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Biotech / Medical : Trinity Biotech (TRIBY) -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Waligore who wrote (9150)	5/5/1998 12:53:00 PM
From: Steve Stuart	Read Replies (1) \| Respond to of 14328

Shares up 3.5 million from 3 months ago. 2.5 million of these are from management option exercises, I presume. Dilution is this stock's Achilles' heel. I'm confused about why the options didn't show up in shares outstanding before now, though. Were the options granted as well as exercised in the just-ended quarter? Or does the company not report diluted share totals? One thing I know for sure is that management is smart enough not to exercise out-of-the-money options. -Steve Stuart

To: Joseph Waligore who wrote (9150)	5/5/1998 12:54:00 PM
From: Bill Coenen	Respond to of 14328

Joe, It's not great, but it's good, considering what's been done to expand the Company's capabilities over the last year. The same 97Q to 98Q match is to me more important than the last Q earnings match, so long as there has been a large enough growth in revenues and infrastructure, which there has been. Just one man's opinion. Bill

To: Joseph Waligore who wrote (9150)	5/5/1998 4:36:00 PM
From: Scott H. Davis	Read Replies (1) \| Respond to of 14328

Not only are you reading this right, it is a repeat of the last 2 qtrs (EPS of .02). 30% growth, 100% growth, 5% growth is mostly immaterial - REVENUE growth that is. EQNX controls costs, has great margins, and puts up 25-30% EPS growth on Revenue growth in the low to mid teens and share repurchases. TRIBY cranks out shares and TRIBY management enriched themselves with discounted shares. I'm impressed with their ability to make a personal profit, and their ability to continue to manifest an indifference to shareholders who have to buy on the open market. Yes I can see the positive developments, and that is what makes TRIBY SO FRUSTRATING. But remember my posts about EPS downward surprises? TRIBY has a 98 estimate of .20. We're 1/10 of the way there. EVEN if they stop the printing press, a 30% annual EPS growth rate implies qtr 2 EPS of a whopping .0215, to be followed by .0230 & .0245, or .089 for the year if the presses stop NOW. Which leaves with us with a > 100% EPS downward surprise. BAD NEWS 30.69% ADDITIONAL SHARES SINCE QTR1 97. Without thenlast year's dilution, EPS would have been .0255. Yes I know a few warrents were converted, but nowhere 6m. How many **&#^$%@ more milion shares will we see next year. And we still have another series of warrents outstanding. It will take a long time to repair this damage, and with their past history, I see no reason to believe the pattern will change. A lot of the issues raised in detail by Eric W a long time ago are still relevant. Grep P. You were quite critical of TRIBY MGMT a while ago, and you brief response today comes across as if you had a positive impression of the earnings release. Did you consider the >shares and flat EPS, or am I missing something? And yes OTC was highly involved with SEXI. And a number of SEXI shareholders found them evasive, condesending and flat out nasty when they caled for info. What was a key part of the SEXI scam? Huge increase in shares, and selling restricted shares into the maret. OTC carries at BEST a lot of past baggage and guilt by association. I will be calling TRIBY management after I calm down. And if I don't get a clear statement of the immediate cessation of options exersizing or wheeling/dealing with shares, I'm out prime time. Part of the reason I'm so ticked is that I did a detailed writeup on TRIBY for the Rational Analyst thread, plugging it on severaloccasions. Hope they had sense enough to play this one short term, and not get any long term expectations. Brendan, you promissed a detailed accounting of the additional shares when we talked, and it never came out, nor was I caled mack or e-mailed. This is a dark TRIBY day for all the reasons detailed above. FU___ing sucks. Scott