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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks -- Ignore unavailable to you. Want to Upgrade?

To: EACarl who wrote (1404)	3/19/2009 7:17:00 AM
From: Elroy	Respond to of 1931

RE "They have about $3.20 net cash per share" Huh? As of the last earnings report, Cash, cash equivalents, and restricted cash (current) was ~$23.65 million and shares were 15.836 million. That's ~1.49 per share! You're not counting what they call "Investments", which are certificates of deposit and government and corporate bonds. I consider those close enough to cash to count as cash. Here are the numbers that get me to (surprise, it's actually $3.40 net cash per share): According to the balance sheet: finance.yahoo.com ASSETS Current assets: Cash and cash equivalents $21,669 Restricted cash 1,979 Investments 14,055 Long term assets: Investments 39,144 Restricted cash 818 Total cash like $ = 77.665 nillion Current liabilities: Short-term debt, current portion of long-term debt and vendor financing $970 Long-term debt, vendor financing and convertible debentures 22,930 Total debt = $23,900 Net cash = 77,655 - 23,900 = $53,765 Diluted shares = 15,836.5 Net cash per share = $3.40 So I'm counting all the restricted cash. The short and long term term investments are cash like instruments (CDs, Government and corporate bonds). yahoo.brand.edgar-online.com Note 2. INVESTMENTS The following table summarizes the Company’s investments, including accrued interest, as of December 31, 2008 (in thousands): December 31, 2008 Current investments: Certificates of deposit $ 9,581 U.S. Government Agencies 2,046 Corporate bonds 2,428 Total current investments $ 14,055 Noncurrent investments: Certificates of deposit $ 39,144 Total noncurrent investments $ 39,144 Total current and noncurrent investments $ 53,199 So I'm counting them in the cash category as well. If you don't want to count a CD or a government bond as cash that's up to you, but then you'll have missed your chance to buy CHDX at $3.50, a dime above (what I consider) their net cash position.