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Technology Stocks : ACTM $100 Million Cable Modem Contract with MOT
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To: jeffbas who wrote (957)4/28/1999 8:38:00 PM
From: Rob Preuss  Read Replies (1) of 1250
 
Jeff,

That was $75M or 91% of sales (not 75%) which
were recognized in the last half of the quarter.
They've been talking about this "hockey stick"
effect as long as I've been following the company;
now I can really see how it is. My guess is that
the customers do this intentionally with the hope
of squeezing their margins down a little bit.

I found this quarter to be very encouraging. It
seemed to me that it was VERY important to get
the revenue up... more than anything else...
and they did it! Moreover, in doing so they showed
some nice EPS... in-line with street expectations.

Further, they've been adding quite a few new customers
lately... while the size of these new accounts has been
small and hasn't yet had much effect toward reducing their
reliance on a few large customers, its seems they may
well be headed in the direction of a broader customer
base for a more statistically stable revenue base.

My guess is that the extra diluted shares came from
adding some options for management. (In addition to
Jeff Lavin, who got 100K options in early December,
they promoted two guys during this past quarter.)
But I'm not all that well versed as to how they
count "fully diluted" shares...

What do you think the stock price & volume will do
tomorrow and during the next few days?

Rob
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