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Thursday, 9 October 2003
October 9, 2003 NetGear (NTGR)
Hello friends! How about a quick one for you to look at? NetGear (NTGR)had a great day today closing at $17.88 up $1.94 or 12.17% on the day. According to money.cnn.com, NetGear "...designs, develops and markets networking products that address the specific needs of small businesses and homes."

On September 12, 2003, NTGR reported their second quarter 2003 results for the period ended June 29, 2003. Net revenue increased 24% to $69.0 million from $55.5 million last year. Net income increased 528% (!!!) to $11.5 million from $1.8 million last year in the same quarter. On a per share basis, this was $.48/diluted share in 2003 vs $.09/diluted share in 2002. These are very nice results!

Morningstar.com shows a rapid growth in revenue from no meaningful revenue in 1998 to $111.9 million in 1999, $176.7 million in 2000, $192.4 million in 2001, $237.3 million in 2002 and $259.5 million in the trailing twelve months. Net income which WAS negative or NIL the prior years turned positive at $9 million in the trailing twelve months.

Free cash flow was also negative in 2000 at ($15) million, turned positive in 2001 at $3 million, $12 million for 2002, and $9 million in the trailing twelve months.

The company's balance sheet shows a little more debt than I would like but with the positive free cash flow and rapid growth in revenue, this probably will not be a problem. Per Morningstar.com, they have $21.8 million in cash and $75.8 million in other current assets, enough to cover the current liabilities of $82.0 million, but not enough to completely cover the long-term liabilities of $48 million as well.

NetGear has a market cap of $505.99 million per Yahoo.com, and sports a reasonable trailing p/e of 20.18. PEG ratio a little high at 2.18 and price/sales not too bad at 1.65.

Currently, Yahoo reports 28.3 million shares outstanding with 15.00 million of them that float. There are 401,000 shares out short as of 9/8/03, representing 1.084 trading days. No dividend is paid.

This is an interesting stock that jumped today on an upgrade from Lehman....they have a terrific record of increasing revenue growth, cash flow and now turning profitable as well. Assets/liabilities could be a bit better...but if you would like to get into the networking area with a high-tech firm, this might just be the answer for you. I currently do not own any shares.

If you have any comments, questions, or words of encouragement, you can reach me at bobsadviceforstocks@lycos.com.

Bob


Posted by bobsadviceforstocks at 11:08 PM CDT | Post Comment | Permalink

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