I've been entering some of the numbers from the press release
into a spreadsheet of mine. It's great to see all of the
margins going up. The lack of top line growth has me a bit
concerned. How much blood can be squeezed from a stone.
The increase in inventory levels also has me concerned. I am
glad to see them address this in the cc. Creative appears to have
very good cost controls and once they apply this to the new
accquisitions I think the inventory will drop to the bottom
line.
I would love to see the share buyback approved. Using $300mil
they could buy approx. 15mil shares or 15.8% of the outstanding.
If this hand been done last quarter the quarter EPS would have
been 0.93. Of course this is just speculation.
Note the following numbers have had all one-time charges removed.
This includes the R&D write-offs and the gains from the TDFX sales.
Prev 4Q FY 97
Revenues 1,245,660 1,233,957
COGS 845,439 893,432
Gross Profit 400,221 339,525
Oper Income 218,310 168,717
Net Income 215,234 167,046
EPS 2.27 1.84
Shares used 94,730 90,763
Prev 4Q % FY 97%
Revenues 100% 100%
COGS 67.9% 72.4%
Gross Profit 32.1% 27.5%
Oper Income 17.5% 13.7%
Net Income 17.3% 13.5%
A/R turnover 8.75 10.30
DSO 41.70 35.45
Inventory Turns 5.91 12.90
Return Equity 36.13% 31.96%
Cash/Share $3.97
Current Assets/Share $4.31
Current Ratio 2.52
Quick Ratio 1.99
Debt/Equity 0.06
Market Cap $1,894,600
MC + Debt $1,930,655
Enterprise Value $1,554,815
PSR 1.55
EVSR 1.25
Working Capital $408,286
WC / MC 21.55%
P/E 8.8
2yr Growth Rate 15
PEG 0.59 |
