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Wednesday, 29 October 2003
October 29, 2003 OPNET Technologies, Inc. (OPNT)
It is late here and I thought I would check and see if I could get something posted today that fits our criteria. As always, please be sure to check with your own financial advisor prior to making any investment decisions.

OPNET (OPNT), according to money.cnn.com, "...provides network management software solutions that enable organizations to optimize the performance and maximize the availability of communications networks and networked applications." Yesterday after the close, OPNT reported their second quarter results which were good and the stock moved up higher today in response to the news. As of the close, OPNT was at $14.10, up $1.85 or 15.10% on the day.

On October 28, 2003, as reported by BUSINESS WIRE and as picked up by Yahoo.com, OPNT reported results for the second fiscal quarter ended September 30, 2003. Revenue for the quarter grew to $13.4 million from $11.1 million the prior year. Earnings per share for the second quarter of fiscal 2004 were $.07/diluted share compared to $.03/diluted share for the same period last year.

Looking at Morningstar.com, we find that the growth in this company has been steady the last several years. They reported revenue of $12 million in 1999, $19 million in 2000, $33 million in 2001, $45 million in 2002, $46 million in 2003 and extrapolating the current quarter would get us to over $50 million in 2004 fiscal year.

Earnings/share have been a bit erratic with $.22 reported in fiscal 2002 and $.14 in fiscal 2003. Extrapolating the current quarter would get us at $.28/share for 2004.

Free cash flow has been positive and improving recently with $4 million reported in 2001, $1 million in 2002, $7 million in 2003 and $9 million in the trailing twelve months.

The balance sheet as reported on Morningstar looks excellent: $72.9 million in cash, more than enough to cover both the current liabilities of $4.0 million and the long-term liabilities of $12.0 million. In addition, OPNT has $9.3 million in other current assets.

This company, as reported on Yahoo, has a market cap of $275.63 million. The trailing p/e is steep at 71.94, but the forward p/e for the fiscal year ending March, 2005, is much more reasonable at 30.62 due to the fast growth rate. In fact, the PEG ratio is a very reasonable 0.64 when looking at five year estimates.

Yahoo reports 19.55 million shares outstanding with 11.10 million of them that float. Currently 157,000 shares are out short representing 1.963 days of trading as of 10/8/03. No dividend is paid.

I do not own any shares of this stock, but it is another interesting company with steady growth, growing free cash, excellent balance sheet, but a bit pricey insofar as the p/e is concerned. With a PEG ratio under 1.0, however, the p/e should be dropping quickly if the earnings continue to grow as expected.

Thanks again for stopping by! Always remember to consult with your own financial advisor prior to acting on anything on this website! If you have any questions or comments, you can reach me at bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 10:46 PM CST | Post Comment | Permalink

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