Opinion ID: 350232
Heading Depth: 3
Heading Rank: 1

Heading: The Sanders interview

Text: 9 On the afternoon of March 15th, Schuman spoke with Lewis A. Sanders, an analyst with Sanford C. Bernstein & Co. Sanders proffered his earnings estimates of $5 for the year, and $.75 for the quarter, seeking Schuman's appraisal. Schuman declined to comment, however, even though B & L's own earnings projection for the first quarter, which he had received on March 13th, was $.74, strikingly close to Sanders's. The conversation turned to the effect of the flak on Soflens sales and Schuman informed Sanders that the number of warranty cards received from customers had ceased to increase in the last two weeks, indicating that sales of Soflens had flattened out. But, he cautioned that reliable forecasting was impossible on the basis of two weeks of data, especially since the flow of returning cards depended on the whims of Soflens customers. Schuman continued that, contrary to earlier hopes, B & L did not expect to introduce the aphakic lens, a hydrophilic lens for cataract patients, and the minikit, a 38-lens package designed to attract the practitioner unwilling to invest in the larger 72-lens kit, in the first quarter. This disclosure conformed with the information B & L's Marketing Division had disseminated to inquiring Soflens customers. Indeed, the SEC does not contend that any liability arises from the Sanders-Schuman interview. The session is noteworthy primarily for the effect it produced following his meeting with Schuman, Sanders reconfirmed his existing buy recommendation on B & L, and Sanford C. Bernstein & Co. purchased 850 B & L shares for its discretionary accounts.