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Technology Stocks : AWARE
AWRE 1.970-0.5%Jan 9 3:59 PM EST
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To: mike cobble who wrote (1327)10/27/2000 12:43:53 PM
From: Peace  Read Replies (2) of 2404
 
Here's part of the letter I sent to Aware:

1. Investors do not understand Aware. Putting out solid earnings and increasing guidance qtr after qtr has made no difference to investors perception. You need to hit the road and educate institutional investors and build their confidence. We need more communication from the company. Every important event in the DSL industry should be met with a posting on your website with your views and/or a PR. we need more communication regarding all your customers on a frequent basis. You need to come out and defend the company every time there is a negative event in the industry which causes your stock to get slammed (Recent news from Covad/Copper Mountain is a good example.)

2. We have seen the stock price in the 20s three times in the last year. Why hasn't a single insider bought any stock in the company in the open market. This is the single biggest confidence building gesture that you can put forward.

3. You have $50m in cash which will only keep growing every quarter. Why not have a stock buyback plan. You don't have to buy the stock except in times like now. That is also a cheap way to get shares which can be used for employee compensation.

4. A couple of days ago when Nortel missed their sales forecast Applied Micros CEO was on CNBC defending his company and clearing misconceptions. This is the kind of thing that every CEO should be doing. It builds confidence.

Bottom line - In the last 1 year the stock has made no progress despite four quarters of accelerated earnings and revenue and new customer wins. Why should any shareholder trust that they will earn good returns in the future when the successes of last 4 quarters have not translated in to shareholder returns ? You need to answer that in what ever way you can to every shareholder. Depending on Earnings releases and letting the numbers do the talking obviously isn't enough.

Finally, why is a quarter of the company's stock been shorted ? I cannot think of any company that has executed as well as you have and has a solid guidance for the future in a similar situation. If you cant answer that question try finding an answer for yourself as it may help you and us in clearing the misconceptions that the shorts may have.
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