C-Cube Message Board - Msg: 12924193

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Technology Stocks : C-Cube

CUBE 37.23

-0.3%

Nov 28 9:30 AM EST

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To: DiViT who wrote (48668)	2/20/2000 11:35:00 AM
From: DiViT	Read Replies (1) of 50808

Semi is valued at $975Million to $1.1Billion. As of Friday's Close it looks like the market valuation of the Semi Biz was at $870 Million... The following pro forma financial statements give effect to the proposed spin-off of the DiviCom business. The financial statements of the Semiconductor business exclude the results of operations and financial position of the DiviCom business, which will be spun-off. The pro forma adjustments are preliminary and based on management's estimates. In addition, management is in the process of assessing and formulating its business plans. Management does not know the exact amount of the restructuring costs but does not believe that they will be material. Based on the timing of the closing of the transaction, the finalization of the integration plans and other factors, final pro forma adjustments may differ materially from those presented in these pro forma financial statements. Two balance sheets have been presented to give effect to a range ofpossible results. Presentation (A) shows the estimated effect assuming a $975 million valuation of the Semiconductor business. Presentation (B) shows the estimated effect assuming a $1.1 billion valuation of the Semiconductor business. The Company estimates that each additional $100 million in valuation will reduce cash and retained earnings by approximately $40 million. The Company has debt financing available should the valuation of the Semiconductor business exceed $1.2 billion. The pro forma balance sheets assume that the spin-off took place on September 30, 1999. The pro forma statement of operations assumes the spin-offtook place as of the beginning of January 1, 1996.

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