No, I'm not a reporter. I just scribbled the notes and only I can read them.
The good news for me was > $30 million in rev. with the following: lower sales to China, lower sales of digital products, no int'l recovery yet, and the Golden Channels delay. Wow! Imagine if they start firing on all cylinders.
I thought the questions from the S&P guy were hilarious. It's funny, I just read S&P's 4/17/99 write-up of HLIT that I got from the Waterhouse website last night. They have it at one star and a recommended sell mainly based on the recent rapid share price appreciation and volatile nature of the stock. They may be right, but I think he was nosing around trying to figure out if they had cooked the books and underreported certain expenses in order to make their numbers better than expected. I think Robin Dickson handled it well and basically said, gee, revenues were higher than our business plan so we underspent on some expenses. Now the guy's got to go back and explain why he recommended selling the stock a week ago and they just reported outstanding results and improved visibility!
A couple of other goods things - acceleration is more likely than slow down, BellSouth's "aggressive" roll out plan, and Tony Ley hinted he would have a good announcement soon - it sounded as if it would be about a successful installation.
On the bad side, it sounds like Cyberstream isn't ready for MMDS prime-time, they're still awfully dependent on AT&T, and there was no specific mention of Charter (although they are listed as a customer in the new 10K). |
