Tangible book value per share....
As of Q2 financial statements:
Cash and near cash ($ millions):
cash & short term investments 138,622 *
Investments in Other assets 16,971 *
AR 60,651 *
Inventory 45,389
Other current 7,570
Property/Equip 19,470
------
total hard assets 288,700
(This asset list ignores goodwill, deferred taxes, loan acq costs.
Of these assets -- $216 million are cash like (*),
but I would also feel comfortable calling inventory "cash like".
Because the inventory is at cost of $45 million and with
42% margin it would sell for (45/.48) $94 million.
Of course you could not shut down and sell it all off perfectly.
But it is clearly a hard asset worth at least $45 million of cash.
These are all valuable hard assets, with over 90% being cash-like,
if you include inventory in that description.)
Liabilities:
Current (57,559)
Long Term (102,886)
total liabilities (160,000)
(I could exclude certain liabilities here but I will not --
deferred revenue is not going to be "paid" in a going out of
business sale, and possibly others. - But leave them in the
liabilities total.)
Net Touchable Assets 129,000 (129 millions)
Shares 28,500 in Q2 diluted calculation
************************************************
Touchable, hard, tangible Assets per share $4.52
************************************************
Shit, I should have bought more on friday.
................................
source:
biz.yahoo.com
MRV COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
June 30, December 31,
1998 1997
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $116,971 $ 19,428
Short-term investments 21,651 36,413
Accounts receivable, net of
reserves of $6,337 in 1998
and $4,252 in 1997 60,636 47,258
Inventories 45,389 41,689
Deferred income taxes 8,567 2,280
Other current assets 7,570 7,248
Total current assets 260,784 154,316
PROPERTY AND EQUIPMENT -
At cost, net of
depreciation and amortization 19,470 8,183
OTHER ASSETS:
Goodwill 21,533 5,077
Investments 16,971 62,382
Deferred income taxes 6,112 6,231
Loan acquisition
costs and other 4,409 47
------- -------
$329,279 $236,236
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of
financing lease obligations $ 141 $ 111
Accounts payable 27,406 30,439
Accrued liabilities 11,700 8,429
Accrued restructuring costs 8,713 --
Deferred revenue 4,876 293
Income taxes payable 4,723 3,484
Total current liabilities 57,559 42,756
LONG-TERM LIABILITIES
Convertible debentures 100,000 --
Capital lease obligations,
net of current portion 882 788
Deferred income taxes 425 --
Other long-term liabilities 1,579 2,065
Total long term liabilities 102,886 2,853
MINORITY INTERESTS 2,633 657
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value:
1,000 shares authorized
no shares outstanding -- --
Common stock, $0.0034 par value:
40,000,000 shares authorized and
26,520 shares outstanding in 1998
and 26,360 shares outstanding in 1997 90 88
Additional paid-in capital 183,323 175,874
Retained earnings (deficit) (16,650) 14,636
Cumulative translation adjustments (562) (628)
Total stockholders' equity 166,201 189,970
------- -------
$ 329,279 $ 236,236
Contact:
Stapleton Communications Inc.
Willa Patch, 650/470 4230
willa@stapleton.com |
