ViaSat Message Board - Msg: 17467434

STOCKTALK

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Technology Stocks : ViaSat

VSAT 39.82

+2.2%

Oct 31 9:30 AM EDT

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To: Ramsey Su who wrote (1092)	5/14/2002 4:04:29 PM
From: Valueman	Read Replies (1) of 1112

Let's look at each point in the CFRA report and see what could/should be said tomorrow: Surging Receivables--I am afraid they will surge further. Boeing and MIDS owes money. Milestones were hit after the close of the quarter. What I'd like to hear is how much has the number dropped since end of quarter, what/who/why about the receivables, and when this will be resolved. Earnings boost one time tax credit--I don't consider this an issue. If they are recovering R&D tax credits from previous quarters, then it is not "cheating"--these are earnings that were due them one way or another Negative operating cash flow--likely to recur based on the first point above. Unknown how th eother inputs of working capital will affect it. High Level of Total Inventory and Surge in Finished Goods--I'd like good explanation of the inventory numbers, including finished goods and their makeup. It will be interesting to see if these change dramatically. Slowing revenue growth/declining pro-forma revenue growth--no argument here. No growth is more like it. This won't change until new contracts flow in. Drop in Backlog from contract cancellations--no argument here either. This needs to be rebuilt. We should hear something about both Astrolink and WildBlue that may or may not give us hope about pumping that backlog back up. Perhaps iPSTAR is one that could also pump it up. The defense awards to come should help as well. Book to bill last quarter was over 1, so this should improve. Gross margin decline--I expect even more decline as they spend money trying to bag the myriad of contracts out there. Bankruptcy of customer--yep--should write off Orbcomm this quarter. Next up, Astrolink.

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