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Technology Stocks : Rambus (RMBS) - Eagle or Penguin
RMBS 93.75+3.9%10:13 AM EST
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To: Alan Hume who wrote (12559)1/7/1999 12:59:00 PM
From: blake_paterson  Read Replies (3) of 93625
 
Hello Alan:
Spent the past 4 days flat on my back after snow shovelling too much. I keep on forgetting that I'm not 30 any more <ggg>.

RE RISK: I took the time to read the RMBS annual report which I received over the holidays, word for word (what else is there to do when you are in that condition? :). Decided to double up my position during this mornings sag, with gusto, but I do have a couple of observations:

1. Excellent annual report; they saved our money by simply reprinting the 10K, rather than pissing dollars away on glossy BS.

2. PP&E spending is lower than depreciation of their PP&E base amount. Excellent sign of fiscal conservatism.

3. R&D is +/- stable @ 25% of revs, a healthy percentage. No clear ramp up or ramp down (in absolute $$$) at present.

4. Both Cirrus and Chromatics recently abandoned their graphic controller designs, but it is not clear whether the failures were technical or commercial, or whether they were related to the RMBS interface. Yet mgmt continues to emphasize that they will see graphics applications revenues as part of their diversification of revenue sources in the near term. Any guess why the failure (tech. or comm.)??

5. There is a significant unexplained balance of deferred revenues (in liabilities section) on the balance sheet. Anybody have the answer?

Regards,

BP
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