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Strategies & Market Trends : Value Investing

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To: Steve168 who wrote (16459)	2/19/2003 7:20:59 AM
From: TimbaBear	Read Replies (1) of 78505

Steve 168 Regarding ALVR.... I looked for their financials at the SEC and they haven't filed the 20F for 2002 there yet. So I went to their home page and read the financial report they posted there. A couple of points to ponder: 1). They claim to have spent almost $4 million to buy back shares but the share count went from (approx.) 39M to 53M outstanding. This looks to me like a way of removing personnel expense from the income statement, thus overstating earnings (or, in their case, understating losses); 2). They did have two long-term liabilities listed as well: (these numbers are approximates as I'm doing it from memory) $5.4M in long term debt and $5.4M in severance charges; 3). They posted a Balance Sheet and an Income Statement, but no Statement of Cash Flows. I usually use the Statement of Cash Flows as a reality check on the Income Statement, how do you cross-check the reported numbers? I have seen many companies who appear to report minor losses on the income statement, but the SCF revealed massive bleeding in terms of real cash flow. I'm not saying that is the case here, just asking: "How would one know?" Timba

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