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Technology Stocks : SUN microsystems: 7/18/96 quarterly report - BIG!
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To: cfimx who wrote (359)9/23/1996 8:32:00 AM
From: Joe Rizzo   of 386
 
Twister, the company issued 5.6 mm shares in 1993 when it called a convertible. Further, Sun provided warrants for the purchase of 2.6 mm shares to a group of lenders in 1989. These warrants show up in common stock equivalents, which I believe is the number you are quoting since you specify average shares outstanding. In the sense that Sun sold shares at prices lower than they repurchased them, these were poor financing alternatives. However, I believe the capital from the convert and note were instrumental in growing Sun's business.

However, in the last several years the repurchase of tens of million of shares at prices less than half the current market price look pretty smart to me. For example, through March, 1996 Sun repurchased 17.2 mm shares at an average price of $26.45. Further, I doubt you can find many technology stocks that have less shares o/s today than four years ago.

Joe Rizzo
JMR Trading
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