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Technology Stocks : SMSC Standard Microsystems
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To: Sunny Jim who wrote (51)11/11/1996 4:20:00 PM
From: dwight vickers   of 335
 
Jim,

Of their $67 million (Oct.15 10Q) inventory, $39 million is work in process, $12 mill. raw material, and the previously stated $16 mill. finished goods. If they are shipping $7 million or so per week and have 5 1/2 weeks WIP, with only 1.7 weeks raw material, I suspect there is an insignificant amount of obsolesence. $1.00 per share would be a lot. I also base my opinion on their habit of writing things off immediately.

Lastly, I spent quite a few years in materials management (heavy mfg.), so I have some familiarity with inventory issues.

Dwight
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