I'm not sure who imposed the time restrictions, though I think it was the managers and not the SEC. All I know is that tomorrow (Friday), they can buy.
Today I felt like Alice in Wonderland --- everything backwards and not what it seemed. I arrived at the Ritz-Carlton to be welcomed by several hundred secret servicemen and SF police. Plainclothesmen were everywhere, most talking into their hands. Where's Don Adams when you need him? I got in the elevator to go the the NN presentation and was told I couldn't go to the first floor. All meetings had been reassigned. Not only was NN's in a different room, but an hour earlier, at 7:30.
Deep breath. Regroup. Decide where to go next. . .
Ended up at Kulicke and Soffa's presentation and learned they've had softness with Korean orders but none in other areas. Overall their business seems very strong with positive book to bill in current quarter and no worse than flat in the following. Q2 eps should be up, inventory turns are 6X and should be back to 9X by end of '98, $131M backlog, 40% growth in bookings last Q, transition to 8000 series will be 20% Q1, 50% Q2, and 100% Q3, improved margins all year. Strong balance sheet, $100M cash, and no debt.
Sorry to give you the wrong report. This is what I'd hoped to learn from NN. I have a call in to the company now and if they send a transcript of the presentation, I'll post.
Later --
Pat |
