Here is a list of Sunw owned property. From their 10K released 9/2001, the balance sheet shows the value at $2.7 Billion. There are about 3.2 Billion shares outstanding so the effective BV of their real estate is $0.84/share.
(http://www.edgar-online.com/bin/edgardoc/finSys_main.asp?dcn=0000912057-01-532905)
Also, the balance sheets records Goodwill at $2.04 Billion or about $0.63/share.
Their largest assets as of 9/2001 were there long term investments valued at $4.677 Billion or about $1.46/share. However, I am not sure if it reflects cost or market value as of this date.
You can use the Quick Link option (from the link above) to drill down to see list of Sunw owned properties. Below is the list.
ITEM 2. PROPERTIES
We conduct our worldwide operations using a combination of leased and owned facilities. While we believe we have sufficient facilities to conduct business during fiscal 2002, we will continue to lease, acquire and dispose of facilities throughout the world as necessary. We believe all of our owned and leased properties were substantially utilized (i.e., greater than 80%) as of June 30, 2001. Our owned properties consist of:
Location
Acres of
Land
Square
Footage of
Facility
Square Footage
Under
Construction
Bagshot, United Kingdom 3 30,000 n/a
Broomfield, Colorado 123 900,000 50,000
Burlington, Massachusetts 158 550,000 130,000
Farnborough, United Kingdom 40 240,000 90,000
Linlithgow, Scotland 24 230,000 210,000
Menlo Park, California 57 1,050,000 n/a
Newark, California 106 1,020,000 430,000
Palo Alto, California 12 260,000 n/a
Santa Clara, California 82 630,000 200,000
Total 605 4,910,000 1,110,000
As of June 30, 2001, we also leased approximately 8.5 million square feet, including 2.7 million square feet in 44 sales and service offices in the San Francisco Bay Area. The remaining leased space is located in approximately 305 sales and service offices around the world. We currently plan to sublease approximately 800,000 square feet of leased space and plan to terminate leases on approximately 200,000 square feet of leased space.
In addition to the above-noted "Square Footage Under Construction", we have approximately 1.9 million square feet of facilities planned for future construction. We continually evaluate our facility requirements in light of our business needs and will stage the foregoing future construction accordingly. In addition, we own approximately 82 acres of land in Newark, California and approximately 38 acres of land in Austin, Texas. ... Our manufacturing facilities are located in Linlithgow, Scotland, Beaverton, Oregon and Newark, California
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For a large High Tech company, IMO Sunw's balance sheet is very strong with regards to debt, fixed assets and cash flows. Also, Sunw continues to invest large amounts into R&D which is critical for developing new products. They have achieved all of this and have still maintained high product margins (Gross margins climbed to 42.1% in the March quarter from 36.6% in the December quarter).
EKS |
