Scott, it seems like the consensus is 0.01 for Q3.
I worked the numbers backwards to see if I can come up with a
consensus revenue projection. If I use the exact same expense
structure as Q2, I come up with revenue of 92.6M
Sales 92,615 (100%)
License Amort. 3,700 (4.0)
COGS 10,936 (11.8)
Royalties 4,631 (5.0)
Gross Profit 73,348 (79.2)
Advertising 20,529 (22.2)
SG&A 22,059 (23.8)
R&D 22,298 (24.1)
Depr&Amor 7,282 (7.9)
Income before taxes 1,180 (1.3)
Income taxes @ 35% 413
Net Income 767 (0.0)
Earnings/share 0.01
fully-diluted
(70,844 shares)
This analysis completely baffles me. What do the analysts know that
we don't. Why are they projecting similar revenues to Q1 when
there were no new products in that quarter and WP7 sales were stalled.
Q3 is the total opposite of Q1. Lots of new product in Q3 and
excellent sales of WP8.
The analysts are either projecting low revenues or high expenses or
both.
Completely baffled..., but still maintaining a 0.16 estimate for Q3.
ah |
