The cash per share may not be as high as you think. My guess is that
your calculation is based on a review of the Form 10-Q that was filed
on April 15, 1999. The 10-Q shows that the company had $40.461 MM in
cash at the end of the quarter and that there were 21,731,000 shares
outstanding as of March 31, 1999. If you divide the cash by the
number of outstanding shares, you end up with $1.86 per share.
However, this calculation does not take into consideration that the
company appears to have purchased 4,455,000 shares for a total of
$5.979 MM during the month of March. That would have left the company
with $34.482 MM, or $1.59 per share.
My calculation is based on the following reconciliations:
Shares outstanding @2/16/99 (per 10-K) 27,282,000
Add options exercised per Form 4 (filed 3/10/99) 20,000
Less shares purchased during first quarter (per 10-Q) (1,116,210)
Less shares purchased in March (1) (4,455,000)
-----------
21,730,900
===========
The number of shares outstanding as of 3/31/99 per the Form 10-Q was
21,731,000.
(1) The Form 10-Q discloses that the company had purchased an
agggregate of 5,713,000 shares as of March 31, 1999 and that they had
purchased an aggregate of 1,258,000 shares as of February 28, 1999.
(5,713,000 less 1,258,000 equals 4,455,000)
Cash on hand @2/28/99 per 10-Q $40,461,000
Less cost of shares purchased in March (2) (5,979,000)
------------
$34,482,000
============
(2) The Form 10-Q discloses that the company had spent an aggregate of
$7,357,000 as of March 31, 1999 and that they had spent an aggregate
of $1,378,000 as of February 28, 1999. (7,357,000 less $1,378,000
equals $5,979,000)
Form 10-Q for quarter ending February 18, 1999 (filed April 15, 1999)
sec.gov
Form 10-K for year ending November 30, 1998 (filed March 1, 1999)
sec.gov |
