METHA. Bought some. Makes a profit (wow) and 225 mill market cap, 187 mill cash, $12.77 book vs. $6.32 price now. ...
Actually, METHA currently has something closer to $32M than $187M in cash and cash equivalents:
According to a recent METHA 8-K (http://www.freeedgar.com/search/WL.asp?C=65270&F=8-K&D=3/26/2001 ), METHA indeed had $187.771M in cash and cash equivalents as of January 31, 2001. However, $155.413M of that was held by Stratos Lighwave, (Methode at the time owned approximately 84.3% of the outstanding shares of STLW). On April 28, 2001, all of these STLW shares were distributed to METHA shareholders = see biz.yahoo.com. Adjusting for that share distribution, METHA had proforma cash/cash equivalents (excluding the STLW funds) of $32.358M as of Jan. 31. As of Mar. 1, 2001 Methode had 34,660,782 Class A shares and 1,094,763 Class B shares outstanding according to the latest 10-Q. Thus if one uses the Jan. 31 proforma figure, the amount of cash per METHA share excluding the STLW funds is approximately $0.91 ($32,358,000/35,755,545). |
