I just went through the CC and other info, and did some estimates
which are remarkably close to First Call for this year, and lower for
next year: Q3 0.06, Q4 0.15 (for a FY98 total of 0.14), FY99E 0.69.
Obviously FY99 number makes TAVA look cheap, but the 99 numbers are
total guesswork; we'll obviously know better next quarter how much
real s/w business there is (last quarter there was 236K according to
the CC)
See below; if anybody wants this in spreadsheet let me know.
Sorry for the poor alignment, even in Fixed Font
Book to bill 114% 119% Q398E Q498E FY99E
Q298 Labor CDs Total Labor CDs Total Labor CDs Total
Revenue 10484 3375 2250 5625 9450 4500 13950 40500 18000 58500
Revenue 100% 100% 100% 100% 100% 100% 100%
COGS 65% 46% 15% 46% 15% 46% 15%
R&D 0% 0% 0% 0% 0% 0% 0%
S&M 11% 13% 13% 13% 13% 13% 13%
G&A 26% 5% 5% 5% 5% 5% 5%
OPM -2% 36% 67% 36% 67% 36% 67%
Interest income -100
EBIT -346 1215 1507.5 2722.5 3402 3015 6417 14580 12060 26640
Tax rate 0% 35% 35% 35% 35% 35% 35% 35% 35% 35%
Net income -346 789.75 979.875 1769.625 2211.3 1959.75 4171.05 9477 7839 17316
D&A
Capital
FCF
EPS $(0.02) $0.06 $0.15 $0.69
Growth
Shares 17110 25000 25000 25000
Headcount (additional) 60 150 150
Rate/hour $125 $140 $150
Per quarter $62,500 $70,000 $300,000
At 90% billability $3,375,000 $9,450,000 $40,500,000 |
