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Friday, 3 October 2003
October 3, 2003 Genesis Microchip Inc. (GNSS)
Hello friends! It is late Friday and I certainly have better something better to do than posting another entry....but a fellow has got to do what he has got to do...and I cannot leave an entry unentered! So here we go with Genesis. Sounds like a book in the Bible don't you think?

Genesis Microchip (GNSS) had a great day in the market today....along with LOTS of other stocks. Thank goodness the market held the bulk of the rally. GNSS closed today at $13.28 up $1.59 for the day or 13.60%. That sure beats those money market returns!

According to money.cnn.com, Genesis Michochip "...designs, develops and markets integrated circuits that manipulate and process digital video and graphic images." Apparently, they are addressing chip needs of the flat panel display market and flat panel television market.

The most recent quarter results were posted on July 29, 2003, when GNSS reported on Business Wire as related on Yahoo.com, their first quarter Fiscal 2004 results. (Doesn't it get confusing when some people are still posting 3rd quarter fiscal 2003 results, other companies are posting their 2004 first quarter results?) Total revenues for the quarter were $53.9 million, up 30% from last year's $41.6 million quarterly result. Net income for the quarter was $1.4 million or $.04/share compared to a loss of ($4.0) million or ($.13)/share last year.

Morningstar.com shows steady revenue growth with $37.7 million reported in 1999, $53.3 million in 2000, $63.6 million in 2001, $163.4 million in 2002, and $194 million in 2003.

Free cash flow has improved from ($16) million in 2001, to $13 million in 2002 and $10 million in 2003.

This company is flush with cash with $113.1 million in cash, way more than enough to cover the current liabilities of $27.9 million and $1.0 million in long-term debt. In addition, they have $46.7 million in other current assets. (all per Morningstar.com).

Yahoo.com showsthis company with a market cap of $417.60 million, no trailing p/e as they just turned profitable, a PEG ratio of 1.73 and price/sales of 1.78.

There are 31.45 million shares outstanding and 30.50 million that float.

I like this company a lot...but it is a bit speculative as it is just turning profitable...would rather have a longer record of profitability. Certainly the balance sheet is excellent, and they are positioned well in the fast growing field of flat panel displays. If this is your cup of tea, this might indeed be an excellent pick! I do not own any shares of this issue. Have a great weekend and come visit again soon.

Bob


Posted by bobsadviceforstocks at 5:42 PM CDT | Post Comment | Permalink

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