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Technology Stocks : Osicom(FIBR)
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To: craig crawford who wrote (4521)1/23/1998 3:52:00 AM
From: craig crawford  Read Replies (2) of 10479
 
Can someone please explain to me why FIBR's G&A expenses (General & Administrative) increased from $2 million to $4.9 million last Q yet their sales decreased by 30% year over year?

I noticed their Engineering, R&D expenses decreased a bit. Total operating expenses increased 32% yet sales declined 30%. Operating expenses as a percent of sales were 50% in the MRQ compared to 26% in the year ago period so the expenses shot up in real dollars and as a percentage. What are they doing? Throwing office parties every week?

Of course in fitting with the Osicon heritage FIBR decreased investment income and increased interest expense.

There are another $400,000 in "other charges" (doesn't say what they are) which of course doubled from the prior year.

Weighted avg. common shares outstanding was listed at 16.348 million but that is just an average during the quarter. The real total at the end of the quarter as listed by the company in the 10Q was 18.843014 million shares. That is a difference of 2.5 million shares or 15%. I'm not going to look it up but if you consider that more than likely shares increased as the quarter went on you can extrapolate that shares outstanding at the beginning of the quarter were less than the average so shares *probably* increased by over 3 million from beginning to end.

Anyone want to take a guess as to how many shares will be outstanding at the end of Jan 31? 20 million? 22? More? Be sure to look in the next 10Q at the shares at the end of the quarter, not the avg during the quarter. This will give you a better forward look at how many there will be for the next earnings report.

This clarification isn't really very necessary for companies that don't increase the shares outstanding too much, but when you have a company that dilutes shareholder value by adding a few million shares or more each quarter it is very important.
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