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Non-Tech : Simula (SMU) -- Ignore unavailable to you. Want to Upgrade?

To: Rainier who wrote (1276)	8/11/1998 9:21:00 AM
From: wpckr	Respond to of 1671

Hi Nobless and thread. mighty good news here but not really new. From investor.msn.com Delphi is Ready - Today - to Provide OEMs With Industry's Leading Head Injury Protection Technology August 11, 1998 08:31 AM TROY, Mich., Aug. 11 /PRNewswire/ -- Delphi Automotive Systems is ready today with a solution that will help vehicle manufacturers meet the U.S. federal government's upper head injury protection requirements between now and 2002. Delphi recently entered into a teaming agreement with Simula Automotive Safety Devices, Inc., a subsidiary of Simula, Inc. SMU , which allows Delphi's Advanced Safety Interior portfolio to include the Inflatable Tubular Structure (ITS), manufactured by Simula. Delphi is aggressively marketing this technology to vehicle manufacturers worldwide. The ITS was introduced into production vehicles a year ago and remains the only dynamically deploying head protection system on the road today. This technology will allow vehicle manufacturers to meet the National Highway Traffic Safety Administration's (NHTSA) Federal Motor Vehicle Safety Standard (FMVSS) 201 upper head injury requirements. NHTSA expanded FMVSS 201 on July 30 to include dynamically deploying interior head protection systems, which would include ITS. While ITS is currently only being applied in the luxury market, it's affordable enough to gain entry into the entry-level and mid-level markets, according to Delphi General Manager Rodney O'Neal. "With the increased emphasis on safety, and with the recent NHTSA requirements, we believe we have a product that could benefit many different product lines," O'Neal said. How ITS Technology Works The current design of ITS is a flexible tube with two anchor points at each end. During a side-impact collision, it becomes shorter in length and larger in diameter, pulling out the roof rail trim to protect the occupant's head and neck. The deployed ITS develops significant tension between the anchoring points, providing added retention and protection for the occupant. The unit is non-aggressive during deployment, becoming a cushioning barrier between the occupant and injury-producing objects. During a crash event, the current ITS is functional within approximately 15 milliseconds after the crash sensor sends a triggering signal to the gas generator. Due to the innovative non-venting design, the ITS also stays inflated for a substantially longer duration than conventional airbags. This added duration provides occupant protection for a wide range of secondary crash events or rollovers. OEMs must begin meeting the new FMVSS 201 requirements for upper interior components beginning Sept. 1, when 10 percent of each manufacturer's vehicles must comply. That percentage increases each year until Sept. 1, 2002, when all vehicles must comply. Delphi's Advanced Safety Interior, which is being promoted with ITS, is an evolving portfolio of safety features being designed to enhance occupant protection in frontal, side, rear and rollover collisions. By using its extensive knowledge in interior systems and electronics, Delphi will be able to physically and functionally integrate components and subsystems for optimized performance. Delphi Automotive Systems, with headquarters in Troy, Mich., USA, is the world's most diversified supplier of automotive components, systems and modules. With the addition of Delphi Delco Electronics Systems, Delphi operates 208 manufacturing facilities, 46 ventures and 27 technical centers in 37 countries. Regional headquarters are located in Paris, Tokyo and Sao Paulo. Delphi can be found on the Internet at delphiauto.com. SOURCE Delphi Automotive Systems

To: Rainier who wrote (1276)	8/11/1998 9:57:00 AM
From: Noblesse Oblige	Respond to of 1671

Hi Lisa... I see the sale of the rail seating business as part of a "back door" process that will result in the equivalent of a spinoff of the ITS division. Essentially, if you reduce the "other" portions of SMU revenues, you end up principally with the 16G and ITS operations, and both of those are growing sales much more rapidly than the balance of the company. What management has to do is "perform" on these two businesses. The call wasn't "terrible", but I have to admit that I was somewhat disappointed by the fact that there are still some unresolved vendor issues regarding ITS components and raw materials. That subject first became material in the third quarter of last year, and there is absolutely no excuse that a year later there is still even a bit of doubt that Simula has steady and acceptable costs and delivery schedules. Aside from this concern, I am very comfortable with ITS (clearly a technology with unlimited future applications), and I have no doubt that 16G will garner a significant portion of the total market. The stock already reflects a significant amount of "bad news," and sits out there every day (at current prices) voting its lack of confidence that management can achieve stated objectives. If one assumes the average 1999 earnings estimate is in the ballpark, the shares are trading at roughly half the market multiple despite the ITS family of products...which are likely to grow at least 50%-100% annually for the next several years. Have a good day.

To: Rainier who wrote (1276)	8/11/1998 10:28:00 AM
From: greentree	Read Replies (1) \| Respond to of 1671

Dear Lisa, In response to your post I had a few comments. First the inappropriate person on the call was a broker, not an analyst. His typical method is to try to kill the conference call by assaulting management. He does this on an intermittent basis. A short, and not very cleverly disguised. p.s.: Anyone of substance handles these issues by talking with management directly. If you hear these type of comments on a call, rest assured there is an agenda, usually a short agenda. Second in response to your statement: "Had management not accounted for the rail and mass transit operating loss in "discontinued operations," operating earnings would have been (.14) on a diluted basis." This is incorrect. When a company spins of, or lists for sale, a division, they take any and every write off they can associated with those discontinued operations. Because of this accounting treatment, it is difficult if not impossible to determine what the actual number for the quarter would have been. It is safe to say that it would not have been $.05, but it is also just as safe to say that it was not ($.14).