 alliance agreements and releasing new products. All of this is helping Pivotal
 generate sales.
     -- Though pipeline activity is strong and the average selling price of its
 products continues to rise, Pivotal is wary of the continuation of lower
 closing rates given economic headwinds.
     -- We believe the recent rise in Pivotal's stock price reflects the
 company's consistent execution and strengthening competitive position.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.
     The securities discussed in the Epoch Partners Research may be unsuitable
 for investors depending on their specific investment objectives and financial
 situation and needs.  No report included in the Epoch Partners Research is a
 recommendation that any particular investor should purchase or sell any
 particular security in any amount or at all and is not a solicitation of any
 offer to purchase or sell from or to any particular investor.  For additional
 information that may be available on the securities mentioned, please contact
 Epoch Partners. This document has been published in the United States for
 Residents of the United States.  Member NASD/SIPC.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
 

SOURCE Epoch Partners, Inc.
    SAN FRANCISCO, April 19 /PRNewswire/ -- Epoch Partners, Inc. today
 announced it has issued a Research Note on Pivotal Corporation (Nasdaq:   PVTL).
 The Note is available for free to investors through the Epoch Web site
 (www.epoch.com).
     The Research Note, issued by Mark Verbeck, Senior Research Analyst for
 Software, discusses the current investment thesis of Pivotal Corporation.
 Highlights from the report include the following:
 
     -- Pivotal beat expectations for its third quarter, reporting EPS of $0.02
 compared to Wall Street and our estimates of $0.00. Total revenue met
 forecasts at $26.4 million, though the license portion was weak. Like many
 software firms, the company guided revenues and profits down for the rest of
 the year.
     -- The company performed well on key strategic objectives during the
 quarter, completing the first phase of the Microsoft alliance, expanding
 alliance agreements and releasing new products. All of this is helping Pivotal
 generate sales.
     -- Though pipeline activity is strong and the average selling price of its
 products continues to rise, Pivotal is wary of the continuation of lower
 closing rates given economic headwinds.
     -- We believe the recent rise in Pivotal's stock price reflects the
 company's consistent execution and strengthening competitive position.
 
     The information contained herein is based on sources believed to be
 reliable but is neither all inclusive nor guaranteed by Epoch Partners.
 Opinions, if any, reflect our judgment at this time and are subject to change.
 Epoch Partners does not undertake to advise of changes in its opinion or the
 information.  Epoch Partners may perform or seek to perform investment banking
 services for the issuers of securities which are the subject of our Research.
 Most of the companies Epoch Partners follows are emerging growth companies
 whose securities typically involve a higher degree of risk and more volatility
 than the securities of more established companies.
     The securities discussed in the Epoch Partners Research may be unsuitable
 for investors depending on their specific investment objectives and financial
 situation and needs.  No report included in the Epoch Partners Research is a
 recommendation that any particular investor should purchase or sell any
 particular security in any amount or at all and is not a solicitation of any
 offer to purchase or sell from or to any particular investor.  For additional
 information that may be available on the securities mentioned, please contact
 Epoch Partners. This document has been published in the United States for
 Residents of the United States.  Member NASD/SIPC.
     Epoch Partners is a member of the National Association of Securities
 Dealers, CRD number 103899.
 
 SOURCE  Epoch Partners, Inc.