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Technology Stocks : Deswell Industries (DSWL)
DSWL 3.795-0.9%12:39 PM EST
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To: mod who wrote (762)5/28/1998 1:28:00 PM
From: Ron Bower  Read Replies (1) of 1418
 
Dennis,

Thanks. It came on my screen this morning. I have a problem in that Schwab flags my account to tell me there's been new information, but I can't access it for 2-4 hours after I know about it. Frustrating. What service do you use that lets you get the releases as they come out?

I like the report. My thoughts after the first read:

Kwanasia showed huge growth in the 2nd and 3rd Qs. Apparently they were pushing hard to get ahead on contracts to hedge against the 4th Q Holiday shut down. This is understandable as they can lose in excess of 25% of their production during the period. Obviously this does not represent lower sales for Kwanasia going forward as they announced a large facility expansion to be completed in September.

Jetcrown's and Kwanta's growth was in spite of weaker sales to Kwanasia during the quarter. We know that part of the Jetcrown is VTech, but there must be others. Kwanta is too small for the earnings to amount to anything, but it's showing good growth and has attained profitability for the first time this Q.

They generated about $3.00/share cash from operations this past year, made almost $8M in capital expenditures. Working capital surplus has increased to $6.56/share.

Considering the situation throughout Asia and the reports being issued by most companies, Deswell has outperformed and should do very well this coming year.

I thought they would increase dividends and (IMO) the Special is a welcome surprise.

I just bought back some of the shares I had sold on the runup after the VTech report. We should see price improvement after the report is read and we get closer to dividend date.

For what it's worth,
Ron

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