To All, Muei reports go2net.newsalert.com
These numbers were horrendous. When looking at them, it is important to note that MUEI sells mostly to the consumer segment, which has been doing much better than the corporate sector. Also, MUEI is efficient, makes nice boxes, and did have sub-$1000 products for sale. And I suppose we should note that Xmas fell during this quarter. <g>
O.K., let's give them the 7 cents instead of the 4 cents, though the mistake of going into Japan with no game plan is one they will repeat in other areas in the future. So, at 7 cents eps, they are down 41.6% sequentially from last quarter and a mere 73% year over year. Operating expenses were way down, interest income was up, R&D nearly disappeared, and taxes faded to almost zero. Receivables were up 8.6% Y to Y, which isn't much, but with revenues down 19.7%, I think there is evidence of a receivables dump.
Anyone else remember when "all the bears were wrong on MU because it is now a computer co.?" <g>
I don't own puts on Muei because it is already dead meat. I have owned them when suckers were paying the mid 20s for the stock. But their report has two implications that make me smile: 1. MU is not going to get any help from this division in fluffing their eps. 2. The PC industry may be in worse shape than even I imagine.
MB |
