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Technology Stocks : Silicon Graphics, Inc. (SGI)
SGI 92.28+2.4%Dec 10 3:59 PM EST
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To: Bill Holtzman who wrote (5783)3/1/1999 12:58:00 PM
From: brushwud  Read Replies (2) of 14451
 
Don't expect shares outstanding to drop much even with the repurchase.

The 10-K says the purpose of the repurchase is to mitigate the effect
of the ESPP and ISO stock plans. And the 10-Q indicates 10 million
shares have been omitted from shares outstanding because they are
anti-dilutive. In other words, if and when the company gets back to
making a reasonable amount of money, these shares will have to be
accounted for in computing EPS. And some of the shares repurchased
have already been reflected in their most recent total share count.

So a calculation like 187 - 27 = 160 would be incorrect. I'd be
surprised to see less than 180 million unless they lose money for
another year.

Another factor is that the money paid out to buy back shares no
longer earns interest for the company, so it reduces income.
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