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Tuesday, 16 September 2003
September 16, 2003 Lexar Media, Inc. (LEXR)
I have been watching this one for awhile. Unfortunately, I have never bought any shares...and the stock has been an OUTSTANDING performer. Perhaps there is a little more in that rocket? Let's take a look:

Lexar Media (LEXR) is having a great day today: currently, they are trading at $19.73 up $2.14 or 12.17%. According to money.cnn.com, Lexar "...designs, develops and markets digital film and connectivity products for the digital photography market. The Company offers flash cards in five primary media formats used by digital cameras and other electronic devices."

On July 17, 2003, LEXR reported outstanding results for the quarter ending June 30, 2003: Second quarter revenue increased SEQUENTIALLY by 49% to $81.5 million from $54.6 million and 140% (!!!) from $34.0 million the prior year. Net income was $7.0 million, or $.09/share vs $4.3 million or $.06/share the PRIOR quarter and $1.3 million or $.02/share the priod year.

These were PHENOMENAL results. (Am I shouting too loud?) It is clear why the stock price has EXPLODED in the last three months as it tries to catch up with the reality of this performance.

Quite frankly, the Morningstar.com revenue growth is not straight line and shows a hiccough (I think that is the spelling lol) from 2000 to 2001: Revenues of $7.6 million in 1998, $29.2 million in 1999, $88.0 million in 2000, $73.6 million in 2001 (the drop), then $174.0 million in 2002, and $199.9 million in the trailing twelve months.

Free cash flow is also not perfect: ($43) million in 2000, ($10) million in 2001, $0 in 2002, and ($19) million in the trailing twelve months. This is certainly NOTHING to write home about.

Assets and Liabilities look much better: $33.2 million in Cash and $65.0 million in other current assets vs $54.4 million in current liabilities and only $1.1 million in long-term liabilities according to Morningstar.com. This is a very health balance sheet imho.

Per Yahoo.com, the market cap of LEXR is 1.39 Billion. The trailing p/e is a pricey 65.15, the PEG is 2.44 and price/sales is 4.99. Alright, it ISN'T CHEAP...but those revenue growth numbers are amazing. Currently there are 70.24 million shares outstanding with 59.9 million of them that float. There are 3.05 million shares out short representing 5% of the float or 1.259 days of average trading volume. No dividend is paid.

I like this stock a lot. I know it is expensive but sometimes you can feel like you are on the cusp of a growth explosion and this sounds like it. However, the cash flow is negative, the p/e is very high, and maybe this is a great stock that would have been better purchased a few $'s ago....anyhow, I offer it to you for your consideration!

Thanks again for stopping by! Regards to all of my friends.

Bob


Posted by bobsadviceforstocks at 2:38 PM CDT | Post Comment | Permalink

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