IDTI - an IC Play on Growth Markets Message Board

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Technology Stocks : IDTI - an IC Play on Growth Markets

IDTI 48.99

0.0%

Mar 29 5:00 PM EST

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To: D. Dreon who wrote (4256)	10/16/1997 9:54:00 PM
From: brushwud	of 11555

> Much to my chagrin, IDT's shares outstanding are fluctuating quite > a bit. In IDT's case it comes from the employee stock purchase plan, > management incentive options, or the convertible debt. > > The first case is immaterial. According to the 10-K, the company sold 560,000 shares at an average price of $8.52 through the employee stock purchase plan in F97 (raising $4.771 million). That seems material to me. > In the second case, management put on the annual ballot, a hefty option > plan for themselves...they will have added it to the fully diluted number. Not all of the shares have been awarded yet, so they certainly don't all count. > In the third case, IDT issued convertible debt -- I believe in Fall '95. > The value of the embedded option stripped-out from the debt instrument > must be included in the diluted shares outstanding. No, this is incorrect. They don't have to assume any dilution yet.

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