<< A portfolio mgr claims CATP is hiding significant increase in A/R
by showing on books as prepaid expenses after scrutinizing recent SEC
reports.>>
Mike: I've looked at CATP's 10Q and all I've got to say is: "huh?".
Here is data on CATP cash from 10Q. Maybe we can look at this
together and try to understand what this "portfolio mgr" (probably
short) is trying to say.
From CATP 10Q (2nd Q, 1997)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 15,153 $ 9,452
Amounts that reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,440 2,572
Tax benefit from exercise of stock options 4,984 3,042
Provision for deferred income taxes - 315
Increase in accounts receivable (22,193) (9,452)
Decrease (increase) in unbilled revenue on Ks 885 (1,454)
Increase in prepaid expenses & other curr. assets (3,561) (4,397)
Increase in accounts payable 4,450 3,195
Increase in accrued expenses 6,935 1,525
Increase in deferred revenue 8,110 2,142
Increase (decrease) in income taxes payable 3,440 (141)
Other, net (1,671) (559)
-------- --------
Net cash provided by operating activities 19,972 6,240
-------- --------
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Can you or anyone point out the trouble spots, if any, in this part of the balance sheet?
Bill |
