Some Shiva (SHVA) numbers (from the 10K filed in March)
book = $144M/29.6Mshares =
$4.90/share, cash/share $2
(there are also short term investments of $1.25 and $1.20 /share
respectively). $3.60 working capital/share. Sales/share $4.82,
sales down 33% 96-97, remote access sales down 25%, SG&A up
from 34% of revs to 50% of revs, R&D also up from 12% to 18%.
Earnings... we don't need no stinkin' earnings. losses were
9% of sales, vs 8% of sales net profits in 96.
There seems to be some hope that SG&A might be coming down,
resulting in some upside potential for earnings. A Nortel
OEM relationship accounted for 16% of revenues, which sounds
like a good thing to me.
And, I tend to think that networking may do well relative to,
say, microprocessors, PC's, and such over the next year or so.
So it looks like an interesting speculation (I'm in for a tad
at 10 1/4).
Do they have anything likely to be especially desirable in a merger?
Some insider sales (only notable quantity is $4 million+ by Cole
Family Foundation at
prices a bit higher than now, but not much, in March).
Also T Rowe Price and Pilgrim Baxter filed SG13A's saying they're
out of the stock (dead momentum stock!).
Cheers,
HB |
