neolib,
Was it really positive cash flow? IIRC, it was some other term which looked like net proceeds from operations but not subtracting ongoing capital expense or perhaps R&D or interest payments. It was definitely oddly stated.
No, it was after the reductions of CapEx, which were pretty much planned. Meaning, Spansion is still planning on relatively low CapEx this quarter, and cash flow positive (if the quarter shapes up ok) includes CapEx (and R&D, interest payments).
The problem for any little holders here, is that as the market cap drops so far below book value, the temptation for an inside supported deal to take the thing private at these prices rises, and there is not much the small stock holders can do about it. The rapid collapse in the last few days looks like this might in fact be happening. You might wake up tomorrow to see that management is backing a deal to take the co private at $0.20/share and its screw you.
Yup, that's the danger...
Joe |
