With 21+ million shares and the earnings at about 700K net, the
trailing P/E is 1000+. The shares that aren't able to be traded yet
will most likely see some profit taking when the 180 days is up. I
see great things happening with the company long term, but the short
term looks kinda flat. The stock, however seems to me to be valued
about $18+ too high. This is of course, just my opinion, and there are millions each day that are buying at 30. But I sure wouldn't want
to be holding when the other 19 mill shares get put on the table.
Any other opinions?
</TABLE>
The following table summarizes on an as adjusted basis as of March 31, 1997
the difference between the number of shares of Common Stock purchased from the
Company (assuming the conversion of all outstanding shares of Preferred Stock
into Common Stock), the total consideration paid and the average price per
share paid by the existing stockholders and by the new investors (at an
assumed initial public offering price of $9.00 per share and before deducting
estimated underwriting discounts and commissions and estimated offering
expenses payable by the Company):
<TABLE>
<CAPTION>
SHARES PURCHASED TOTAL CONSIDERATION AVERAGE
------------------ ------------------- PRICE
NUMBER PERCENT AMOUNT PERCENT PER SHARE
---------- ------- ----------- ------- ---------
<S> <C> <C> <C> <C> <C>
Existing stockholders.......... 18,703,651 87.2% $23,901,000 49.1% $1.28
New public investors........... 2,750,000 12.8 24,750,000 50.9 9.00
---------- ----- ----------- -----
Total........................ 21,453,651 100.0% $48,651,000 100.0%
========== ===== =========== =====
</TABLE> SIX MONTHS
ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31,
------------------------------------------- ----------------
1992 1993 1994 1995 1996 1996 1997
------- ------- ------- ------- ------- ------- -------
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
CONSOLIDATED STATEMENT
OF OPERATIONS DATA:
Revenues:
Contract revenues...... $ 1,916 $ 3,371 $ 5,000 $ 7,364 $11,205 $ 5,072 $ 8,467
Royalties.............. -- -- -- -- 65 -- 2,958
------- ------- ------- ------- ------- ------- -------
Total revenues......... 1,916 3,371 5,000 7,364 11,270 5,072 11,425
------- ------- ------- ------- ------- ======= -------
Costs and expenses:
Cost of contract
revenues.............. 1,053 1,950 3,844 5,236 4,821 2,301 2,396
Research and
development........... 3,546 4,291 3,067 3,117 5,218 2,413 4,368
Sales and marketing.... 1,250 1,798 2,569 3,376 4,052 1,781 2,867
General and
administrative........ 1,814 1,294 1,717 1,688 1,747 833 1,278
------- ------- ------- ------- ------- ------- -------
Total costs and
expenses.............. 7,663 9,333 11,197 13,417 15,838 7,328 10,909
------- ------- ------- ------- ------- ------- -------
Operating income
(loss)................. (5,747) (5,962) (6,197) (6,053) (4,568) (2,256) 516
Other income (expense).. 115 (123) (81) 322 439 204 125
------- ------- ------- ------- ------- ------- -------
Income (loss) before
income taxes........... (5,632) (6,085) (6,278) (5,731) (4,129) (2,052) 641
Provision for income
taxes.................. 962 251 351 1,289 286 183 253
------- ------- ------- ------- ------- ------- -------
Net income (loss)....... $(6,594) $(6,336) $(6,629) $(7,020) $(4,415) $(2,235) $ 388
======= ======= ======= ======= ======= ======= =======
Net income (loss) per
share(1)............... $ (2.24) $ (1.44) $ (1.29) $ (1.24) $ (0.73) $ (0.37) $ 0.02
======= ======= ======= ======= ======= ======= =======
Shares used in per share
calculations(1)........ 2,945 4,394 5,124 5,665 6,088 6,047 20,083
</TABLE> |
