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Technology Stocks : Andrea Electronics (AND)
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To: phbolton who wrote (1282)7/22/1998 1:47:00 PM
From: Marconi  Read Replies (1) of 1356
 
Hello PHBolton:
I don't know AND as a company. There are many in their business area. Seems like they are getting pinched on margins and have falling revenues.
Observations:
From officer roster, looks family run.
2 lowest days out of last 30 trading days for conversion is a severe formula
fortunately capped at ~$5 conversion price floor and ~$16 cap
trading nearly at $13 on AMEX at present
stock price in couple of slides the last year
their PR with reference to major companies in the business without saying they are either supplying parts or technology smacks of hype--worth looking into if shorting--it may be a roster of more worthy competitors, not worthy customers
93 employees--chances are barely critical nucleus for any major development, and I would guess most are in assembly without me having a clue otherwise.

Possible short. With 11M shares, contingent with better use of this increment of money, could be a about 20% dilution. If on the slide, AND could slide closer to 5 than to 15 over the next year. Of the roster of companies it would be a fair check to look at the others, break them into the largest half versus the smallest, and after eliminating those with outstanding advantages, seeing if the smalls are being cannibalized by the larger firms. If so, then it would be another factor unfavorable to AND.

Just some quick reaction for practice. Off to eat.

Best regards,
m
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