Combined financials after subtracting revenue double-counting...
Item 3dfx STB Combined Percent
Revenues 40,444 90,667 111,000
Cost of Revs 26,190 74,511 80,590 73%
Gross Profit 14,254 16,156 30,410 27%
Operting Exp: 18,376 16,300 34,676 31%
R&D 11,756 2,994 14,750 13%
SG&A 6,620 13,306 19,926 18%
Income (Loss) from ops -4,122 -144 -4,266 -4%
Interest & other income 911 123 1034
Income Before Taxes -3,211 -21 -3,232
Provision for Taxes -1,027 -21 -1,048
Net Income -2,184 0 -2,184
EPS -0.14 0.00 -0.09
Shares 15,768 12,824 25,000
Sun, company guidance was for 25M shares outstanding going forward. I
assume that with the merger, additional options have been/will be
issued. 24M or 25M produces the same 9 cent loss anyway.
27% gross margin is quite amazing given that both STB and 3dfx were
unloading legacy products. I think we can safely expect low 30's
going forward. High-end products later may push this up to mid or
high 30's. It's reassuring that total combined gross expense dollars
should remain flat according to the conference call. 35 million
quarterly. GM in the thirties. Everything looks good to me.
Expecting 120M next quarter over 111M this quarter. Low expectations
if you ask me. This is a good thing. Room for surprise.
Pat |
