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Technology Stocks : Credence (CMOS): Anyone out there
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To: t2 who wrote (450)11/28/2000 6:44:18 PM
From: ELH1006  Read Replies (3) of 497
 
T2, another viewpoint:

Working capital less all debt equates to $378 million or $6.82 per share. Subtract $6.82 from today's closing price of $18.50 and you arrive at $11.68 per share for the business aspect. I have ignored the $137 million in long term investments which most likely decreases this amount further. Starting with the pretax income amount of $77.7 million, I deducted interest and other income of $4.7 million and added back the amortization charge of $4.9 million and the in-process charge of $3.5 million to arrive at $81.4 million. Apply an income tax provision of 35.25 % and you get net income of $52.7 million for the quarter on the business. Annualize to $210.8 million or $3.80 per share. This equates to a PE of 3.07. Assuming the long-term investments is a cash equivalent and the PE becomes 2.37. My god, even if the annualized net is $3.00 per share, you still get a PE of 3.9.
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