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Technology Stocks : IDTI - an IC Play on Growth Markets
IDTI 48.990.0%Mar 29 5:00 PM EST
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To: Mason Barge who wrote (4263)11/17/1997 4:11:00 PM
From: brushwud  Read Replies (1) of 11555
 
> I would like to ask you guys to please post a quick summary of what's going on.
> You are correct in that, under generally accepted accounting practice, convertible
> debt is not counted in shares outstanding for EPS until the common stock reaches
> the strike price. If this it $28, we are a long way away. But I would like to know,
> and I bet a lot of others would too, what's going on with the number of shares,
> without having to do the research. I'll pay you back. 8^)

I was confused by the bogus 10-Q posted at the Edgar site last month
and finally found the correct one:

sec.gov

On page 6, it explains that they went from the Treasury Stock Method last year to the Modified Treasury Stock Method this year, which accounts for three or four million additional shares in the earnings per share calculation for this year (shown in Exhibit 11 near the end). It also says "conversion of 5.5% Convertible Subordinated Notes ... has not been included in the fully diluted share calculation because the results are anti-dilutive." The price of the stock has nothing to do with the effect of the convertible debt on EPS.

There is nothing about any company repurchase of outstanding shares.

I tried to get information from the company about this earlier, but everyone referred me to Brian Boisseree and he didn't return phone calls or email. They don't seem to provide any real Investor Relations.
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