CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST! Message Board

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Technology Stocks : CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST!

QCOM 174.76

+0.3%

Dec 23 3:59 PM EST

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To: Allen Benn who wrote (1381)	12/30/1996 6:29:00 AM
From: Robert Scott	of 1819

Allen, Your analysis is very similar to mine. What is key for the next 2 quarters are: Comm Systems operating margins and revenue growth. Also, a major contract for WLL would be very significant. I have been looking to see when the above margins would stabilize. Thought it was quarter before last at around 24% - when it was just Omnitracks it was 40%. But it dropped to 22% last quarter. Low 20's seem now to be the low - difficult to understand what it really is with all the heavy investment in plants. Interesting point - they have the capacity for 200 base stations per month & by 1 analysts count sold 40 last quarter - AND they are building another plant to be completed by March 31, 1997 that will double capacity. Why would they do this?? I believe it is because they expect WLL to take off in 1997 - along with increased Cellular/PCS base stations. By the way, I believe the number of 40 is low due to revenue recognition - shipped many more. Revenues: Handsets = 2.8M at $400 each = 1,120M Base Stations = 1,000 at $150,000 = 150M Omnitracks = 300M Royalties = $100M Total = 1,670M = 100% growth

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