Ponder this:
When the stock was $86 rmbs earned 1 cent/quarter - now the stock is approching 60 and they earn 9 cents a quarter (I think they'll come in at 8-9 cents this quarter) - people will soon catch on!
Some numbers (don't arrest me):
Con % subject 1.5% R&D before after per share
Market sold to 20% Tax 40% Tax 25
Year Millions royalty 25M shrs
1997 136,000 NM NM NM NM NM NM $0.08
1998 156,400 NM NM NM NM NM NM $0.36
1999 179,860 4% 7,373 111 30 81 48 $1.40
2000 206,839 9% 17,695 265 53 212 127 $3.96
2001 237,865 13% 31,850 478 96 382 229 $9.17
2002 273,545 17% 46,503 698 140 558 335 $13.39
2003 314,576 20% 62,915 944 189 755 453 $18.12
Year per share P/E5 P/E6 P/E7 P/E8 P/E9 P/E10 P/E11
22,000 30 50 70 100 130 150 175
1997 $0.08 2 4 5 8 10 12 14
1998 $0.36 11 18 25 36 47 54 63
1999 $1.40 42 70 98 140 182 210 245
2000 $3.96 119 198 277 396 515 595 694
2001 $9.17 275 459 642 917 1,192 1,376 1,605
2002 $13.39 402 670 937 1,339 1,741 2,009 2,344
2003 $18.12 544 906 1,268 1,812 2,356 2,718 3,171
1998 Quarterly earnings projection 1999 Quarterly earnings projection
Fiscal per shr per shr Fiscal
DEC $0.06 0.06 500% DEC $0.20 $0.20 233%
March $0.07 0.13 550% March $0.30 $0.50 285%
June $0.08 0.21 425% June $0.35 $0.85 305%
Sept $0.12 0.33 313% Sept $0.55 $1.40 324%
2000
DEC $0.69 $0.69 244%
March $0.86 $1.55 209%
June $1.07 $2.62 208%
Sept $1.34 $3.96 183%
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