Terayon - S CDMA player (TERN) Message Board

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Technology Stocks : Terayon - S CDMA player (TERN)

TERN 44.97

-4.6%

3:59 PM EST

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To: George who wrote (1392)	4/30/2001 2:58:40 AM
From: Jay Fisk	Read Replies (1) of 1658

Isn't that in the mid-range of junk ? Lehman juggled TERM's numbers today. A few cents less loss this year, lots more in 2002. What they don't mention (but you know they know) is the impact of share dilution. Here's the share counts: 12-2000 67,396,539 +37% 12-1999 48,958,000 +48% 12-1998 32,916,242 +356% 12-1997 9,240,894 Kinda like a reverse stock split without the benefits. If you compare the earnings (losses) year-over-year without considering the shares outstanding, you'd be off by a mile. Looks like the rate of increase is decreasing, but I'll bet they boost the share count by at least 25% in 2001. TERN (and other pure cablemodem plays ie CMTO) are getting caught in the squeeze by commodity priced offerings on the low end and highly integrated smart boxes on the high end. Buyer beware.

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