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Thursday, 19 February 2004
February 19, 2004 OmniVision Technologies (OVTI)
Hello Friends! Thanks so much for stopping by. Had a real busy day and did not get to my blog until NOW. It is 2/19/04 as I write...but may be 2/20 by the time I get this published! As always, please do your own due diligence on everything I write about and consult often with your own financial advisors to make sure that anything on this website or blog is appropriate and timely for you!

O.K. that being said, OmniVision Technologies (OVTI) hit the lists today. They closed at $29.45, up $3.82 or 14.90% on the day in the face of a lousy day for the NASDAQ...which was down about 30 points to 2045 and change. According to money.cnn.com "snapshot", OVTI "...designs, develops and markets semiconductor imaging devices for computing, communications and consumer electronics applications, used to capture an image in cameras and personal computer cameras." I do not currently own any shares of this stock.

What drove this stock higher this morning was a GREAT third quarter earnings report which was released 'after the bell' yesterday. Revenue for the quarter TRIPLED to $94.5 million from $30.5 million the prior year. Earnings per share, adjusted for a 2:1 split 2/17 rose to $.28/share from $.09/share. In addition, if all of that FABULOUS news wasn't enough, the company projected earnings and revenue for the current quarter "well ahead of Thomson First Call projections."

Looking at Morningstar.com's "5-Yr Restated" financials, we find that revenue has grown from $5 million to $185 million between 1999 and the trailing twelve months. The company DID have a down year in 2002 but has not looked back since. Earnings/share have improved from a loss of $(0.03)/share in 2002 to $.52/share in the trailing twelve months.

Free cash flow has improved from $(20) million in 2001 to $13 million in the trailing twelve months. On top of this the balance sheet as presented on Morningstar.com, looks SUPERB with $173.8 million in CASH, way more than enough to cover all of the $55.3 million in current liabilities and NO long-term liabilities are even reported. In ADDITION, OVTI has $89.7 million in other current assets per Morningstar.com. IMHO this balance sheet is a thing of beauty!

Looking at "key statistics" on Yahoo, we find that the market cap is a mid-cap $1.60 Billion. The trailing p/e isn't cheap at 41.60, but with the RAPID growth estimated, the forward p/e, for fye 30-Apr-05 is only 15.03. Thus, the PEG is GREAT at 0.89, although price/sales a bit rich at 5.58.

Yahoo reportes 54.28 million shares outstanding with 51.60 million of them that float. There are 7.08 million shares out SHORT representing 13.72% of the float as of 1/8/04. This would take 2.44 trading days to cover. Shorts are getting covered as the prior month, Yahoo reports that there were 7.85 million shares out short.

No cash dividend is paid, and a stock dividend is JUST reported as of 17-FEB-04, with ex-dividend date YESTERDAY at 18-Feb-04.

Looking at the technical picture, we can see with a point and figure chart from Stockcharts.com, that OVTI broke out of its resistance level in late 2002 and has never looked back!

I like this stock a lot. If I WERE in the market to buy a stock I probably would be biting at this one...but you know the old story, I have LOTS of margin, 24 positions, and promised ME and all of you readers that I would NOT buy anything, I repeat, NOT buy anything at least until I sold something for a profit. SHUCKS. Anyway, I hope you enjoyed my look at this stock. I really have to get to sleep and get up early for a walk...so signing off to all of you sports fans!

Regards!

Bob


Posted by bobsadviceforstocks at 11:39 PM CST | Post Comment | Permalink

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