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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis

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To: TRIIBoy who wrote (1997)	11/13/1998 1:53:00 AM
From: Ken Brown	Read Replies (3) of 2506

I admit, I haven't yet examined the 10-Q, so I'm taking the "sales" at face value. Not only that, I am a fairly ignorant investor - I admit it. I have only a rudimentary understanding of a balance sheet, let alone accounting in general. But it didn't take an expert to look at last quarter's balance sheet, with a huge increase in AR and Inventories, to know something was wrong. How is it possible to show a 23% sequential increase and sales and solidly profitable numbers yet lose $25 million in cash? Inventories up (another) $8mm. Ppty up $1mm. Well, that's $9mm. So ... what DID happen to the other $16mm? I see the total assets figure dropped by $7mm. Current liabilities dropped by almost $20mm, and shareholder equity increased by a whopping $40mm. Maybe someone can help me with these numbers? Ken

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