Dan,
The increase in Long-Term Debt is due to the company's private placement in September of '96 of 5 3/4% Convertible Subordinated Notes due 2003, with proceeds totaling $103.5 million. Shares increased used in computing net income per share increased to 52,932,000 from 50,114,000, attributable to increased options outstanding and the convertible note offering.
At the same time this has occurred, we have an increase in cash/equivalents from $69,000,000 to $130,800,000, an increase of about $62,000,000.
Let's just hope that they put all this money to good use.
From the end of 2nd quarter '96 to the end of 3rd quarter '96, I get that total assest increase from $340.8 million to $446.8 million, an increase of $106 million. In the same period, I get the total debt to have increased from $111.5 to $204.7 million dollars, an increase of $93.2.
I just got in today @13 5/8 and am very excited about the future of this stock. Patience pays really well in this business.
I think that if the Fed does not raise rates, this stock should rebound really fast, but, if not, we will just have to wait a good little while. If the earnings are on track (as reported), then I expect a good rebound off the news.
A good solid company with some intelligent workers. They are expanding globally. I don't see anything wrong with the company. I don't see anything out of the ordinary with the insider selling. I am psyched. I think I got a good deal.
Aaron K. Dhiman
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