The conference call was extremely BULLISH. I'm in the process of organizing my notes, so that I can post them to this thread. I've also updated my 1999 estimates and price targets.
My diluted estimate was for .29, and SMTC fell slightly short. Here's why:
My revenue estimate was $28,540, SMTC's revenues were $28,542.
Gross profit--my estimate: $13,899. SMTC: $13,872.
SG&A--my estimate: $4,509. SMTC: $4,422.
R&D--my estimate: $2,569. SMTC: 2,757.
Operating income: my estimate: $6,821. SMTC: $6,693.
Interest income: my estimate: $180. SMTC: $109.
Pretax income: my estimate: $7,001. SMTC: $6,802.
Net income: my estimate: $4,670. SMTC: $4,538.
It was pretty close to my estimates, with the main difference coming from the higher R&D costs. I'm certainly not disappointed with SMTC's performance. I'm encouraged that my estimates were so close, especially the sales figure. I've made a few adjustments to my FY99 estimates, to reflect the comments made during the conference call.
I'll post them in a little while. I expect the stock to do well tomorrow.
Todd |
