dddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd
47200 Bayside Parkway
Phone: (510) 226-7400
Fremont, CA 94538
Phone: (510) 226-7400
Fax: (510) 657-2837
Semiconductors SubIndustry / Electronics Industry
$85 million Market Cap at August 29, 1997
Trades at a 15% Discount PE Multiple of 22.1 X, vs. the 25.9 X average
multiple at which the Semiconductors SubIndustry is priced.
SEC Filings - SEEQ
edgar.whowhere.com
Fundamentals and Facts:
www1.wsrn.com
Company and Related News :
fast.quote.com
List of Press Releases:
seeq.com
Chart:
exchange2000.com
History of Earnings Est. Revisions:
stocksmart.com
Brokers' Rec, Est. :
quote.yahoo.com
Latest Close 2.66
52 Week High: 4.00
52 Week Low: 1.41
Beta: 1.75
5 Year High 5.38 5 Year Low: .50
Liquidity Ratio: 113.5 Market Value (000): 80547
No. Institutions Holding Shares: 20 Shares Held by
Institutions: 16.7%
Form 10-Q for SEEQ TECHNOLOGY INC filed on Aug 7 1997
SEEQ TECHNOLOGY INCORPORATED
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three
months
ended Nine months ended
----------------------- -----------------------
Jun.
30, Jun.
30, Jun. 30, Jun. 30,
1997
1996 1997 1996
--------
-------- -------- --------
Revenues $ 7,611 $
8,644
$ 22,266 $ 20,832
Cost of revenues 4,591
5,893
14,210 14,254
--------
-------- -------- --------
Gross profit 3,020
2,751 8,056 6,578
--------
-------- -------- --------
Operating expense
Research and development 899
890 2,581 2,594
Marketing, general and administrative 1,277 1,210
3,973 3,252
-------- -------- -------- --------
Total operating expenses 2,176
2,100 6,554 5,846
-------- -------- -------- --------
Income from operations 844
651 1,502 732
Interest expense
(96) (49) (266) (168)
Interest and other income, net 87
67 268 308
-------- -------- -------- --------
Income before income taxes 835
669 1,504 872
Provision for income taxes 24
19 45 25
-------- -------- -------- --------
Net income $
811 $ 650 $ 1,459 $ 847
======== ======== ======== ========
Net income per share: $ 0.03
$ 0.02 $ 0.05 $ 0.03
Shares used in per share calculation: 31,284
32,082 31,628 32,067
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
3
SEEQ TECHNOLOGY INCORPORATED
CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30,
September 30,
1997 1996
-----------
------------
ASSETS
Current assets:
Cash and cash equivalents $
4,651 $ 3,974
Accounts receivable, less allowances 6,254
8,235
Inventories
4,603 5,352
Other current assets
259 368
------- -------
Total current assets
15,767 17,929
Property and equipment, net 4,492 4,258
Other assets
4,255 4,248
======= =======
Total assets
$24,514 $26,435
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts
payable
$ 2,418 $ 6,271
Accrued salaries, wages and employee
benefits 557 586
Other accrued
liabilities
1,169 1,024
Current portion of long-term
obligations 1,080 895
------- -------
Total current
liabilities
5,224 8,776
Long-term
obligations
3,505 3,466
Stockholders'
equity
15,785 14,193
======= =======
Total liabilities and stockholders'
equity $24,514 $26,435
======= =======
See accompanying notes to condensed financial statements.
4
SEEQ TECHNOLOGY INCORPORATED
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
---------------------
Jun. 30, Jun. 30,
1997 1996
------- -------
OPERATING ACTIVITIES:
Net
income/(loss)
$
1,459 $ 847
Adjustments to reconcile net income:
Depreciation and
amortization
1,262 789
Changes in assets and liabilities:
Accounts
receivable
1,981 (2,026)
Inventories
749 (804)
Prepaid expenses and other assets
(279) (879)
Accounts
payable
(3,853) 2,020
Accrued liabilities and long term
obligations 17 (412)
------- -------
Net cash provided by (used for) operating
activities 1,336 (465)
------- -------
INVESTING ACTIVITIES:
Capital
expenditures
(50) (169)
Short-term investments in restricted
account -- 3,000
------- -------
Net cash provided by (used for) investing activities
(50) 2,831
------- -------
FINANCING ACTIVITIES:
Payments on short term
borrowings -- (3,000)
Payments of capital lease
obligations
(742) (453)
Proceeds from issuance of
stock
133 544
------- -------
Net cash used for financing
activities
(609) (2,909)
------- -------
Net increase (decrease) in cash and cash equivalents
677 (543)
Cash and cash equivalents at beginning of period
3,974 3,682
======= =======
Cash and cash equivalents at end of period
$ 4,651 $ 3,139
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for
interest $ 266 $ 190
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITY:
Capital lease obligations for the acquisition
of
equipment $
1,065 $ 2,124
.-----------------------------------------------------------------------------------------------------------------------------------------------------------------
NOTE 2. INVENTORIES
Inventories were comprised of the following:
Jun. 30, Sep. 30,
1997 1996
--------- -------
(in thousands)
Raw
materials
$ 11 $ 22
Work in
process
935 3,147
Finished
goods
3,657 2,183
======= =======
$ 4,603 $ 5,352
======= =======
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Three months ended Nine months
ended
----------------------------
---------------------------
Jun. 30, Jun.
30,
Jun. 30, Jun. 30,
Earnings Per Share: 1997
1996 1997 1996
------------ -----------
----------- ------------
Basic $0.03
$0.02 $0.05 $0.03
Diluted $0.03
$0.02 $0.05 $0.03
--------------------------------------------------------------------------------------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 13, 1997
AMENDMENT NO. 1 TO
RIGHTS AGREEMENT OF
SEEQ TECHNOLOGY, INC.
Amendment No. 1, dated as of August 13, 1997 (the
"Amendment"),
to the Rights Agreement, dated as of April 21, 1995 (the "Agreement"),
between
Seeq Technology, Inc., a Delaware corporation (the "Company"), and
American
Stock Transfer Company (the "Rights Agent").
WITNESSETH:
WHEREAS, the Company and the Rights Agent entered into
the
Agreement; and
WHEREAS, on August 13, 1997, the Board of Directors of
the
Company, upon approval of the Continuing Directors (as defined in the
Agreement)
in accordance with Section 27 of the Agreement, determined it desirable
and in
the best interest of the Company and its stockholders to amend certain
provisions of the Agreement.
NOW THEREFORE, in consideration of the promises and the
mutual
agreements herein set forth, the parties hereby agree as follows:
Section 1. Amendment to Section 1(a). The definition of
"Acquiring Person" in Section 1(a) of the Agreement is amended by
deleting the
percentage "15%" wherever such percentage appears in said Section and
inserting
in lieu thereof the percentage "20%".
Section 2. Amendment to Section 3(a). Section 3(a) of the
Agreement is amended by deleting the percentage "15%" wherever such
percentage
appears in said Section and inserting in lieu thereof the percentage
"20%".
Section 3. Agreement as Amended. The term "Agreement" as
used in
the Agreement shall be deemed to refer to the Agreement as amended
hereby. This
Amendment shall be effective as of the date hereof and, except as set
forth
herein, the Agreement shall remain in full force and effect and be
otherwise
unaffected hereby.
Section 5. Counterparts. This Amendment may be executed
in any
number of counterparts and each of such counterparts shall for all
purposes be
deemed to be an original, and all such counterparts shall together
constitute
but one and the same instrument.
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Latest Insider Buying:
FEDERAL FILINGS
06/12 Insiders Buy SEEQ TECHNOLOGY INC. Stock
FORM 4
ISSUER: SEEQ TECHNOLOGY INC.
SYMBOL: SEEQ
FILER: FROSTHOLM ROBERT C
TITLE: Officer
PURCHASED: 05/30/97 9,000 2.50
OWNERSHIP: 9,000
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ISSUER: SEEQ TECHNOLOGY INC.
SYMBOL: SEEQ
FILER: GREGORY ALAN V
TITLE: Chairman of the Board
PURCHASED: 05/01/97 2,000 1.50
OWNERSHIP: 110,500
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(END) FEDERAL FILINGS-DOW JONES NEWS 06-12-97
06:51
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