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Technology Stocks : Aahh...iNEXTV (AXC) The NEXT Thing!
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To: Stephen M. DeMoss who wrote (3039)2/16/2001 9:12:56 AM
From: killybegs  Read Replies (3) of 4169
 
Re earnings: One way to build a proforma model for 4Q and accounting for exit from tvontheweb using the management guidance as found in the text of the 10Q for the 3rd quarter. (one can download the numbers into a spreadsheet to build a working model)
1. Take 3Q numbers and adjust the following:
a)Add 4.0 million to 3Q Royalty income for a total of 6.908 for the 4Q estimate. Justification: Royalty income for the year expected to be in the same or higher range as year 1999 so 6.9 brings year total to 16.5 million.

b)From 3Q internet revenue substract 1.5 million for TvontheWeb and add estimate 400K for new internet revenues in 4Q for a figure of 621K for the quarter.

c)add 540k for product sales of 3.0 million (micronet)

d)subtract 1.6 million and 1.0 million from internet video programming and site development based on tvontheweb share of expenses and decreased programming costs respectively for a figure of 867.

e)add 300k for R and D

f) subtract 1.1 million and 500k for sales and admin expenses related to tvontheweb and remaining internet for a figure of 3.589 million.

g)subtract 4.389 from asset writedown line as this was the one time charge for tvontheweb writeoff for a figure of 0

h)add 400k to interest expense re new loan for a figure of 1.768

i)add 900k for benefit from mandatorily redeemable preferred. this is the difference between the 2.50 price issued at and year end mkt value of stock.

With that combination of estimates and factual numbers re tvontheweb and expenses reduction etc, I come up with a possibility of 1 cents eps from continuing operations and 3 cents eps available for common holders.

if royalties came in at 4.9 for the 4q, eps would be a loss of 2 cents. if they came in at 8.9 million to equal last years total royaly income of 19.9, eps would be 5 cts and 7 cts respectively.
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