Would do, but my 11th iteration (now with the 10Q in front of me - IR is certainly responsive!) shows the numbers to be very much different.
Projected revenue: $400,000
Less:
COGS (@26%)
Advertising (@21%)
SG&A (@21%)
R&D (@$80m=20%)
Depr/Amort (4x$6900)
OP 20,400
Tax (@40%) 8,160 (could be higher)
Profit 12,240
Plus:
Depr&Amort 85,912 (4x Q1 10Q number)
Minus:
Repay LT debt 15,500 (current portion)
Purchase capital assets71,380 (I was *way* low on this before,
but $18m/quarter is in line with
other s/w companies)
Free cash flow: 11,272
Per share 0.16c (72000 shares outstanding)
Reasonable price $2.23 (@7% discount rate)
Note I was using $25000/year capital purchases before which is the *old* Corel number
However, in 3 years, when the debt is paid off, FCPS should be more like double this. |
