Applied Cellular Technology (ACTC) Message Board

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Technology Stocks : Applied Cellular Technology (ACTC)

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To: Stephen D. Wilson who wrote (863)	4/20/1998 4:18:00 PM
From: Rakesh B. Patel	Read Replies (1) of 1062

When calculating the contributions of acquisitions, the income per share can not be just added. My calculations indicate that the combined shares of ACTC will be close to 29,000,000 fully diluted. Adding up approximate contributions for income, I came up with approximately $8,000,000 on revenue of around $170,000,000 for 1998. I found it interesting that the combined revenues of Commstar, Ltd. with its acquisitions was listed as $13.5 million (Canadian I believe - from CDN news), whereas the ACTC announcement claims expected revenues of $22 million Canadian/$15.5 million US. See the URL: ww2.newswire.ca My estimate of $8 million pre-tax earnings on $170 million revenue may be a bit low, but it is the best rough estimate I was able to come up with given the available figures and estimates in the press announcements. Note that I am an ACTC shareholder and really do hope the company greatly exceeds my expectations, but a bit of caution on the share dilution is in order, especially since even the SEC filings indicate that management of such rapid growth may be a problem. Rakesh Patel.

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