Mr. Pink, HLIT surfaced in the cesspool today
HLIT, Harmonic Light Waves
A good short candidate? Up over 6 points today, last 36 3/4
Does their product(s) something that other fiber companies can't get?
Large losses for 98, (1.85), profit in 97, .48
11.6mm shares out
decreasing credit line
S-3 filed in march,1999 for 3,2mm shares total, could not find a date for issuance
edgar-online.com
edgar-online.com
YEAR ENDED DECEMBER 31, 1998 1997 1996 1995 1994
(IN THOUSANDS, EXCEPT PER SHARE DATA)
STATEMENT OF OPERATIONS DATA:
Net sales $ 83,857 $ 74,442 $ 60,894 $ 39,180 $ 18,224
Gross profit 30,555 34,605 27,731 17,851 6,467
Income (loss) from operations(1) (21,943) 4,506 5,204 3,761 (2,189)
Net income (loss)(1) (21,453) 4,929 5,918 4,121 (2,368)
Basic net income (loss) per share(2) (1.85) 0.48 0.59 0.71 --
Diluted net income (loss) per share(2) (1.85) 0.43 0.52 0.40 --
BALANCE SHEET DATA:
Cash and cash equivalents $ 9,178 $ 13,670 $ 16,410 $ 22,126 $ 1,743
Working capital 32,318 38,772 34,321 32,495 6,893
Total assets 62,424 58,887 54,633 41,817 14,578
Long term debt, including current portion 577 -- -- -- 1,480
Mandatorily Redeemable Convertible
Preferred Stock -- -- -- -- 29,215
Stockholders' equity (deficit) 43,474 49,931 43,641 37,009 (20,717)
(1) The 1998 Loss from operations and Net loss include a one-time charge of
$14.0 million for acquired in-process technology. See Note 2 of Notes to
Consolidated Financial Statements.
(2) Net loss per share data for periods prior to the commencement of public
trading of the company's Common Stock on May 22, 1995 have not been presented as
such presentation is not meaningful.
Harmonic's net sales in the second half of 1997 and the first quarter of
1998 were negatively affected by a slow-down in spending by cable television
operators in the U.S. and in foreign markets. The factors contributing to this
slow-down in capital spending included:
- consolidation and system exchanges by our domestic cable customers, which
generally have had the initial effect of delaying certain system
upgrades;
- uncertainty related to development of digital video and cable modem
industry standards;
- delays associated with the evaluation of new services and system
architectures by many cable television operators;
- emphasis on marketing and customer service strategies by some
international cable television operators instead of construction of
networks; and
- general economic conditions in international markets.
For your consideration,
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