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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Steve168 who wrote (16459)	2/18/2003 10:34:21 AM
From: 249443	Respond to of 78498

Thanks Steve for the info. I'll have to look a little bit closer at those. When I hear Broadband Wireless Access, I become a little ill thinking of lu, glw, George Gilder, pmcs, jdsu...etc. But there definately will be a demand and winners. I'll pull up a few 10k/10q after I get my Maalox. :) Have you checked out IDT? It's trading at a relatively small premium to its cash position, cash flow is improving, solid management, and no debt.

To: Steve168 who wrote (16459)	2/19/2003 7:20:59 AM
From: TimbaBear	Read Replies (1) \| Respond to of 78498

Steve 168 Regarding ALVR.... I looked for their financials at the SEC and they haven't filed the 20F for 2002 there yet. So I went to their home page and read the financial report they posted there. A couple of points to ponder: 1). They claim to have spent almost $4 million to buy back shares but the share count went from (approx.) 39M to 53M outstanding. This looks to me like a way of removing personnel expense from the income statement, thus overstating earnings (or, in their case, understating losses); 2). They did have two long-term liabilities listed as well: (these numbers are approximates as I'm doing it from memory) $5.4M in long term debt and $5.4M in severance charges; 3). They posted a Balance Sheet and an Income Statement, but no Statement of Cash Flows. I usually use the Statement of Cash Flows as a reality check on the Income Statement, how do you cross-check the reported numbers? I have seen many companies who appear to report minor losses on the income statement, but the SCF revealed massive bleeding in terms of real cash flow. I'm not saying that is the case here, just asking: "How would one know?" Timba

To: Steve168 who wrote (16459)	5/3/2003 12:44:20 PM
From: Steve168	Read Replies (2) \| Respond to of 78498

ALVR recently made a 52-week high and still trading under cash value with no debt. This is a classic Graham net cash value stock. I recommended here (see below post) in Feb at $1.86, it closed 5/2 at 2.59, and still trending higher. Take a look and see what you thinks. I am holding on to my large position. To:mrcjmoney who wrote (16457) From: Steve168 Tuesday, Feb 18, 2003 12:51 AM View Replies (2) \| Respond to of 16966 MrCJ, thank you for your nice comment. My largest holding is ALVR now, trading at 1.86 while cash at 3.14, book 4.36, and zero debt. Losing about 10c/Q, not too bad, it is a leader in a niche market of Broadband Wireless Access. I believe the company has a chance to be profitable in the next 12-18 months. When that happened, it should be at $3-5.