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Technology Stocks : Axcelis Technologies, Inc. (ACLS)
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To: The Ox who wrote (179)4/1/2009 11:51:27 AM
From: The Ox  Read Replies (1) of 195
 
TO's comments:

R+D, SG+A way, way too high for a company with the current revenue run rate. Hard to believe that G+A went up last year!!! S+M+G+A only went down 5%, yet revenues fell 38%. Talk about a bloated infrastructure!

This company will need to see the sector rebound very soon or they are going to disappear relatively quickly, imo. Either this or they will have to do a much, much better job of aligning their cost structure to the reality of their revenue run rate.

Having said the above, at this stage the company is worth more then the 17 or 18 cents per share that we saw a few weeks ago! A little too early to write them off, imo.

They screwed the pooch with their SEN investment, imo. Had to sell at a discount due to their awful cost structure.

Inventory levels are way too high. Take SEN out of the numbers and you get Net Tangible Assets of about $2/share. However, close to $1.50/share of this is inventory, which can become obsolete very quickly in today's marketplace.

I think that the current price ($0.40/share) is undervalued if, and only if, they can see their end user market improve. If there is a rebound in demand, then I can see the stock doubling or tripling from here. That's a very big IF...increase in demand.

I'm curious how others see this?

jmo

TO
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