While, ONIS has ~600M in cash, they do have liabilities in excess of 350M.
Here's their balance sheet...
Assets - Liabilities is ~560M.
One should remember, Ciena is still paying a premium; but not that much of a premium over book.
This isn't a couple of years ago when JDSU bought SDLI
The question for shareholders should be
ONI SYSTEMS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
Dec. 31, 2001 Dec. 31, 2000
------------- -------------
Assets
Cash, cash equivalents &
marketable securities $ 678,801 $ 852,360
Accounts receivable 43,945 24,309
Inventory 53,836 70,626
Property and equipment 97,286 41,581
Prepaid expenses and other assets 42,487 26,592
----------- -----------
Total assets $ 916,355 $ 1,015,468
=========== ===========
Liabilities and Stockholders' Equity
Accounts payable and accrued
liabilities $ 53,029 $ 36,010
Deferred revenue 5,281 1,466
Capital lease obligations 265 348
Convertible subordinated notes 300,000 300,000
----------- -----------
Total liabilities 358,575 337,824
----------- -----------
Stockholders' equity 938,556 870,154
Accumulated deficit (380,776) (192,510)
----------- -----------
Total stockholders' equity 557,780 677,644
----------- -----------
Total liabilities and
stockholders' equity $ 916,355 $ 1,015,468
=========== =========== |
