Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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To: The Ox who wrote (40715)	10/10/2008 1:15:30 PM
From: EACarl	Read Replies (1) of 95572

ACLS isn't as pretty as a ~$4 tangible equity per share sounds. 1st there's about $241 million of that are NOT current assets. 2nd, essentially all the remaining net tangible equity is the inventory, since the non-inventory portion of current assets is about equal to current liabilities. ACLS is in a very difficult position liquidity wise. Their future seems dependant on them successfully refinancing the ~$80 million debt due. After that, it's a function of working off an obscene backlog of inventory for which we don't know how much might have to be written off. Very poor management. That said, they are not insolvent, so perhaps even in a BK, there is some value based on the current quote.

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