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Technology Stocks : KVH Industries, Inc.

KVHI 6.960

+2.8%

3:59 PM EST

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To: robert b furman who wrote (660)	1/9/2001 2:21:22 PM
From: Sector Investor	Read Replies (2) of 7249

OK, a "quickie". Not the way I like things. I like to take my time and do it right. <g> Today's presentation included a financial model on slide #35. That slide had the following data: Current Target GMs 40% 50% R+D 12% 12% S+M 19% 15% G+A 8% 6% Op Mar 1% 17% They don't say how long it will take to get to the target model. I figure 6 quarters is reasonable, but don't have time to project a sliding scale model. I took Q3 (the latest numbers we have) and ran a spreadsheet with 7 columns. I didn't do anything fancy with diluted shares - just left them as for Q3. Column 1 = Actual Q3 Column 2 = Q3 with restated with the "current" figures from slide #35 Column 3 = Q3 revs with "target" numbers substituted. Columns 4-7 use the "target" numbers but with higher revenue assumptions. Note the dramatic bottom line changes! Line Actual "curr" "Targ" "High1" "High2" "High3" "High4" Items Q3 2000 Q3 Q3 Revs Revs Revs Revs Net Sales---- 7.46 7.46 7.46 10.00 12.00 14.00 16.00 Cost of Sales - 4.45 4.48 3.73 5.00 6.00 7.00 8.00 Gross Profit--- 3.01 2.98 3.73 5.00 6.00 7.00 8.00 Gross Margin-- 0.40 0.40 0.50 0.50 0.50 0.50 0.50 R+D expenses-- 0.88 0.90 0.90 1.20 1.44 1.68 1.92 S+M expenses-- 1.43 1.42 1.12 1.50 1.80 2.10 2.40 G+A expenses-- 0.61 0.60 0.45 0.60 0.72 0.84 0.96 Ops Inc/(Loss)- 0.09 0.07 1.27 1.70 2.04 2.38 2.72 EBITDA -------- 0.01 0.01 0.16 0.21 0.25 0.29 0.33 Dil shares 8.1273 8.1273 8.1273 8.1273 8.1273 8.1273 8.1273

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