Bob,
From the last 10-Q
Working capital decreased to $32.7 million as of June 30, 1998, from $62.4 million at the end of 1997. The decrease in working
capital resulted from a decrease in cash due to increases in clinical trials and product development expenses in late 1997, increased
selling expenses, semi-annual interest payments due on convertible subordinated debentures and convertible notes offset by a
decrease in accrued liabilities from year end 1997. For the same reasons, cash and cash equivalents, short-term investments and
restricted cash decreased to $52.0 million at June 30, 1998 from $86.3 million at December 31, 1997. The Company primarily
invests its cash in United States government and investment grade corporate debt securities.
Help me reconcile this: According to the above working capital is 32.7 million, Cash,equivalents, short term investments and restricted cash is equal to 52MM. this is a 19.3 MM difference. What we need to understand is what is restricted? That will give a clearer picture. I would like to think that this situation is less precarious my current read.
J.D. |
