C-Cube Message Board - Msg: 680822

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Technology Stocks : C-Cube

CUBE 36.64

-0.5%

Dec 5 9:30 AM EST

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To: Ed's Head who wrote (8792)	1/19/1997 11:51:00 AM
From: Craig Gordon	of 50808

Dear Ed: How many ways are there to skin a rabbit? Looking at Cube in another light as follows. 1. R&D expenses are really earnings that management has decided to invest in the future. Because Mgt can stop these at any time, they could be factored into a bottom line analysis. 2. Cube's nuber of shares have varied greatly. ie. if for Q4 96 you use the number of shares used for Q3 96 then Cube made .51 per share. I find it interesting that I have not seen anyone comment on this. 3. Below using the new amount of shares 38.6 Mil and adding the R&D expenses back to profits I have back calculated previous periods on a consistent basis. Although this may not be GAAP (generally accepted accounting principles) it does show what the real progress of the company is. Here's the beef! Combined R&D and Net Income - Expressing R&D as income Q 4 96 32.6 Mil .84 eps using 38.6 Mil shares 15% inc qtr to qtr 4.7M$ Q 3 96 27.9 Mil .73 eps using 38.6 Mil shares 22% inc qtr to qtr 4.7M$ Q 2 96 23.2 Mil .60 eps using 38.6 Mil shares 13% inc qtr to qtr 2.9M$ Q 1 96 20.3 Mil .53 eps using 38.6 Mil shares 15% inc qtr to qtr 2.4M$ Q 4 95 17.9 Mil .46 eps using 38.6 Mil shares 67% inc qtr to qtr 5.9M$ Q 3 95 12.0 Mil .31 eps using 38.6 Mil shares In my opinion the recent 4.7 Million in progress per quarter and the acceleration in Q3 & Q4 in comparison to Q1 & Q2 is a good sign. The Yr to Yr comparison of Q4 95 to Q4 96 is now behind us. Q1 & Q2 of 97 will be compared to the weak Q1 and Q2 of 96. It should be easier for Cube to make its numbers in the first half. Calculating this way Cube had an 83% growth in profits year to year from 95 to 96. Not bad for a company with such a low pe.

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