James,
Quote accuracy - the key words are *up-to-date*. The information you
quoted appears in the FY'96 10KSB filed 11 April 97, and in the 10KSB-A,
filed 16 April 97. It comments on 20 March 1997, stating that there were
30,945,824 shares outstanding, at an approximate aggregate market
value value of $195,345,514, based on averaging the bid and ask prices
on that date. That works out to $6.3125 per share. But a lot has happened
since 20 March.
Fortunately, new SEC filings are issued from time to time, like the S-3 of
15 April 1997, which was the source of the latest information in my post
last night: The most relevant information is:
"As of April 14, 1997, the Company had 32,269,724 Shares of Common Stock
outstanding. The Company has reserved an additional 21,966,142 Shares
for issuance as follows ..."
So the number of outstanding shares has grown by 1,323,900 in a little over
three weeks. They do not state the aggregate market value, but we can
estimate it by applying the daily closing price, which was $4.500 on 14 April,
which leads to an estimate of $145 million dollars. Even that is now one week
old, but it is far more accurate than month-old data. Presumably, IR could
provide up-to-the-minute details for those who need greater accuracy.
My main point was that investors should try to obtain as up-to-date data as
possible; and that too often the commercial web sites, like the one you
pointed to in reply #462, are woefully out of date.
Ted Molczan |
