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Technology Stocks : PC Sector Round Table
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To: Pierre-X who wrote (56)3/19/1998 8:46:00 PM
From: Kurthend  Read Replies (1) of 2025
 
PX,,

RE: Fonix.

I have been looking at FONX on and off for 2 years (right after their "admission" to the NASDAQ when their stock price went to I believe 11 or 12). I am not be an expert at their technology but I have not been impressed with their management. Their technology may the greatest thing since sliced bread, but if you can't market the product it is useless. When I spoke to their IR department back in 1996 they told me they expected to start earning revenues within 6 months. Well, it is now 1998 and still no revenues.

Also, if you look at the the number of shares of stock outstanding over the years you will be surprised at the increase. Last I looked, (about a year ago) they were up to around 45 million shares outstanding. Don't quote me, but I believe the number may now reach 60 million. I try to look at the fundamentals of a company and try to understand the technology as it relates to the real world. Their technology may be great, but if they keep on issuing shares to finance their R&D (or paychecks for employees) then the amount of earnings that will be required to establish a decent EPS will be phenomenal.

I would definitely wait until FONX starts producing and not just touting agreements with companies like Siemens without stating figures (ie revenue, cash flow, etc).

Kurt
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