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Technology Stocks : MRV Communications (MRVC) opinions?
MRVC 9.975-0.1%Aug 15 5:00 PM EST
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To: Dan Spillane who wrote (270)10/3/1996 2:20:00 AM
From: Lucas Hsu   of 42804
 
Here are the cash flow numbers for MRVC:

For June 30, 1996 we have

Cash = 3.5M
Short Term Investments = 0
Restricted Cash = 1.8M

So total funds available for operations = 5.3M.

Now, lets look at December 31, 1995, we have

Cash = 2M
Short Term Investments = 1M
Restricted Cash = 6.3M

So total funds avaliable back in Dec = 9.3M.

Therefore one can conclude that MRVC has been bleeding cash to
fund its operations! These are the FACTS Dan, all you have to do
is look at the figures you have more carefully!

If you dislike my interpretation, look up MRVC's SEC-filings. The
company itself says that it has NEGATIVE CASHFLOW.

I hope this finally put to rest the question of whether MRVC has
negative cash flow from operations.

Dan Spillane wrote:
In the first six months of 1996, MRVC's free cash on hand almost doubled; it increased from to 3.4 million from 1.9 million. I'm not sure you are looking at the correct (or latest sequential) figures. See the figures reported Monday, July 22nd, 1996 for the most recent info.

In short, your "negative cashflow" has been reversed in the first part of calendar '96. This makes sense, as the company intorduced a new switch early in '96. Before that, they were undergoing a merger and ramp-up for new products.
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