Thread,
I reviewed the 10-K (again). Interesting to note that this company has done a lot of deals the past few years, and they have issued debt before. In context, I do not see the recent offering as that out of the ordinary for this company. I am interested in others comments why this recent debt issue is so different than in the past, and why management blew it this time, but not all the other times.
Also, I noted the following from the 10-K:
>>In 1995, NBase Ltd. qualified for a program under which it will be eligible for a tax exemption on its income for a period of ten years from the beginning of the benefits period. The Company
estimates the benefit period will begin in 1998.<<
Does this mean anything to the company? What specific subsidiary is "NBase Ltd."?
Also, re:inventories, it appears that at the end of 1997, approx. 25% of MRVC's inventories were finished goods. I am interested to know whether anyone has looked at competitors of similar size to determine the percentage of finished goods they have as inventory. MRVC has stated that inventory comparisons are not meaningful, just how not meaningful are they?
One more query...I have been more concerned with A/R than inventory. The company, and some analysts, have stated that A/R is high due to Europe sales and payment terms with foreign buyers. Has the company stated anything in the past three quarters that may have been the cause of an increase in A/R. I know BEST commented on this after the 1Q earnings. Anyone remember? And does anyone know if the company has commented on this for 2Q?
Thanks in advance for anyone caring to answer.
jc |
