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Tuesday, 16 December 2003
December 16, 2003 Advanced Digital Information (ADIC)
Hello Sports Fans! See, I didn't say "friends". The market is closed and I have one last (hopefully) stock to post. I don't own any shares of this one but would be game to buy some. Let me share some of the numbers with you.

First of all, Advanced Digital (ADIC) had a nice day in the market today closing at $13.96, up $.67 or 5.04% on the day. According to money.cnn.com, ADIC "...designs, manufactures, markets and services automated high performance data storage products used to backup and archive electronic data in client/server network computing environments."

Looking up the latest quarterly results on NYTimes on the Web, I found that on December 11, 2003, as picked up from BUSINESS WIRE, ADIC reported results for the fourth quarter ended October 31, 2003. Sales for the fourth quarter hit $118 million, up 40% over the prior year and up 9% sequentially from the $108 million reported in the third quarter. Net income for the quarter was $5.8 million or $.09/fully diluted share compared to a loss of ($1.2) million or ($.02/share) the prior year.

Checking Morningstar.com for the "5-Yr Restated" financial results, we find that revenue has grown fairly consistently (except in 2002) from $118 million in 1998, $227 million in 1999, $290 million in 2000, $365 million in 2001, $338 million in 2002 (the hiccup), and $390 million in the trailing twelve months. Earnings per share have been erratic, at $.27/share in 1999, peacking at $1.50/share in 2000, dropping to a loss in 2001 at ($.18) then improving in 2002 to $.02/share all year, and $.09 in the last twelve months.

Free cash flow, as reported on Morningstar was ($34) million in 2000, ($56) million in 2001, went postive at $13 million in 2002, and $22 million in the trailing twelve months.

The balance sheet is beautiful: $205.8 million in cash vs $95 million in current liabilities and $1.0 million in long-term debt. In addition, ADIC has $143.9 million in other current assets.

Looking at "Key Statistics" on Yahoo.com financial site, we find for ADIC that the current Market Cap is $876.7 million. The trailing p/e is rich at 71.22 but the company is JUST turning profitable so this is expected. The PEG ratio is very nice at 0.97 and price/sales isn't bad at 2.14.

According to Yahoo.com, there are 62.80 million shares outstanding with 51.6 million of them that float. There are actually a few shares out short...amounting to 1.43 million as of 11/10/03 (an increase of over 300,000 from the prior month) which represents 2.217 trading days. No regular cash dividend is paid and the last stock-split was a 2:1 in March, 2000.

Personally, I like this stock a lot. The p/e, although high, should be dropping quickly. The growth in the latest quarter is superb and the PEG is under 1.0 which is very uncommon. Also, the balance sheet is very nice and the company is continuing to generate more free cash and has enough cash on hand to pay off both the current-liabilities and the minimal long-term debt. The only thing I don't like about this stock, besides the erratic earnings record the last five years, is the fact that I do NOT own any!

Thanks again for stopping by! If you have any questions or comments feel free to post on this website...anybody having problems with that? Or drop me a line at bobsadviceforstocks@lycos.com

As always, please consult with your own investment advisor prior to making any decisions based on what you read on the website as you may #1) LOSE MONEY, or #2) find that the investment is INAPPROPRIATE for you! Regards, as always,

Bob


Posted by bobsadviceforstocks at 4:18 PM CST | Post Comment | Permalink

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