Here is the data from this quarter and from the annual statement:
Three Months Ended 12 Months Ended
Dec. 31, Dec. 31,
(in millions except
per-share data) 1997 1996 1997 1996
Net Sales $ 54.4 $ 46.8 $ 213.9 $ 156.8
Operating Income (Loss) $ 5.2 $ 1.3 $ 14.6 $ (33.7)
Net Income (Loss) $ 3.2 $ 0.5 $ 8.6 $ (25.0)
Earnings (Loss)
Per Diluted Share $ 0.36 $ 0.05 $ 0.97 $ (2.92)
Weighted Average Diluted
Shares and Equivalents
(in thousands) 8,988 8,694 8,894 8,590
ADFLEX SOLUTIONS INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share data)
Three Months Ended
March 31,
1998 1997
Net sales $50,023 $48,221
Cost of sales 39,505 40,789
Gross profit 10,518 7,432
Operating expenses
Engineering, selling &
administrative 6,019 5,585
Amortization of intangible assets 129 --
Total operating expenses 6,148 5,585
Operating income 4,370 1,847
Other income (expense), net (717) (635)
Income before income taxes 3,653 1,212
Income taxes 1,022 339
Net income $2,631 $873
Net income (loss) per share:
Basic $0.30 $0.10
Diluted $0.30 $0.10
Number of shares used in
computing net income (loss) per share:
Basic 8,805 8,666
Diluted 8,923 8,767
Synopsis:
Sequentially, Revenues down 8%, OpInc down 15%, NetInc Down 18%.
But, AFLX beats estimates of . Predict earnings to be $1.30 - $1.50
which would be a nice 30%-50% bump from last year although both top
line and bottom line growth rate does not look sustainable. A big
question is how much can we discount the last quarter, is it a one
quarter downturn or a one year downturn in the industry ? I'm being
optimistic, assuming a 20% growth rate this year, then a P/E of 20
should not be unreasonable.
We should logically see $26-$30 based on projected earnings for this
year. This stock should not be trading below $25 by Friday. |
