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Technology Stocks : Micron Electronics (MUEI)
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To: Paul Viapiano who wrote (2438)11/23/1997 7:45:00 AM
From: Richard H.   of 4074
 
Your right, Compaq CEO did look confident on Wall Street Week. What do you make of these numbers:

Sales:

421.0 11/96
510.2 2/97
511.3 5/97
513.1 8/97
550.0 11/97 estimated

GPM:

19.1% 11/96
18.0% 2/97
15.6% 5/97
16.8% 8/97
????% 11/97
increasing price pressure is expected to adversely affect gross margin for the first q of fiscal 98 per announcement. I don't know how SpecTek or Contract Manufacturing plays into this.

Let's make a guess:

Sales: 550
GM% 15% low from last year
GP 82.5
SGA 66.0 say 12% of sales was 10.7% last q. Said would be higher
OP 16.5
R&D 3.0 just a guess (was 9 for all of fiscal 97)
PBT 13.5
Tax 5.3 39% effective tax rate
Net 8.2
EPS .09

I do hope its better than this!

I remember from last quarters conference call CFO said NetFrame would be an operating loss of maybe $5 million in the 1st quarter, expected to be breakeven by end of the year. I think that national ad campaign cost about $5 million. Finally, 325,000 sf expansion of PC manufacturing facility is going on and is surely costing $$$, although I don't how much is being expensed. Lets guess that the combined effect of all this .10 share in "non recurring" expenses.

Lets hope MUEI figures out how to be the most efficient provider of computing power on the planet soon. Richard.
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