Let's pretend we didn't really loose that order!
Highlights from the earnings release:
* Bookings were $42.0 million, net bookings were $37.3 million, due to cancellation of a $4.7 million order received in fiscal year 2005.
* Book-to-bill ratio based on new business was 1.13 to 1.
* Backlog at the end of the quarter was $49.9 million, net of the $4.7 million order cancellation, compared with $50.4 million at the end of the prior quarter.
* Cash at the end of the quarter was $53.2 million compared to $55.9 million at the end of the prior quarter.
Wait a minute, these are the highlights? Net bookings were flat, book to bill was one, backlog dropped and cash was burned. Darn, sure glad nothing went wrong!
Gees, these guys must really think us plain old shareholders are pretty stupid. Then again some idiots were bidding this stock up to $10.30 two minutes after the earnings were released.
Okay, lets check the new guidance:
" ... We are pleased with the order activity we saw in the first half of the year, reinforcing our confidence in the growth we anticipate in the second half of the fiscal year. ..."
" ... For the fiscal year ending June 30, 2006, we are reducing our guidance by $5 million due to the recent order cancellation and now expect sales to be between $160 million and $170 million ... "
So lets see, all this great order flow and you still must lower full FY guidance due to the loss of that one order.
Sure looks like another case of "talk is cheap" to me. But then again, that's all SBSE has been about for way too long. The story just keeps going and going.
Chris |
