SYQT's financials...more smoke and mirrors...
Some turnaround. If they can sell 6.5 x's more than a year ago, they could keep even with all those shares they have issued. Doesn't anyone do their homework here, or are you blindly following managements proclaimations, oblivious to the dilution that will drown you?
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 30, 1997--SyQuest
Technology Inc. (Nasdaq/NM:SYQT)
Three months ended ....................... Sept. 30,
...........................................1997...............1996
Total liabilities and
stockholders' equity .......... $ 82,649,000 ....$ 75,181,000
Common and common
equivalent shares used ....... 53,806,000.... 12,313,000
in computing per-share
amounts
Keep in mind that these are only ave. shares out...not fully diluted shares....on a fully diluted basis, SYQT is very close to the 120 mil. authorized. I would guess that they pushed through the ESOP before the vote just in case auth.to 240 mil. did not pass. Is there anyone who can explain to me the attraction of SYQT at present? If anyone can make sales projections work taking into account current and future shares (keep an eye on SEC 8k's and other filings) I would be most pleased to see those projections...I thought Louis Corrigan, in his article,"Pricing SyQuest, a Story of Dilution" on Nov.5,1997, was extremely generous in his evaluation of SYQT's price and sales projections. They have already used most of the proceeds from the shares issued. I could see the company doing well, but for the common shareholder to share in the gains, their success would have to be phenomenal.
Good luck,
Xclently
P.S. I have never owned IOM, have previously owned SYQT, and am interested in shareholders recognizing the dilution that has occurred over the last year. |
