About GNSS
According to Yahoo, they have $3.90/share in cash. That seems about right. I cannot get a good read on how many shares there are outstanding. The last report says 26,124 both basic and diluted per GAAP for 3 months ending 3/02, but pro forma says 26,124 and 28,091 diluted. Cash is listed at 111,366. For now I think we can ignore the dilution effect of options which are probably almost all, if not all, priced higher, than current prices (until the guys in charge re-price them, a practice that should be outlawed in my opinion). That would actually give you $4.25/share in cash. Accounts receivable in inventory more than offsets current liabilities. There is no long term debt.
There is the portfolio of patents.
It is amazing to think that just 65 days ago there was this estimate of the future: -- The company estimates first quarter fiscal 2003 revenue will exceed $60 million. The company expects the highest sequential quarterly rates of growth to occur in the last half of the fiscal year. While estimating revenue is very difficult given the uncertain economic environment, the company is estimating revenue will be in the range of $250 million to $270 million for the entire 2003 fiscal year.
The guy who made that estimate is gone. He must based his estimate on some sort of connect the dots analysis without thinking about the market, etc.
As usual I got into a breaking down stock too early, so I won't be buying here, which is almost certainly a good place to buy. After all, flat panels are a growth industry, despite the recent set-backs. |
