Tim,
I finally getting a chance to catch up on a lot of the S.G. Cowen presentations. For QLGC, do you have any concerns on the flat Q-Q inventory levels (46.9 mil same as last Q)É
QGLC Notes:
-Still cash flow positive.
-generating about $8 mil in cash per month
-no software products, concentrating on hardware Fibre Channel and SCI SAN products only
-Most of r&d focused on Fiber Channel for next few years
-have better margins than competitions, gross margin > 63 percent, about 55 percent industry average
-FC grew 10 percent Q-Q, 49 percent Y-Y
-DSO's 50 days
-inventory 46.9 mil flat Q-Q
-turns 3, target 5 to 6
-customers CPQ, DELL, SUNW, IBM, EMC, HITACHI, INRANGE
-24 percent market share, JNIC 25 percent, EMLX 49 percent, A 1 percent,
-market share numbers accounting for Fiber Channel only:
QLGC - 35 percent, A- 15 percent, JNIC 13 percent, EMLX 37 percent
-Expect SAN component market to grow at 67 percent Y-Y
-Rev growth stalled last Q when looking at Q-Q numbers, 20 percent Y-Y in a very difficult Q
-Japanese customer still working through inventory issues, see a bottom to that now though |
