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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (14362)	9/7/1999 11:47:00 PM
From: I. N. Vester	Read Replies (1) \| Respond to of 27311

Zeev, I don't have your level of accounting expertise but i still feel your back-of-the- envelop calculations for earnings at a $75M pa sales rate was quite flawed. One you give them 0 credit for their 50% ownership of Hanil which will certainly be online well before the end of fiscal year if NI is shiping good product. Two, you took the $8M last quarter expenses as R&D, but as much as 1/2 of that may have been production expenses for materials and also for the large production workforce which is probably already costing them close to $2M/quarter. If you take $4M/quarter in R&D plus depreciation to be covered by 50% gross margin on $75M sales, you would have $20M net before taxes, to which you might get to add a nice little bonus from Korea. I think your .20/share is way off. What am I missing?