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Technology Stocks : Vitesse Semiconductor

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To: Duane L. Olson who wrote (1115)	1/15/1998 1:27:00 AM
From: The Ox	Read Replies (1) of 4710

DLO, hi. Here's some of the information we can retreive from the financials: (All comparisons here will be the current quarter against the previous except where noted) Revenues increased 12.48% ( excellent sequential growth ) The following percentages are of total revenues: Expenses decreased from 71.0% to 69.2% (1996 expenses were 80% of total revenues and in 1997 they were 73%) Cost of revenues decreased from 41.9% to 40.9% SG+A decreased from 12.9% to 12.3% All this while R+D stayed constant at 16% (excellent since actual R+D $ increased by 11.5%) We can see the trend is excellent in both directions Revs up and expenses down. This is very important since the increase in tax rate from 10% to 20% takes a bigger chunk net income. If the above trends continue and we have little cause to think they won't, I currently project eps for the next quarter to be .29 or .30 1998 eps could be as high as $1.30 which would be eps growth over 50% A $65 target (12 mos) These estimates could be low depending on when the new fab is fully functional. Well, what do you all think? (standard disclaimer...above my opinion....do your own research...)

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