SMARTFLEX ALSO MEMBER OF THE IOMG FAMILY Message Board

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Non-Tech : SMARTFLEX ALSO MEMBER OF THE IOMG FAMILY

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To: Douglas V. Fant who wrote (175)	6/26/1997 12:59:00 AM
From: Douglas V. Fant	of 558

Larry, OK I looked at the latest 10 Q (May 13, 1997) and 10 K filings of SFLX. Currently HDD sales make up 85.5% of SFLX's customer base. There are five companies, including SEG that purchase flex circuits from SFLX. Assuming equivalent use of SFLX by the five HDD companies, then 17% of SFX's revenue presumably currently comes from working with SEG. Knock that in 1/2 (similar to Komag's announcement) and then you lose about 8 1/2% of a regular quarter's revenues. The one wild card is that last quarter due to component shortgaes SFLX grossly undershipped non-HDD flex circuits temporarily increasing their percentage of revenues relatively speaking from HDD companies. Assuming that the non-HDD flex circuits got back on track this quarter, then SFLX's revenue shortfall (from an average quarter should be less than 8 1/2%.... There's just one rough-hewn estimate.... Sincerely, Doug F.

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