In your opinion.. what are the general expectation as far as
second quarter results are concerned??
It's hard to guess, just look at the following numbers.
If you graph this you end up with a chart that says "stay away".
IPV depends on a small number of large contracts. A dead quarter
like 97Q3 means there's a whole lot of people sitting on their
hands.
Image Proc. Systems, IPV-TSE
Q/Q-1 Q/Q-4 Earnings/
Period Sales Earnngs Sales Sales Sales
1,000's % % %
99Q1 5,824 (2,537) -58.9 189.5 -43.6
98Q4 14,163 (2,816) 50.1 237.4 -19.9
98Q3 9,436 (428) 51.2 1070.7 -4.5
98Q2 6,240 (252) 210.1 90.2 -4.0
98Q1 2,012 (760) -52.1 1.0 -37.8
97Q4 4,198 973 420.8 23.2
97Q3 806 (1,145) -75.4 -142.1
97Q2 3,281 393 64.6 12.0
97Q1 1,993 (141) -7.1
Year End March
Shares(1000s) 19500
Recent Price $0.60
EPS(diluted) ($0.31)
P/S 0.3
P/E -1.9
Notes: 98Q4 earning are actually (12,185) after goodwill write-down.
In the 98-07-17 and 98-08-18 press releases, the order book was
$15 million. The Q1 results also indicate that the old Tisma
orders are complete so we should start seeing better gross margins.
They also announced a reduction in Overheads of $1 million/quarter.
I don't know if they've finished the restructuring.
My uneducated guess for Q2 is $7.5 million in sales and a loss
of $1.2 million. I probably won't buy IPV until after the
Q3 results, if at all. But I'm frequently wrong
(eg. I bought IPV earlier this year, this is how we learn, right?). |
