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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.92

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Nov 7 4:00 PM EST

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To: Bill Cotter who wrote (36638)	4/12/2002 5:47:25 AM
From: Johnny Canuck	Read Replies (2) of 67754

Bill, You asked if I had invested in anything yet this year. TXCC is getting pretty close. The 10 K isn't all that clear, but if your take the numbers as on Dec 31,2001: They have 436.2 mil in cash and equivalents The re-bought 145.9 mil in convertibles as of Dec 31,2001 As of March 31,2002 they have re-bought 199.937 mil in convertibles. If you subtract the 145.9 from the 199.937 then they used 54 mil in cash this Q to buy back more convertibles. There remains 114.1 mil outstanding as of March 31,2002. They have a burn rate of about 21 mil a quarter. Cash 436.2 mil Convertible buy back 54.0 mil Outstanding Convert. 114.1 mil Burn this Q 21.0 mil ******************************* Total Cash left 247.1 mil Shares outstanding 90 mil cash per share: 2.74 cent They have cash for 10 quarters of operations. It looks reasonably safe to me. Note the RBAK was a 11 percent customer of they reported relative weak results.

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