Mark,
You were asking about SMOD. I did some hunting yesterday...The first article mentions that they have made necessary investments in their testing equipment for the new memory types, and they've cut their turn-around-time to 24 hours. Also, my understanding is Ajay was the originator of the "memory module"...it was his idea, and he founded SMOD to implement it. I think they're interesting. Your thoughts?
Thanks, Teri
techweb.com
Some stats on SMOD....
SMOD - SMART MODULAR TECHNOLOGIES INC
Exchange: NASDAQ
Delay: at least 15 minutes
Last Price: 13 7/8 at 16:02
Change: Down 7 3/4 (-35.84%)
High: 14 7/8 at 9:35
Low: 13 1/8 at 10:06
Open: 14 5/8
Previous Close: 21 5/8 on 5/21
Volume: 11,071,900
30-Day Avg. Volume: 568,000
Shares Outstanding: 42,851,000
52-Week High: 44.62
52-Week Low: 15 3/4
Beta: Not Available
Yield: Nil
P/E Ratio: 11.7
EPS: 1.19
S&P Comstock
-------Smart Modular Technologies
(Data as of 04-30-98)
Primary
Ticker Industry Exchange
......................................................................
SMOD MFG - ELECTRONIC COMPONENTS & ACCESSORIES NNM
______________________________________________________________________
Smart Modular Technologies manufactures memory products and modems. It makes dynamic-random-access-memory modules, static-random-access memory modules, and flash-memory modules. The company's memory modules are used in the manufacture of desktop and laptop computers, network servers and routers, minicomputers, supercomputers, printers, and medical devices. Smart Modular Technologies also makes personal-computer and network-server memory cards, as well
as modems. The company markets its products in the United States and overseas.
......................................................................
Address : Fremont, CA
Phone : 510-623-1231
______________________________________________________________________
Stock Performance Key Ratios
Stock Price : 24.69 ROE : 21.4
52 Week High : 44.63 Price/Earnings : 20.7
52 Week Low : 15.75 Price/Sales : 1.4
Beta : 24.32 Price/Book : 4.2
Last Split Date : 12-18-97 Yield : 0.0
Market Cap ($Mil) : 1051.80 Debt/Equity : 0.0
......................................................................
Footnotes:
1. Stock split - Per share data adjusted
2. US IPO in calendar 1995
______________________________________________________________________
Corporate Performance 1997 1996 1995 1994 1993
......................................................................
Revenues ($Mil) 694.7 401.8 274.6 163.8 80.8
Net Profit ($Mil) 45.4 25.1 12.6 6.2 3.3
EPS 1.04 0.60 0.36 0.19 0.12
Net Profit Margin (%) 6.5 6.3 4.6 3.8 4.1
______________________________________________________________________
Dividend History 1997 1996 1995 1994 1993
......................................................................
Dividend Payout (%) 0.0 0.0 0.0 0.0 0.0
______________________________________________________________________
Growth Rates (%) 3 yr CAGR 1997 1996 1995 1994
......................................................................
Revenues 61.9 72.9 46.3 67.6 102.8
Profit 94.7 80.8 100.0 104.0 87.2
EPS 77.8 73.3 66.7 94.6 60.9
Dividend n/m n/m n/m n/m n/m
______________________________________________________________________
Quarterly Results 1Q1998 4Q1997 3Q1997 2Q1997
......................................................................
EPS 0.35 0.33 0.29 0.22
Dividend Per Share n/a n/a n/a n/a
----------------------------------------------------------------------
Quarterly Results 1Q1997 4Q1996 3Q1996 2Q1996
......................................................................
EPS 0.20 0.17 0.16 0.14
Dividend Per Share n/a n/a n/a n/a
______________________________________________________________________
Balance Sheet ($Mil)
Assets 1997 1996 1995 1994 1993
Cash & Equivalents 150.0 61.1
Inventory 39.3 39.0
Total Current Assets 303.0 157.8
Total Assets 328.0 172.2 92.0 45.6 34.8
Liabilities and Equity
Current Liabilities 96.9 83.5
Long Term Debt 0.8 2.1 2.0 0.8 0.3
Preferred Stock 0.0 0.0 0.0 0.1 0.1
Shareholders Equity 230.3 86.6 26.2 13.7 6.6
______________________________________________________________________
Cash Flow 1997 1996
......................................................................
Cash Flow 0.36 0.65
Capital Expenditures 17.1 7.7
______________________________________________________________________
(c)1998 Morningstar, Inc. All rights reserved.
225 W. Wacker Dr. Chicago, IL 60606, 312-696-6000.
Although data are gathered from reliable sources,
completeness and accuracy cannot be guaranteed .
1078
---RESEARCH ALERT - Smart Modular <SMOD.O> cut
NEW YORK, May 22 (Reuters) - Morgan Stanley Dean Witter said it downgraded Smart Modular Technologies Inc. to neutral from outperform.
The company reported fiscal second-quarter earnings in line with expectations, but the outlook for future quarters is uncertain due to lower build rates from a few original-equipment manufacturers, especially in the personal-computer sector.
The earnings estimates were cut to $1.09 per share from $1.37 for 1998, and to $1.35 from $1.60 for 1999.
Smart Modular was off 7-13/16 at 13-13/16 in morning trading.
10:51 05-22-98
Copyright 1998 Reuters Limited. All rights reserved.
------------
Smart Modular <SMOD.O> sees uncertain quarters
FREMONT, Calif., May 21 (Reuters) - Smart Modular Technologies Inc. said Thursday it expects an uncertain environment in the coming two quarters.
The company said in a statement it expects to report third quarter net sales of about $155 million and diluted net income per share of about $0.19 and fourth quarter sales of about $180 million and diluted net
income per share of about $0.26.
"Looking forward, we believe we have positioned ourselves with the operational capabilities, capacity, products and people necessary to address the needs of the markets and customers we serve," said
President and Chief Executive Ajay Shah. "We further believe that the long-term prospects in our markets are positive. However, as we look forward over at least the next two fiscal quarters we see an
uncertain environment."
Shah said uncertainties include an inventory correction among original equipment manufacturers, reduced business visibility in the company's options business, an industry-wide excess supply of standard memory modules and questions about the strength of end-user demand in a number of industry segments.
Earlier the company reported second quarter net income of $14 million, or $0.30 a share, on sales of $181.4 million compared to profits of $9.5 million, or $0.22 a share on sales of $143.7 million in the
comparable year-ago quarter.
16:47 05-21-98
Copyright 1998 Reuters Limited. All rights reserved.
--------
SMART Modular Technologies Announces Registered PC100 SDRAM DIMM Modules For High Density Applications
FREMONT, Calif.--(BUSINESS WIRE)--May 11, 1998--
Registered SDRAM DIMMs conform to Intel's
new "PC100" specifications
Targeted for workstations, routers and servers
SMART Modular Technologies, Inc. (NASDAQ: SMOD) announced today that it is currently sampling PC100 Registered SDRAM Dual In-Line Memory Modules (DIMMs) designed for use in large computer systems such as workstations and servers that demand multiple memory modules to deliver near Gigabyte/second bandwidth in main memory. The PC100 DIMMs conform to Intel's registered PC SDRAM DIMM specifications.
SMART's registered PC100 DIMMs are designed with densities of 16MB to 256MB and can be based on either 16MB or 64MB PC100 SDRAM chips. The DIMMs are configured 2Mx64 through 32Mx64 or 2Mx72 through 32Mx72 in ECC configurations, with a 3.3V operating voltage. SMART's single-load per module design provides a consistent load to the core logic, which is critically important to achieving near GB/second bandwidth levels. The register also acts as a buffer to latch and maintain the addresses and control signals for increased flexibility in setup times.
Bill Johnston, SMART's Vice President of Marketing, expects demand for registered DIMMs to grow alongside the growth in the server and workstation markets. "We are seeing an increased role of memory
modules and microprocessors in the workstation and server marketplace," stated Johnston. Additionally, George Iwanyc, Industry Analyst for Gartner Group's Dataquest, expects that worldwide DRAM needs from servers, workstations and other high-end computer applications will account for over $2 billion dollars in DRAM revenue in 1998. Iwanyc predicts that demand for 32MB, 64MB and 128MB modules will increase from approximately 35% in 1997 to over 80% of the DRAM module market by the year 2001. "Not only is demand strong for high density modules in the workstation and server segments, but demand in the PC segment is growing as well," said Iwanyc.
As part of the company's PC100 qualification test procedures, SMART will employ its HP83000, 330MHz-test equipment in its worldwide factories in Fremont, CA; East Kilbride, Scotland; and Aguada,
Puerto Rico. SMART will conduct both parametric and functional tests to ensure 100MHz bus speed support and compatibility between the DIMMs and Intel's Pentium II processor for optimum system performance.
The PC100 Registered DIMM family is priced at $8.50 per megabyte in OEM quantities. -0-
SMART Modular Technologies, Inc. is a leading independent manufacturer of specialty and standard memory modules, Flash memory cards, high performance embedded computer modules, as well as communications card solutions. SMART offers more than 500 products to leading OEMs in the computer, networking and telecommunications industries. SMART has manufacturing facilities in California, Puerto Rico and Scotland, a design center in India and sales organizations worldwide. More information on SMART can be obtained on the Internet at smartm.com.
CONTACT:
SMART Modular Technologies, Inc.
Bill Johnston, 510/624-8104
bjohnston@smartm.com
BW1155 MAY 11,1998
-------SMART<SMOD.O> to boost India system design skills
NEW DELHI, May 15 (Reuters) - SMART Modular Technologies Inc's India design centre, inaugurated earlier this month in the southern city of Bangalore, is seen boosting system design expertise in the
country, the company said on Friday.
"We expect the Indian design centre to be the catalyst for the development of this knowledge base in India," M. Gopal Krishnan, a director of SMART Modular Technologies India, said.
SMART said in a statement that system design differed from the usual software development undertaken by the majority of development centres in India in that it was not as number-driven.
SMART, a U.S-based designer and maker of memory modules and memory cards, also plans to develop a global embedded computers core team at the India centre, it said.
Embedded computers are special-purpose memory modules that perform defined tasks, and are increasingly being used in cars, robots, medical imaging, home entertainment systems, alarms and
amusement park rides.
15:38 05-15-98
Copyright 1998 Reuters Limited. All rights reserved.
------
Smart Modular Technologies, Inc. Reports Second Quarter Fiscal 1998 Financial Results; Net Income
Up 47 Percent; Diluted EPS Up 36 Percent
FREMONT, Calif.--(BUSINESS WIRE)--May 21, 1998--SMART Modular
Technologies, Inc. (Nasdaq: SMOD) today reported financial results for
its second quarter ended April 30, 1998.
Net sales for the second quarter of fiscal 1998 increased 26
percent to $181.4 million from $143.7 million recorded during the
second quarter of fiscal 1997. For the six months ended April 30,
1998, net sales totaled $384.3 million, an increase of 40 percent
compared to net sales of $275.3 million recorded in the same period of
fiscal 1997. Net income for the second quarter of fiscal 1998 rose 47
percent to $14.0 million from $9.5 million earned in the same quarter
of fiscal 1997.
Diluted net income per share grew 36 percent to $0.30 in the
second quarter of fiscal 1998 from $0.22 in the same period of fiscal
1997. Net income for the six months ended April 30, 1998 totaled $30.4
million, or $0.64 per diluted share, compared to $18.2 million, or
$0.42 per diluted share recorded in the same period of fiscal 1997,
representing an increase in net income and diluted net income per
share of 67 percent and 52 percent, respectively.
"In terms of financial performance, the second quarter progressed
largely as we expected," stated Ajay Shah, SMART's President and CEO.
"Operationally we spent approximately $9 million in the quarter in our
continued efforts to add high-end surface mount technology and test
capacity in each of our manufacturing sites and, importantly, opened a
new manufacturing site in Penang, Malaysia. Also, we introduced a
number of new products, including 256MB SDRAM and registered SDRAM
DIMMS adding to our PC 100 module family; a 56K PCI internal modem
card, a 56K HSP modem card; and Flash Memory with an IDE interface. In
addition, we had several important design wins in all of our product
lines. In particular, our embedded computer product division had
several important design wins. Finally, we continued to enhance our
capabilities through the staffing of certain key factory management
positions, and by adding engineering, sales and quality assurance
personnel."
Shah continued, "Looking forward, we believe we have positioned
ourselves with the operational capabilities, capacity, products and
people necessary to address the needs of the markets and customers we
serve. We further believe that the long-term prospects in our markets
are positive. However, as we look forward over at least the next two
next two fiscal quarters we see an uncertain environment. The reasons for this include ongoing efforts by OEMs to reduce factory and channel
inventories, lack of visibility in our options business, an
industry-wide excess supply of standard memory modules and, most
fundamentally, questions about the strength of end-user demand in a
number of industry segments. Given these considerations, in our third
quarter of fiscal 1998 we currently expect that net sales will be
approximately $155 million and diluted net income per share will be
approximately $0.19. In our fiscal fourth quarter, we currently expect
that net sales will be approximately $180 million and diluted net
income per share will be approximately $0.26."
The information contained in the preceding paragraph constitutes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and actual results could differ
materially. Among the factors that could cause actual results to
differ are the following: those factors discussed above; lower than
expected customer orders or fluctuations in customer order patterns;
continued declines in DRAM, SRAM and/or Flash semiconductor prices;
variations in inventory valuation; general economic and other
conditions affecting the electronics industry; competitive factors
including pricing pressure, technological developments and products
offered by competitors; problems related to the ramp-up of the new
Malaysian manufacturing facility; and excess or shortage of
manufacturing capacity. For a more detailed discussion of the other
risk factors related to the Company's future performance, see SMART's
Annual Report on Form 10-K for the year ended October 31, 1997, and
Quarterly Report on Form 10-Q for the quarter ended January 31, 1998.
SMART Modular Technologies, Inc. is a leading independent
manufacturer of specialty and standard memory modules, Flash m
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