>>During the fourth fiscal quarter of 2004, the company repurchased 31 million shares of common stock at an average price of $16.13 per share for an aggregate purchase price of $500 million. >
>On the surface good, but share count still increased by 12 million year over year despite the repurchase.
It would be nice if analysts at the conference call would hold their feet to the fire just a bit on this issue. Perhaps we should get Cramer on the calls! -g-
Lets see what it really looks like:
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended Fiscal Year Ended
----------------------------------------------------------------------
(In thousands, except October October October October
per share amounts) 26, 2003 31, 2004 26, 2003 31, 2004
----------------------------------------------------------------------
Earnings/(loss) per
share:
Basic $ 0.01 $ 0.27 $ (0.09) $ 0.80
Diluted $ 0.01 $ 0.27 $ (0.09) $ 0.78
Weighted average
number of shares:
Basic 1,671,926 1,683,671 1,659,557 1,688,121
Diluted 1,715,763 1,703,331 1,659,557 1,721,645
Shareholder Equity, is it going up?
APPLIED MATERIALS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
----------------------------------------------------------------------
October October
(In thousands) 26, 2003 31, 2004
----------------------------------------------------------------------
Stockholders' equity:
Common stock 16,774 16,803
Additional paid-in capital 2,223,553 2,070,733
Deferred stock compensation, net (1,543) (96)
Retained earnings 5,812,867 7,164,170
Accumulated other comprehensive income 16,383 10,417
----------- -----------
Total stockholders' equity 8,068,034 9,262,027
Hmmmm..... Looks like shareholder equity is up 15% and the share price has declined from about $24 to about $17
stockcharts.com[h,a]daclyyay[dd][pc20,50!d20,2!f][vc60][iut!Uo14!Lk14]&pref=G
Odd....
IF they earn 15 cents a share next Q... and it is flat for 4 quarters, this gives 60 cents. PE of 20 gives you $12 which is pretty close to where I'd consider adding more shares.
IF the next Q turns out to be their worst Q in the downturn, then the bottom should already be in and Earnigns will be higher next year. |
