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Technology Stocks : Benchmark Electronics (BHE)
BHE 45.05+1.3%Jan 9 3:59 PM EST
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To: Steven Dopp who wrote (29)8/14/1999 1:51:00 PM
From: rich evans  Read Replies (1) of 75
 
I guess I don't understand your numbers. Last quarters financials indicate about 14 million shares diluted. Add one million for AVEX deal and then must estimate what the latest convertible 125 million bonds would convert to: about 4 million shares I would guess. Throw in new stock options and I think we will have about 20 million diluted shares in 2000. Company as of june 30 had 44million in cash and 30 million debt so it was virtually debt free. The new 255 cash part of purchase price of AVEX has now been partially funded by the 125 million convertibles so see another 125 million bank debt goingon the books. Don't know how much cash they got on AVEX balance sheet or whether they bought stock or just assets so will have to wait. So I am going with Keith Dunnes new numbers who is a pretty knowledgable analyst. Their tax rate is 36% and you would think they could lower it by holding income in their subsidiaries in other countries etc. Also their net margins have been closer to 3.5% and I would expect them to lower with more volume and restructuring charges. I think they will have them for sure and also amortiation which is presently about a million a quarter and should increase you would think with this deal. But the PSR they paid was in line with the latest deal by ACTM which was a similar 2nd tier ECM who bought CMCI.Actually I think Keiths estimates may be low but I don't have enough info really to know enough to say really.

Rich
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