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Sunday, September 18, 2005

Bogen Communications (BOGN) Q2 results

June 30, 2005

Changes since Dec 2005:
Cash and receivables down. Inventories up, but less than AR is down.
AP down.
Current ratio up to nearly 3.
Equity is down due to forex loss.

Q2 revenues up slightly from prior year.
COGS down somewhat.
Net income $786K in Q2, $694K for 1st half (Q1 was a loss).
Cash flow from operations is $544K, free cash flow $130K all in 1st half.
They paid off some debt.
5K restricted stock grants.
4.1 million shares.
Stock option grants: 145K restricted shares in 2002. 2.5K restricted shares in Mar 2003. 40.5K in Feb 2004. 5K in Mar 2005.
Assume about 4.2 million shares totally* diluted.

Free cash flow per share in first half 2005 was 3.1 cents per share. The stock last traded at $4.85.

* I use the term "totally diluted" to mean the estimated number of fully diluted shares whenever I sell the stock. Some companies issue huge amounts of stock options and if you hold the stock for a few years, the dilution can really destroy value.

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