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Technology Stocks : Stratex Networks, Inc. (STXN)

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To: Rob Preuss who wrote (1196)	11/6/2000 4:03:16 PM
From: Rob Preuss	Read Replies (1) of 1762

I'm trying to listen to the web cast replay of today's AEA financial conference, but have not yet succeeded. The stock dropped precipitously after this conference so I was wondering what was said. Although I'm not getting any audio (the replay probably isn't posted yet)... I do see 36 slides that it would seem were used in the presentation: Slide 5 shows a 50% annual growth rate in orders. Slide 6 shows a 40% annual growth rate in revenue. Slide 7 shows a HUGE annual growth rate in net income. Slides 8 & 9 focus on more recent performance (over the last 2 quarters) and show even higher growth in orders (over 80%) as well as revenue and net income... while expenses only grew 17% and gross margins continue to grow. Slide 11 shows strong growth in their markets ahead. For example, the US Broadband Wireless Equipment is expected to grow at nearly 100% annually over the next 3 years. Slide 12 shows DMC had a 38% share of their market in 1999. Slide 14 shows a >25% growth rate ahead for mobile wireless infrastructure equipment... strong pent-up demand workdwide. Slide 15 depicts a fiber-like wireless ring structure built from DMC's P-P radios. Slide 16 shows DMC's products are a perfect fit to meet the higher-capacity spectrum-efficient backhaul needs of the forthcoming 3G mobile wireless networks. Slide 18 depicts a typical star-archtecture using Altium and XP4 radios from DMC for broadband wireless access. Slide 19 shows how the capacity requirements of broadband wireless access is growing. A 200,000 sq foot building needed only 12 Mbps on 1998 and 45 Mbps in 2000 but it will need 155 Mbps in 2001. [The data is presented very poorly... at first glance, you'd look at this downward sloping curve and think that something bad was happening.] Slide 20 shows that there are 750,000 commercial buildings that need to be served but only 25,000 of them are served by direct fiber-optic connections. Slide 21 depicts DMC's broad & integrated line of products. Slide 22 shows that DMC's products fill the capacity gap starting at a few Mbps (where DSL/Cable leaves off) and ranging to 622 Mbps (about mid-range for fiber-optic capacities which start at about 155 Mbps). It shows how P-MP fits into the lower end of that range while P-P fits into the higher end. Slide 23 focuses on the Altium platform. Among other things, it points out that $48 million worth were shipped in all of FY'00 while $47 million worth were shipped in the first half of FY'01. Slide 24 focuses on the bandwidth efficiency of Altium. Altium delivers twice the capacity per unit of bandwidth than any of its competitors. Slide 27 continues by pointing out that this bandwidth efficiency means that their customers will save big $ in annual license fees. (e.g., $5000/year in Thailand). Well... you get the idea... very good upbeat set of slides. Go to dmcstratexnetworks.com and follow the links to view them for yourself. Rob

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