Deswell Industries (DSWL) Message Board

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Technology Stocks : Deswell Industries (DSWL)

DSWL 3.660

+4.6%

11:53 AM EST

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To: P. Ramamoorthy who wrote (342)	12/29/1997 9:04:00 AM
From: Ron Bower	of 1418

P, FFO = Funds from Operations. How much cash do they produce. Deswell has been growing fast and have bought over $12M in equipment in the last 6 months that we know of. The depreciation in the last 6 months has been near $1.6M versus bottom line earnings of $5.9M - about 27% of earnings. This is tax writeoff expenses according to US GAAP accounting and high due to the growth. IMO - FFO is a better indicator of performance in this situation as the machinery has not actually declined in value as fast as it's been written off and FFO is a better measure of actual gains. Over the last 6 months Deswell has had fully diluted EPS of $1.09, but FFO/share has been $1.49. The numbers are from memory, but close. For what it's worth, Ron

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