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Wednesday, 18 June 2003
June 18, 2003 Macrovision (MVSN)
Hello friends! Thank you for stopping by.

Was scanning through the lists this morning and not finding much. It does look like the market is trying to correct but those BULLS are lurking in the background and seem to be BUYING on any weakness!

This morning's pick is Macrovision. Right away I want to tell you that I do own some shares in one of my managed accounts that I have for some retirement assets. So, #1 I am a little biased about this issue in a favorable sense, and #2 I am a little more familiar with them.

MVSN is the company that in a nutshell has been providing copy protection for all of your (or many) VHS tapes for years and now is offering copy protection for CD's and DVD's. They have some other lines of work but that in a word is the main thrust of this organization.

Macrovision is having a GREAT day today on news of their reorganization into two operating units: one for their video and music technology and the other "SafeCast business and the enterprise unit merge into the software technology groups." per CBS MarketWatch news.

The stock currently is trading at $21.15 up $4.26 or 20.39% (!) on the day.

On April 28, 2003, MVSN reported their first quarter 2003 results with revenues of $28.1 million vs $23.7 million a year yearlier, an increase of 19% (per NYTimes on the web.) Pro forma diluted earnings per share were $.17 or 6% lower than the $.18 last year. (this is NOT part of our usual criteria....as earnings should be UP in the latest quarter....but I have written so much already...and the rest of the picture IS very nice.)

Morningstar.com shows revenues of $31.1 million in 1997, $36.4 million in 1998, $52.1 million in 1999, $80.1 million in 2000, $99 million in 2001, and $102 million in 2002. Based on recent quarter, extrapolating would get us over $110 million in 2003.

They are cash flow positive, while dropping from $35 million in 2000, to $31 million in 2001, but back up to $51 million in 2002.

The company, per Morningstar is LOADED with cash, with $171.7 million of cash reported more than the $27.4 million in current liabilities and there is NO long-term debt.

The stock looks nice to me with the one caveat that the last quarter showed a 6% drop in earnings....overall a nice stock to consider in your portfolio and I am glad I have some in mine!

Bob

Please let me know if you have any questions or comments on this or anything else on this site....email me at bobsadviceforstocks@lycos.com


Posted by bobsadviceforstocks at 10:04 AM CDT | Post Comment | Permalink

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