Update- Cash on Hand approx $3.96
According to May 4, 1998 press release:
Cell Therapeutics, Inc. (Nasdaq: CTIC) today reported financial results for the first quarter ended March 31, 1998. The net loss for the period was approximately $6.2 million, or $0.40 per share...
As of March 31, 1998, the Company had cash, cash equivalents, securities available-for-sale and collaboration agreement receivables totaling approximately $67.2 million, compared to approximately $74.1 million at December 31, 1997. The Company currently has approximately 15.4 million shares of common stock outstanding.
So as of June 30, 1998 with the same $.40 loss in the second quarter (assumption), the company has on hand $67.2 MM/ 15.4 MM shares minus $.40/share = $3.96 per share. The market has discounted the shares by 25% to the cash on hand. Sorry management- the market is still saying that your management is worth only 75% of the value of stuffing the money under the mattress. Still too low IMO. |
