>> I'm not sure how you arrive at those targets, but I was generally pleased with the
numbers, and I'm in here for number bigger than $7.
I'm not that pleased with the numbers (See below). I think we will be waiting a long
time for the stock to go back up to $7.00.
>> I'd like to get my head around the quality of A/R because it is such a big
component of the asset value. I'd be a little surprised to find much of concern
because I think a decent chunk of it must be Govt. tab.
My concern with the A/R isn't so much who owes the money (although this is
of some concern) rather it is that A/R is growing. This makes me suspicious
that there are lots of bills going out at the end of the quarter in order to
pump up the sales numbers.
Here are the quarterly sales, Cost of Sales and AR. I have also Annualized
the sales and cost of sales:
Sales Cost of Sales A/R Annualized Sales Annualized Costs Annualized Margins
1998 Q1 31-Dec-97 16,947 14,229 15,621 63,315 52,598 16.93%
1997 Q4 30-Sep-97 14,534 10,152 11,073 60,132 49,219 18.15%
1997 Q3 30-Jun-97 16,502 14,654 12,297 57,690 45,412 21.28%
1997 Q2 31-Mar-97 15,332 13,563 11,689 53,254 41,721 21.66%
1997 Q1 31-Dec-96 13,764 10,850 49,676 38,897 21.70%
1996 Q4 30-Sep-96 12,092 6,345 6,028 47,385 38,640 18.46%
1996 Q3 30-Jun-96 12,066 10,963 48,173 43,779 9.12%
1996 Q2 31-Mar-96 11,754 10,739 53,079 48,293 9.02%
1996 Q1 31-Dec-95 11,473 10,593 57,138 51,839 9.27%
1995 Q4 30-Sep-95 12,880 11,484 10,095 58,627 52,958 9.67%
1995 Q3 30-Jun-95 16,972 15,477
1995 Q2 31-Mar-95 15,813 14,285
1995 Q1 31-Dec-94 12,962 11,712
A couple of good things: Sales are growing, and are now above the numbers
for the year ending 1995. On the bad side:Gross margins, which were growing for a
while are starting to tail off. Also, the write-offs in the past year are not encouraging.
Regards,
John Sladek |
