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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Don Dunlap who wrote (3768)	12/16/1997 4:54:00 PM
From: blankmind	Read Replies (1) \| Respond to of 23519

Stockholders' equity: Common stock; $.001 par value; shares authorized 200,000,000; shares outstanding -- September 30, 1997, 33,149,729; December 31, 1996, 32,454,340(1);............................................... 33 32 Paid in capital.................................................. 159,347 156,173 Less treasury stock,at cost; 185,000 shares at September 30, 1997; none at December 31, 1996............................... (4,184) -- Unrealized gain on securities.................................... 64 77 Deferred compensation............................................ (65) (348) Accumulated deficit.............................................. (35,383) (66,154) --------- --------- Total stockholders' equity............................... 119,812 89,780 --------- --------- Total.................................................... $ 148,194 $ 96,532 ========= Not sure how this is going to look, but if you take "total equity divided by # of shares," you get: $119,812,000/33,149,729 = $3.61 per share of book value Out.

To: Don Dunlap who wrote (3768)	12/16/1997 8:38:00 PM
From: Dan'l Leviton	Respond to of 23519

I don't want to exaggerate the importance of book value. The price of the stock is what people are willing to pay. However, there appear to be multiple conflicting methods of calculating it. I'm certainly not claiming mine is superior. I just don't want anyone to think I deliberately mislead anyone. As Winston Churchill says on the placard at the entrance to the parking structure, "I am always willing to learn, but I am not always happy to be taught." I read the BASELINE report available from E*Trade. It gives the Closing Price as of 12/12/97 as 12, and the Price to Book as 1.9. This implies the Book value is 12/1.9 = 6.3. I rounded down to 6.25. Since this is almost exactly double the other popular figure, I wonder if one source or the other neglected to account for the recent split? Dan'l