cut and paste from the SEBL press release:
>> Operating loss, including a write-off of acquired research and development of $22.7 million, was $11.0 million or 26 percent of total revenues, down from income of $3.3 million, or 21 percent of total
revenues, in the fourth quarter of 1996. Net loss for the fourth quarter was $14.9 million or $0.43 per share, compared with net income of $2.5 million or $0.06 per share for the fourth quarter of 1996.
I definitely see the words "operating loss" in that paragraph. I definitely see a net loss bigger than the operating loss.
Acquired R & D may be a 1X write-off, but could be other write-offs in those acquisitions, too.
Yes, they also mentioned a pro-forma operating number, but you gotta take the real numbers. I could give you a pro forma number without, say, rent or travel, too.
Much more interestingly is the shrinking margin. Same EPS as VNTV but on 15% more revenue if you count the pro forma number.
Regarding VNTV/SEBL price cutting: I don't think so. didn't happen with SCOP or CLFY; doubt it willl happen here. Price cutting is not the way these big boys win deals from the big customers.
Well, expect to see VNTV and SEBL stock prices converge over next few days. |
