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Technology Stocks : Alliance Semiconductor

ALSC 0.810

0.0%

Jul 10 5:00 PM EST

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To: DJBEINO who wrote (4537)	1/21/1999 7:01:00 PM
From: Ken Muller	Read Replies (3) of 9582

DJBIENO: Its good to see everyone making money. You might want to examine the report a little closer before you buy the new house: <<Revenues for the third quarter include $1.5 million related to the reversal of accruals established in prior periods to cover potential sales returns which are no longer required>> This is a neat accounting trick which I have not seen used before. Actual operating revenue would be 13.3 minus 1.5 = 11.8 million. Also, since this number does not affect Cost of Goods, the actual operating loss should be increased by 1.5 million (before taxes) <<Inventories were further reduced by $4 million during the quarter in an effort to .... improve the cash flow>> 11.8 minus 4.0 million = $7.8 million actually manufactured last quarter. 34% of that number are Dram sales so ALSC only produced and sold $2.6 million in Drams for the entire quarter. If Dram prices doubled, ALSC still would lose money. Keep an eye on the available cash. Ken

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