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Technology Stocks : STARBASE (SBAS)- InfoWorld Hot Product Review
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To: Elroy who wrote (1102)2/11/2000 9:28:00 AM
From: Jason Flora  Read Replies (1) of 1502
 
Kbro morning notes, on the morning after... Had to change the bullets to '-'

KBRO Research
STARBASE CORP. (SBAS    $15 11/16)
RATING: STRONG BUY
PRICE TARGET: $38
3QFY00 (ENDED DECEMBER 31, 1999) RESULTS IN-LINE WITH OUR ESTIMATES
Last night, after the close, SBAS reported results in-line with our model:
-Revenue of $4.1MM, increased 121% YoY and sequentially 11% over 2QFY00.
-EPS loss of $0.03 versus losses of $0.10 in 3QFY99 and $0.04 in 2QFY00.
-Gross margins improved sequentially to 85.2% from 78.8% in 2QFY00.
Additional results highlighted by the company included:
-Cash increased to $9.2MM versus $6.1MM at the end of 2QFY00.
-Management cited accelerating demand for its products and strong pipeline.
-115 new customers, with 35% using SBAS products for Internet development versus 10% in
2QFY00.
-Repeat customers contributed approximately 47% of the revenue for the quarter.
-A new eBusiness connectivity software product, StarGate SDK, was released during the
quarter.
Our model estimates remain unchanged for 4QFY00 and beyond.
-FY00E revenue of $16.7MM growing 97% to an estimated $33MM in FY01.
-FY00E EPS loss of $0.12 improving to an estimated positive EPS of $0.01 in FY01.
Our rating and price target remain unchanged at STRONG BUY and $38.
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