Well, I liked the report. Overall revenue grew 41% sequentially and FC revenues a bit more than 50%. Do you know if the earnings estimates included the nonoperating income? Looks like it to me since the stock is at 115 now. I found the following in the annual report which explains the jump in nonoperating income.
Nonoperating Income. Nonoperating income consists primarily of interest income, interest expense and foreign exchange translation. The Company's nonoperating income was $480 and $113 in 1999 and 1998, respectively. Normal fluctuations in nonoperating income are primarily due to changes in interest income and expense as a result of varying cash balances. The Company completed a secondary offering of 4,630,000 shares of its common stock during the quarter ended June 27, 1999. The Company received proceeds of $132,838, net of underwriter's discount and expenses. This improvement in the Company's cash and investment balances late in the fiscal year generated the increased level of interest income experienced in 1999.
Note 12 Nonoperating Income
Nonoperating income, net, is as follows:
1999 1998 1997
---- ---- ----
Interest income............................... $670 $ 97 $267
Interest expense.............................. (72) (94) (185)
Foreign exchange.............................. (17) (8) --
Other.......................................... (101) 118 (11)
---- ---- ----
$480 $113 $ 71
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In the quarter ended June 27, 1999, the Company completed a secondary offering of 4,630,000 shares of the Company's common stock at a price of $30.50 per share. The Company received proceeds of $132,838, net of underwriter's discount and expenses of $8,377. |
