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To: Henry D who wrote (1919)	2/24/1999 10:43:00 PM
From: brushwud	Respond to of 3813

As a long-term holder, I'd rather see them sell shares, then tank, than the reverse. With a P/E over 30 and interest over 3%, they can take that cash to the bank and it'll be accretive to EPS immediately. They used a lot of cash for the Varian buy and also to pay off AMAT in that lawsuit a year or two ago, so probably they just want to get their balance sheet back to where it was and now is a good time. BTW, from the PR it looks like the offering could be over 4 million shares.

To: Henry D who wrote (1919)	2/25/1999 3:10:00 PM
From: Math Junkie	Read Replies (2) \| Respond to of 3813

I don't know exactly how "dilutive" is defined in the financial world. When someone says they are making an offering like this, it means the total number of shares outstanding is being increased by that number of shares. However, the cash on hand is increasing by a corresponding amount, so I don't see how the underlying value per share would change in that situation. I have no doubt that the price per share drops, because many investors have only a very tenuous grasp on the concept of value in the first place. My point is that it is only temporary, because in the long run, value is what counts.