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Technology Stocks : SmartFlex Systems (SFLX) - Blitzkrieg or Sitzkrieg?
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To: Douglas V. Fant who wrote (799)4/21/1999 3:47:00 PM
From: rich evans  Read Replies (1) of 848
 
There seems to be little interest in the Company. The data storage business is still very slow and is the core business and is still declining revenues in all: HDD, tapes,arrays. They say they are pleased with the acquisition progress but it is breakeven at best but they hope to get it to 10% margins. If you subtract the acquisition revenues, we end up with declining core business of Flex attachments whether SMT or DCA.IBM ramping very slowly in Guadalahara. Breakeven acquisitions main reason for GM going down and SGA going up with new Tanon acquisiton. Cash down to 20.2 mill and debt up to 11.5 mill. Backlog 34 mill about the same as last quarter and B/B 1.1 W/C up because of Tanon. Trying to reengage with SEAGATE and Quantum more but these would be new programs and would be out a ways -12 months. In summary, not a robust picture. There is plenty of capacity . Business uncertain and is still declining . Hope to get a new big program of a box build variety at Tanon to make 911 gear. So the question not answered is what is happening to the flex business? Company said they are not losing market share but it is sure in the doldrum.I think we all expected it to be high growth. Company is going into EMS business to compensate for cyclical and poor FLEX business. When this will turn around is anyone's guess. Visibilty is poor.

Rich
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