Vrlk

  • Due nuove obbligazioni Societe Generale, in Euro e in Dollaro USA

    Societe Generale porta sul segmento Bond-X (EuroTLX) di Borsa Italiana due obbligazioni, una in EUR e una in USD, a tasso fisso decrescente con durata massima di 15 anni e possibilità di rimborso anticipato annuale a discrezione dell’Emittente.

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finito il bagno di sangue ?

qualche acquistino si inizia vedere....

speriamo non sia un fuoco di paglia.....
 
Re: dettaglio

Scritto da tremaui
:)

minkia pero' negli altri siti mica ti avvisano :eek:

fortuna che ci sei tu :D

come la vedi ?, la riga verde che ha fatto da supporto oggi l'ho tracciata dal minimo raggiunto nei tre giorni successivi al famose candelone bianco del 15 ottobre (effetto trimestrale), non so più cosa per cercare per illudermi in un inversione di tendenza :D
un rimbalzino fino a 6$ magari ci scappa

tu che dici ?

grazie

BigNick
 

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si penso anch'io che possa bastare...non ha ancora molto spazio di discesa tecnicamente...un bel rimbalzo può starci...sinceramente non capisco a cosa sia dovuto tutto sto cancan..mah:rolleyes: :rolleyes:
 
Scritto da tremaui
si penso anch'io che possa bastare...non ha ancora molto spazio di discesa tecnicamente...un bel rimbalzo può starci...sinceramente non capisco a cosa sia dovuto tutto sto cancan..mah:rolleyes: :rolleyes:

sarà mica il CEO che deve fare acquisti per Natale ? :D
 
miiiiiiiiiiiiiiiii non ci credo !!

oggi è verde !! :eek: :eek:
:D :D
 
cresce

volumi bassi però :rolleyes:
 

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Parere di a.f.

Ho provato a dare un occhio alla tua VRLK, mi pare che non si tratti di una ciofeca, ma nemmeno di una macchina da soldi (utili).
Il settore in cui opera lo sai che non mi ha mai attirato, è pieno zeppo di concorrenti. Dal mio punto di vista ce ne sono ancora tanti, qualcche altro dovrà saltare.

Su base annuale

Total Revenue 28,104 23,413 44,956
Cost of Revenue 13,939 15,397 24,415
Research Development 3,985 5,505 19,682
Selling General and Administrative 7,586 14,581 18,042
Operating Income or Loss 2,278 (17,449) (17,183)

La prima e l'ultima voce farebbero da pensare che tutto va bene, ma se guardi dove hanno tagliato le spese vengono un pò i brividi.
I prodotti che propongono sono talmenti avanzati da poter permettere un rallentamento del loro sviluppo, comunque si vendono lo stesso?
Total Cash (mrq): 9.56M
Total Debt (mrq)²: 4.30M
Considerando che quest'anno ha fatto utili direi che per un pò sei sicuro che non chiude baracca. :)

Con un Return on Equity (ttm): 20.92% ed un p/e di 30 direi che la quotazione attuale di circa 5.5$ rappresenti il suo presente. Mi sai dire cosa hanno detto in sede di C.C.?
Un pò di incertezza secondo me lo crea anche il fatto che nessun analista si sbilancia sul titolo ufficialmente, io non ne ho trovati.
Premetto che oggi è stata la prima volta che ho spulciato il titolo, quindi so poco di loro, ma se devo sbilanciarmi direi che ha margini di crescita, sai dirmi qualcosa di più su VRLK?
Buona domenica
Claudio
 
dimenticavo

io se entrassi oggi userei come stop 5.5 circa e come primo obiettivo a breve 6.5-7$.
Ovviamente probabilmente quello che succederà a tutti i titoli nei prox giorni uscirà da ogni logica. :)
Ciao
Cla
 
Re: Parere di a.f.

Scritto da codyx
sai dirmi qualcosa di più su VRLK?
Buona domenica
Claudio

grazie Claudio, dimmi se questo puo' esserti utile

Form 10-Q for VERILINK CORP
--------------------------------------------------------------------------------

17-Nov-2003

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Verilink provides telecommunications products that address the wireless infrastructure, voice and data integrated access, and wireline service delivery markets. The Company develops, manufactures, and markets integrated access devices, centralized access systems, and infrastructure service enabling equipment for network service providers, enterprise customers, and original equipment manufacturer partners. These products are deployed worldwide as targeted solutions for applications involving voice over IP, voice over ATM, wireless backhaul aggregation, Frame Relay, point-to-point services, Internet protocol ("IP") access routing, and the evolving transition from time-division multiplexing to IP. The Company's customers include Regional Bell Operating Companies, interexchange carriers, incumbent local exchange carriers, competitive local exchange carriers, international post, telephone, and telegraph administrations, wireless service providers, equipment vendors, enterprise customers, and various local, state, and federal government agencies. The Company was founded in California in 1982 and is a Delaware corporation currently headquartered in Madison, Alabama.

The information in this Item 2 – "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements, including, without limitation, statements relating to the Company's revenues, expenses, margins, liquidity and capital needs. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed elsewhere herein under the caption "Factors Affecting Future Results".


RESULTS OF OPERATIONS


The following table presents the percentages of net sales represented by certain line items from the Condensed Consolidated Statements of Operations for the periods indicated.


Three months ended
----------------------------------------
October 3, September 27,
2003 2002
------------ -----------------------
Net sales 100.0 % 100.0 %
Cost of sales 46.6 48.2
------------ -----------------------
Gross profit 53.4 51.8
------------ -----------------------
Operating expenses:
Research and development 14.4 9.7
Selling, general and administrative 23.4 25.6
------------ -----------------------
Total operating expenses 37.8 35.3
------------ -----------------------
Operating income 15.6 16.5
Interest and other income, net 1.9 1.1
Interest expense (0.4 ) (0.6 )
------------ -----------------------
Income before provision for income taxes 17.1 17.0
Provision for income taxes — —
------------ -----------------------
Net income before cumulative change in accounting
principle, relating to goodwill 17.1 17.0
Cumulative effect of change in accounting principle,
relating to goodwill — (14.1 )
------------ -----------------------
Net income 17.1 % 2.9 %
------------ -----------------------


Sales. Net sales for the three months ended October 3, 2003 increased to $9,595,000 from $8,713,000 in the comparable period of the prior fiscal year. This increase is due to the acquisition of the Miniplex product line which provided sales of $1,112,000 from the July 22, 2003 acquisition date to October 3, 2003. Net sales of carrier and carrier access products increased 4.9% to $6,659,000 in the three months ended October 3, 2003 from $6,351,000 in the comparable prior year period due to the addition of the Miniplex product line, offset by a decrease in sales to the Company's largest customer, which can fluctuate between quarters based upon the timing of its projects. Net sales of enterprise access products increased by 24.3% in the three months ended October 3, 2003 to $2,935,000 from $2,362,000 for the same period last year. This increase was the result of sales of NetEngine integrated access device ("IAD") product line acquired in January 2003, which contributed $924,000 of sales this quarter. Excluding NetEngine sales, sales of enterprise access products decreased by 14.9% in the three months ended October 3, 2003 compared to the comparable period in the prior year, which reflects an overall decline in legacy product sales to enterprise customers that has not been offset by a corresponding increase in sales of WANsuite products.

The Company's business continues to be characterized by a concentration of sales to a limited number of key customers. Net sales to the Company's top five customers increased slightly in the three months ended October 3, 2003 to $7,664,000 from $7,618,000 in the comparable period in the prior year. Net sales to all other customers increased by 76.3% in the three-month period ended October 3, 2003 from the comparable period in the prior fiscal year. The Company's top five customers did not remain the same over these periods. Sales to Nortel Networks accounted for 54% of net sales in the three months ended October 3, 2003, compared to 61% in the prior sequential quarter and 64% in the comparable period of the prior fiscal year. The Company believes that sales of NetEngine and Miniplex products will reduce customer concentration in future quarters.

Gross Profit. Gross profit increased to 53.4% of net sales for the three months ended October 3, 2003 as compared to 51.8% for the three months ended September 27, 2002. This increase is primarily attributable to increased sales volume through the Madison, Alabama manufacturing facility and the benefit from cost reduction measures enacted during the last two years, including lower fixed manufacturing and facilities costs.

Research and Development. Research and development expenditures for the three months ended October 3, 2003 increased 63.2% to $1,384,000 from $848,000 for the same period in the prior year, and increased as a percentage of sales from 9.7% to 14.4%. This increase is a result of the staff added to support NetEngine IAD development projects. The Company believes that a significant level of investment in product development is required to remain competitive and that such expenses will vary over time as a percentage of net sales. However, the Company continues to monitor the level of its investment in research and development activities and adjusts spending levels, upward or downward, based upon anticipated sales volume. The Company expects research and development spending to increase in the three months ending January 2, 2004 over the amounts spent in the three months ended October 3, 2003.

Selling, General and Administrative. Selling, general and administrative expenses for the three months ended October 3, 2003 increased 0.6% to $2,246,000 from $2,233,000 in the comparable period in the prior fiscal year and decreased as a percentage of sales from 25.6% to 23.4%. This slight increase over the same period in the prior year is due to increased headcount and related expenses offset by a credit of $135,000 for collection of notes receivable from former employees that were fully reserved in prior years. The decrease as a percentage of sales is due entirely to the impact of increased sales dollars.

Interest and Other Income, Net. Interest and other income, net, increased 76.5% to $180,000 for the three months ended October 3, 2003 from $102,000 in the comparable period in the prior fiscal year due to net rental income related to property held for lease, which totaled $135,000 for the three months ended October 3, 2003 compared to $41,000 for the three months ended September 27, 2003.

Interest Expense. Interest expense declined 28.3% to $38,000 for the three months ended October 3, 2003 from $53,000 in the same period in the prior fiscal year as a result of lower interest rates and lower principal balances on the Company's debt obligations.

Provision for Income Taxes. No tax provision or tax benefits were provided in the three months ended October 3, 2003 or September 27, 2002 due to the valuation allowance provided against the net change in deferred tax assets. During fiscal 2001, the Company established a full valuation allowance against its deferred tax assets due to the net operating loss carry forwards from prior years and the operating losses incurred in fiscal 2001. The Company has net operating loss carry forwards of approximately $31,600,000 as of June 27, 2003.


Cumulative effect of change in accounting principle, relating to goodwill. As of June 29, 2002, the Company adopted SFAS No. 142, ceased amortizing goodwill and completed its transitional impairment test of goodwill. As a result, the Company determined that its goodwill was impaired and recorded a charge of $1,232,900 in the quarter ended September 27, 2002. This charge is presented in the condensed consolidated statement of operations as a cumulative effect of change in accounting principle, relating to goodwill.


LIQUIDITY AND CAPITAL RESOURCES


On October 3, 2003, the Company's principal sources of liquidity included $9,555,000 of unrestricted cash, cash equivalents and short-term investments.

During the three months ended October 3, 2003, cash provided by operating activities was $1,595,000 compared to $1,711,000 for the three months ended September 27, 2002. Net cash provided by operating activities in the current period was due to income before depreciation and amortization, which totaled $2,104,000. The increase in accounts receivable used cash of $404,000 in the three months ended October 3, 2003 compared to $91,000 used in the comparable period in the prior fiscal year. The increase in inventories for the three months ended October 3, 2003 used $447,000 of cash compared to cash used in the same period last year of $678,000. The increase in inventories during the three months ended October 3, 2003 is due to inventory purchases related to the Miniplex product line. Accounts payable and accrued expenses increased $696,000 in the three-month period ended October 3, 2003 compared to an increase of $1,059,000 in the comparable period in the prior fiscal year. The changes in accounts payable and accrued expenses for the three months ended October 3, 2003 and the comparable prior year period were primarily due to the timing of inventory purchases and the resulting payments to vendors.

Cash used in investing activities was $540,000 for the three months ended October 3, 2003 compared to cash provided by investing activities of $241,000 for the three months ended September 27, 2002. The funds used in investing activities during the three months ended October 3, 2003 are a result of payments related to the NetEngine and Miniplex acquisitions of $547,000, capital expenditures of $107,000 and the purchase of short-term investments of $26,000, offset by proceeds from the repayment of notes receivable of $140,000. For the three months ended September 27, 2002, cash was used to purchase property, plant and equipment of $256,000, offset by the maturity of short-term investments of $497,000.

Cash used in financing activities was $130,000 for the three months ended October 3, 2003 as compared to cash used in financing activities of $181,000 for the three months ended September 27, 2002. Payments on long-term debt and capital lease obligations were $182,000 and $180,000 for the three months ended October 3, 2003 and September 27, 2002, respectively. Proceeds from the issuance of common stock under the Company's stock plans provided $54,000 of cash in the current year.

The Company has signed a contract to sell its facility in Huntsville, Alabama located at 950 Explorer Boulevard. The agreement provides that the sale be completed no later than December 1, 2003, subject to the terms and conditions of the agreement. Upon the sale of this facility, the Company would retire all of its long-term debt.

The Company believes that its cash and investment balances, along with anticipated cash flows from operations will be adequate to finance the Company's operations, capital expenditures, and research and development programs for at least the next twelve months. In the event that results of operations do not substantially meet the Company's current operating forecast, the Company may evaluate cost containment measures, reduce investments or delay R&D, which could adversely affect the Company's ability to bring new products to market. The Company from time to time investigates the possibility of generating financial resources through committed credit agreements, technology or manufacturing partnerships, joint ventures, equipment financing and offerings of debt and equity securities.


PRODUCT LINE ACQUISITION


On July 22, 2003, the Company acquired the fixed assets and intellectual property rights relating to Terayon Communication System, Inc.'s Miniplex product line for telecom carriers for up to $868,000, plus the assumption of certain liabilities. This product line gives telephone companies the capability to provide multiple plain old telephone services ("POTS") connections over a single copper pair – a more cost-effective alternative to resolving copper exhaust problems than the installation of new copper cable.


Per the acquisition agreement, the Company paid Terayon $443,000 at the closing of the agreement and will pay up to an additional $425,000 based on the sale of Miniplex products through December 31, 2004 (the "earn-out period"). The Company will make quarterly payments to Terayon during the earn-out period at the rate of 4.6% of net sales of Miniplex products, provided, however, that the maximum payments will not exceed $425,000 or be less than $300,000. In addition to the purchase consideration, the Company agreed to purchase Terayon's Miniplex related inventories totaling approximately $2,100,000 on the earlier of the date used by the Company or December 31, 2004.

Critical Accounting Policies

The Company's financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods might be based upon amounts that differ from those estimates. The following represent what the Company believes are among the critical accounting policies most affected by significant management estimates and judgments:

Impairment of Long-Lived Assets and Goodwill. The Company assesses the impairment of long-lived assets and goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable under the guidance prescribed by SFAS No. 144. The Company's long-lived assets include, but are not limited to, the facility located at 950 Explorer Boulevard, related furniture and equipment, software licenses, goodwill and intangible assets related to acquisitions.

Inventories.The Company values inventory at the lower of cost or market. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess and obsolete inventory is recorded based primarily on our estimated forecast of product demand for the next twelve months. Management's estimates of future product demand may prove to be inaccurate, in which case the Company may increase or decrease the provision required for excess and obsolete inventory in future periods. Inventory reserves totaled $2,600,000 and $2,708,000 as of October 3, 2003 and June 27, 2003, respectively.

Revenue Recognition. The Company recognizes a sale when the product has been shipped, no material vendor or post-contract support obligations remain outstanding, except as provided by a separate service agreement, and collection of the resulting receivable is probable. A reserve for future product returns is established at the time of the sale based on historical return rates and return policies, including stock rotation for sales to distributors that stock the Company's products. The reserve for future product returns was $232,000 and $382,000 as of October 3, 2003 and June 27, 2003, respectively.

Warranty Provision. The Company records a warranty provision at the time of the sale based on our best estimate of the amounts necessary to settle future claims on products sold. While we believe that our warranty reserve is adequate and that the judgment applied is appropriate, actual product failure rates, material usage or other rework costs could differ from our estimates, which could result in revisions to our warranty liability that totaled $1,316,000 and $1,374,000 as of October 3, 2003 and June 27, 2003, respectively.

Allowance for Doubtful Accounts. The Company estimates losses resulted from the inability of our customers to make payments for amounts billed. The collectability of outstanding invoices is continually assessed. Assumptions are made regarding the customer's ability and intent to pay, and are based on historical trends, general economic conditions and current customer data. Should our actual experience with respect to collections differ from these assessments, there could be adjustments to our allowance for doubtful accounts, which totaled $512,000 and $532,000 as of October 3, 2003 and June 27, 2003, respectively.

Valuation of Notes Receivable. The Company continually assesses the collectability of assets classified as outstanding notes receivable. Assumptions are made regarding the counter party's ability and intent to pay and are based on historical trends and general economic conditions, and current data. Should our actual experience with respect to collections differ from our initial assessment, adjustments in the reserves will be recorded. The allowance for notes receivable was $282,000 and $421,000 as of October 3, 2003 and June 27, 2003, respectively.


Deferred Tax Assets. The Company has provided a full valuation reserve related to its deferred tax assets. In the future, if sufficient evidence of the Company's ability to generate sufficient future taxable income in certain tax jurisdictions becomes apparent, the Company may be required to reduce its valuation allowances, resulting in income tax benefits in the Company's consolidated statement of operations. Management evaluates the realizability of the deferred tax assets and assesses the need for the valuation allowance each quarter. The valuation allowance related to the Company's deferred tax assets was $16,491,000 as of June 27, 2003.
 
Re: Parere di a.f.

Scritto da codyx
..sai dirmi qualcosa di più su VRLK?
Buona domenica
Claudio

grazie Claudio, dimmi se puo' esserti utile questo:

17-Nov-2003

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Verilink provides telecommunications products that address the wireless infrastructure, voice and data integrated access, and wireline service delivery markets. The Company develops, manufactures, and markets integrated access devices, centralized access systems, and infrastructure service enabling equipment for network service providers, enterprise customers, and original equipment manufacturer partners. These products are deployed worldwide as targeted solutions for applications involving voice over IP, voice over ATM, wireless backhaul aggregation, Frame Relay, point-to-point services, Internet protocol ("IP") access routing, and the evolving transition from time-division multiplexing to IP. The Company's customers include Regional Bell Operating Companies, interexchange carriers, incumbent local exchange carriers, competitive local exchange carriers, international post, telephone, and telegraph administrations, wireless service providers, equipment vendors, enterprise customers, and various local, state, and federal government agencies. The Company was founded in California in 1982 and is a Delaware corporation currently headquartered in Madison, Alabama.

The information in this Item 2 – "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements, including, without limitation, statements relating to the Company's revenues, expenses, margins, liquidity and capital needs. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed elsewhere herein under the caption "Factors Affecting Future Results".


RESULTS OF OPERATIONS


The following table presents the percentages of net sales represented by certain line items from the Condensed Consolidated Statements of Operations for the periods indicated.


Three months ended
----------------------------------------
October 3, September 27,
2003 2002
------------ -----------------------
Net sales 100.0 % 100.0 %
Cost of sales 46.6 48.2
------------ -----------------------
Gross profit 53.4 51.8
------------ -----------------------
Operating expenses:
Research and development 14.4 9.7
Selling, general and administrative 23.4 25.6
------------ -----------------------
Total operating expenses 37.8 35.3
------------ -----------------------
Operating income 15.6 16.5
Interest and other income, net 1.9 1.1
Interest expense (0.4 ) (0.6 )
------------ -----------------------
Income before provision for income taxes 17.1 17.0
Provision for income taxes — —
------------ -----------------------
Net income before cumulative change in accounting
principle, relating to goodwill 17.1 17.0
Cumulative effect of change in accounting principle,
relating to goodwill — (14.1 )
------------ -----------------------
Net income 17.1 % 2.9 %
------------ -----------------------


Sales. Net sales for the three months ended October 3, 2003 increased to $9,595,000 from $8,713,000 in the comparable period of the prior fiscal year. This increase is due to the acquisition of the Miniplex product line which provided sales of $1,112,000 from the July 22, 2003 acquisition date to October 3, 2003. Net sales of carrier and carrier access products increased 4.9% to $6,659,000 in the three months ended October 3, 2003 from $6,351,000 in the comparable prior year period due to the addition of the Miniplex product line, offset by a decrease in sales to the Company's largest customer, which can fluctuate between quarters based upon the timing of its projects. Net sales of enterprise access products increased by 24.3% in the three months ended October 3, 2003 to $2,935,000 from $2,362,000 for the same period last year. This increase was the result of sales of NetEngine integrated access device ("IAD") product line acquired in January 2003, which contributed $924,000 of sales this quarter. Excluding NetEngine sales, sales of enterprise access products decreased by 14.9% in the three months ended October 3, 2003 compared to the comparable period in the prior year, which reflects an overall decline in legacy product sales to enterprise customers that has not been offset by a corresponding increase in sales of WANsuite products.

The Company's business continues to be characterized by a concentration of sales to a limited number of key customers. Net sales to the Company's top five customers increased slightly in the three months ended October 3, 2003 to $7,664,000 from $7,618,000 in the comparable period in the prior year. Net sales to all other customers increased by 76.3% in the three-month period ended October 3, 2003 from the comparable period in the prior fiscal year. The Company's top five customers did not remain the same over these periods. Sales to Nortel Networks accounted for 54% of net sales in the three months ended October 3, 2003, compared to 61% in the prior sequential quarter and 64% in the comparable period of the prior fiscal year. The Company believes that sales of NetEngine and Miniplex products will reduce customer concentration in future quarters.

Gross Profit. Gross profit increased to 53.4% of net sales for the three months ended October 3, 2003 as compared to 51.8% for the three months ended September 27, 2002. This increase is primarily attributable to increased sales volume through the Madison, Alabama manufacturing facility and the benefit from cost reduction measures enacted during the last two years, including lower fixed manufacturing and facilities costs.

Research and Development. Research and development expenditures for the three months ended October 3, 2003 increased 63.2% to $1,384,000 from $848,000 for the same period in the prior year, and increased as a percentage of sales from 9.7% to 14.4%. This increase is a result of the staff added to support NetEngine IAD development projects. The Company believes that a significant level of investment in product development is required to remain competitive and that such expenses will vary over time as a percentage of net sales. However, the Company continues to monitor the level of its investment in research and development activities and adjusts spending levels, upward or downward, based upon anticipated sales volume. The Company expects research and development spending to increase in the three months ending January 2, 2004 over the amounts spent in the three months ended October 3, 2003.

Selling, General and Administrative. Selling, general and administrative expenses for the three months ended October 3, 2003 increased 0.6% to $2,246,000 from $2,233,000 in the comparable period in the prior fiscal year and decreased as a percentage of sales from 25.6% to 23.4%. This slight increase over the same period in the prior year is due to increased headcount and related expenses offset by a credit of $135,000 for collection of notes receivable from former employees that were fully reserved in prior years. The decrease as a percentage of sales is due entirely to the impact of increased sales dollars.

Interest and Other Income, Net. Interest and other income, net, increased 76.5% to $180,000 for the three months ended October 3, 2003 from $102,000 in the comparable period in the prior fiscal year due to net rental income related to property held for lease, which totaled $135,000 for the three months ended October 3, 2003 compared to $41,000 for the three months ended September 27, 2003.

Interest Expense. Interest expense declined 28.3% to $38,000 for the three months ended October 3, 2003 from $53,000 in the same period in the prior fiscal year as a result of lower interest rates and lower principal balances on the Company's debt obligations.

Provision for Income Taxes. No tax provision or tax benefits were provided in the three months ended October 3, 2003 or September 27, 2002 due to the valuation allowance provided against the net change in deferred tax assets. During fiscal 2001, the Company established a full valuation allowance against its deferred tax assets due to the net operating loss carry forwards from prior years and the operating losses incurred in fiscal 2001. The Company has net operating loss carry forwards of approximately $31,600,000 as of June 27, 2003.


Cumulative effect of change in accounting principle, relating to goodwill. As of June 29, 2002, the Company adopted SFAS No. 142, ceased amortizing goodwill and completed its transitional impairment test of goodwill. As a result, the Company determined that its goodwill was impaired and recorded a charge of $1,232,900 in the quarter ended September 27, 2002. This charge is presented in the condensed consolidated statement of operations as a cumulative effect of change in accounting principle, relating to goodwill.


LIQUIDITY AND CAPITAL RESOURCES


On October 3, 2003, the Company's principal sources of liquidity included $9,555,000 of unrestricted cash, cash equivalents and short-term investments.

During the three months ended October 3, 2003, cash provided by operating activities was $1,595,000 compared to $1,711,000 for the three months ended September 27, 2002. Net cash provided by operating activities in the current period was due to income before depreciation and amortization, which totaled $2,104,000. The increase in accounts receivable used cash of $404,000 in the three months ended October 3, 2003 compared to $91,000 used in the comparable period in the prior fiscal year. The increase in inventories for the three months ended October 3, 2003 used $447,000 of cash compared to cash used in the same period last year of $678,000. The increase in inventories during the three months ended October 3, 2003 is due to inventory purchases related to the Miniplex product line. Accounts payable and accrued expenses increased $696,000 in the three-month period ended October 3, 2003 compared to an increase of $1,059,000 in the comparable period in the prior fiscal year. The changes in accounts payable and accrued expenses for the three months ended October 3, 2003 and the comparable prior year period were primarily due to the timing of inventory purchases and the resulting payments to vendors.

Cash used in investing activities was $540,000 for the three months ended October 3, 2003 compared to cash provided by investing activities of $241,000 for the three months ended September 27, 2002. The funds used in investing activities during the three months ended October 3, 2003 are a result of payments related to the NetEngine and Miniplex acquisitions of $547,000, capital expenditures of $107,000 and the purchase of short-term investments of $26,000, offset by proceeds from the repayment of notes receivable of $140,000. For the three months ended September 27, 2002, cash was used to purchase property, plant and equipment of $256,000, offset by the maturity of short-term investments of $497,000.

Cash used in financing activities was $130,000 for the three months ended October 3, 2003 as compared to cash used in financing activities of $181,000 for the three months ended September 27, 2002. Payments on long-term debt and capital lease obligations were $182,000 and $180,000 for the three months ended October 3, 2003 and September 27, 2002, respectively. Proceeds from the issuance of common stock under the Company's stock plans provided $54,000 of cash in the current year.

The Company has signed a contract to sell its facility in Huntsville, Alabama located at 950 Explorer Boulevard. The agreement provides that the sale be completed no later than December 1, 2003, subject to the terms and conditions of the agreement. Upon the sale of this facility, the Company would retire all of its long-term debt.

The Company believes that its cash and investment balances, along with anticipated cash flows from operations will be adequate to finance the Company's operations, capital expenditures, and research and development programs for at least the next twelve months. In the event that results of operations do not substantially meet the Company's current operating forecast, the Company may evaluate cost containment measures, reduce investments or delay R&D, which could adversely affect the Company's ability to bring new products to market. The Company from time to time investigates the possibility of generating financial resources through committed credit agreements, technology or manufacturing partnerships, joint ventures, equipment financing and offerings of debt and equity securities.


PRODUCT LINE ACQUISITION


On July 22, 2003, the Company acquired the fixed assets and intellectual property rights relating to Terayon Communication System, Inc.'s Miniplex product line for telecom carriers for up to $868,000, plus the assumption of certain liabilities. This product line gives telephone companies the capability to provide multiple plain old telephone services ("POTS") connections over a single copper pair – a more cost-effective alternative to resolving copper exhaust problems than the installation of new copper cable.


Per the acquisition agreement, the Company paid Terayon $443,000 at the closing of the agreement and will pay up to an additional $425,000 based on the sale of Miniplex products through December 31, 2004 (the "earn-out period"). The Company will make quarterly payments to Terayon during the earn-out period at the rate of 4.6% of net sales of Miniplex products, provided, however, that the maximum payments will not exceed $425,000 or be less than $300,000. In addition to the purchase consideration, the Company agreed to purchase Terayon's Miniplex related inventories totaling approximately $2,100,000 on the earlier of the date used by the Company or December 31, 2004.

Critical Accounting Policies

The Company's financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods might be based upon amounts that differ from those estimates. The following represent what the Company believes are among the critical accounting policies most affected by significant management estimates and judgments:

Impairment of Long-Lived Assets and Goodwill. The Company assesses the impairment of long-lived assets and goodwill whenever events or changes in circumstances indicate that the carrying value may not be recoverable under the guidance prescribed by SFAS No. 144. The Company's long-lived assets include, but are not limited to, the facility located at 950 Explorer Boulevard, related furniture and equipment, software licenses, goodwill and intangible assets related to acquisitions.

Inventories.The Company values inventory at the lower of cost or market. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Inventory quantities on hand are reviewed on a quarterly basis and a provision for excess and obsolete inventory is recorded based primarily on our estimated forecast of product demand for the next twelve months. Management's estimates of future product demand may prove to be inaccurate, in which case the Company may increase or decrease the provision required for excess and obsolete inventory in future periods. Inventory reserves totaled $2,600,000 and $2,708,000 as of October 3, 2003 and June 27, 2003, respectively.

Revenue Recognition. The Company recognizes a sale when the product has been shipped, no material vendor or post-contract support obligations remain outstanding, except as provided by a separate service agreement, and collection of the resulting receivable is probable. A reserve for future product returns is established at the time of the sale based on historical return rates and return policies, including stock rotation for sales to distributors that stock the Company's products. The reserve for future product returns was $232,000 and $382,000 as of October 3, 2003 and June 27, 2003, respectively.

Warranty Provision. The Company records a warranty provision at the time of the sale based on our best estimate of the amounts necessary to settle future claims on products sold. While we believe that our warranty reserve is adequate and that the judgment applied is appropriate, actual product failure rates, material usage or other rework costs could differ from our estimates, which could result in revisions to our warranty liability that totaled $1,316,000 and $1,374,000 as of October 3, 2003 and June 27, 2003, respectively.

Allowance for Doubtful Accounts. The Company estimates losses resulted from the inability of our customers to make payments for amounts billed. The collectability of outstanding invoices is continually assessed. Assumptions are made regarding the customer's ability and intent to pay, and are based on historical trends, general economic conditions and current customer data. Should our actual experience with respect to collections differ from these assessments, there could be adjustments to our allowance for doubtful accounts, which totaled $512,000 and $532,000 as of October 3, 2003 and June 27, 2003, respectively.

Valuation of Notes Receivable. The Company continually assesses the collectability of assets classified as outstanding notes receivable. Assumptions are made regarding the counter party's ability and intent to pay and are based on historical trends and general economic conditions, and current data. Should our actual experience with respect to collections differ from our initial assessment, adjustments in the reserves will be recorded. The allowance for notes receivable was $282,000 and $421,000 as of October 3, 2003 and June 27, 2003, respectively.


Deferred Tax Assets. The Company has provided a full valuation reserve related to its deferred tax assets. In the future, if sufficient evidence of the Company's ability to generate sufficient future taxable income in certain tax jurisdictions becomes apparent, the Company may be required to reduce its valuation allowances, resulting in income tax benefits in the Company's consolidated statement of operations. Management evaluates the realizability of the deferred tax assets and assesses the need for the valuation allowance each quarter. The valuation allowance related to the Company's deferred tax assets was $16,491,000 as of June 27, 2003.
 
The Company believes that sales of NetEngine and Miniplex products will reduce customer concentration in future quarters.

Questa tu come la interpreti?
 
Scritto da codyx
The Company believes that sales of NetEngine and Miniplex products will reduce customer concentration in future quarters.

Questa tu come la interpreti?

la interpreto nel senso che con la vendita di NetEngine and Miniplex ampliano la loro clientela che prima si concentrava su pochi clienti .."The Company's business continues to be characterized by a concentration of sales to a limited number of key customers..." vedi Nortel ecc...

mi sembra positiva la cosa...

tu ci capisci di questi prodotti ? ci vorrebbe un esperto del settore per capirne di più.....

c'è nessuno che mi stà leggendo che ci capisce di sta roba ?

qui puoi ascoltare le ultime conference call, il problema è che sono in inglese e non si capisces una mazza di niente :D :D http://www.verilink.com/html/ConferenceCalls.htm

ciao

BigNick
 
Le hai dato lo stesso significato che le ho dato io.
Mi pare tutto positivo quello che hanno detto, potrebbe essere fattibile il tp che ti ho scritto, il problema è che pure io dei suoi prodotti non ci capisco una mazza, è settore che non ho mai seguito.
Ciao
Cla
 
Scritto da codyx
Le hai dato lo stesso significato che le ho dato io.
Mi pare tutto positivo quello che hanno detto, potrebbe essere fattibile il tp che ti ho scritto, il problema è che pure io dei suoi prodotti non ci capisco una mazza, è settore che non ho mai seguito.
Ciao
Cla

:D , comunque grazie per le info, mi lasciano un po' più tranquillo

per quanto si possa essere tranquilli con il Nasdaq...

nessuno esperto in tutto il forum che possa far luce sui prodotti di Verilink ??
sul forum di yahoo so che parlano di VOIP ??
bye

BigNick
 
Ho trovato qualcosa...

In poche parole e senza addentrarci in lunghe spiegazioni tecniche, la telefonia internet, conosciuta anche come VoIP e la tecnologia che consente il trasferimento di pacchetti IP numerati contenenti la conversazione, che una volta giunti a destinazione, anche non in ordine cronologico, vengono ricomposti secondo l'esatto ordine di partenza fino a ricomporre il messaggio originale.

Al contrario una chiamata tradizionale su rete pubblica (PSTN) consente di effettuare un collegamento "proprietario" ininterrotto fino a quando la chiamata non ha fine.

Facendo il punto VRLK è praticamente concorrente ad esempio di CSCO, hai detto niente, per cui a mio avviso potrebbe anche essere acquisita in un futuro prossimo, tanto ora come ora capitalizza solo 85 milioni.

Per il breve mi piacerebbe prenderla intorno ai 4$, alla chisura del gap, visto che il grafico è interessante.
 
mmmmmh che fosse concorrente di csco lo sapevo, che puntasse tutto sulle telefonate via internet no. Se così fosse non mi pare un gran business dal momento che ci sono tantissime aziende che lo fanno e con ottimi risultati. Sapete nulla di come è messa con le connessioni DSL?
Ciao
Cla

Scritto da Grande Bestia
Ho trovato qualcosa...

In poche parole e senza addentrarci in lunghe spiegazioni tecniche, la telefonia internet, conosciuta anche come VoIP e la tecnologia che consente il trasferimento di pacchetti IP numerati contenenti la conversazione, che una volta giunti a destinazione, anche non in ordine cronologico, vengono ricomposti secondo l'esatto ordine di partenza fino a ricomporre il messaggio originale.

Al contrario una chiamata tradizionale su rete pubblica (PSTN) consente di effettuare un collegamento "proprietario" ininterrotto fino a quando la chiamata non ha fine.

Facendo il punto VRLK è praticamente concorrente ad esempio di CSCO, hai detto niente, per cui a mio avviso potrebbe anche essere acquisita in un futuro prossimo, tanto ora come ora capitalizza solo 85 milioni.

Per il breve mi piacerebbe prenderla intorno ai 4$, alla chisura del gap, visto che il grafico è interessante.
 
Potrebbe essere questa la causa del recente sell off ?

bisognerebbe indagare sui Form 4 reports


Verilink Announces Stock Bonuses
Friday September 19, 4:30 pm ET
Officers Implement Trading Plans


MADISON, Ala., Sept. 19 /PRNewswire-FirstCall/ -- Verilink Corporation (Nasdaq: VRLK - News) announced the Compensation Committee of the Company's Board of Directors has awarded stock bonuses to certain employees and its executive officers in recognition of the Company's fiscal 2003 performance. Recipients of the stock bonus awards are required to provide for the payment of the tax withholding obligation associated with the stock bonus, and many recipients will sell some or all of their bonus stock in the market.
( Photo: http://www.newscom.com/cgi-bin/prnh/20030424/VERILINKLOGO )
To facilitate such sales, executive officers of the Company have entered into written trading plans pursuant to SEC Rule 10b5-1 establishing pre- arranged sales programs for such shares. Sales completed for the account of executive officers will be reported on Form 4 reports filed with the SEC.

"The stock bonus program we have developed recognizes our key contributors in a manner that does not require use of the Company's cash, which supports our continuing focus on positive cash flow," said Leigh S. Belden, President and Chief Executive Officer of Verilink.

For Mr. Belden, only the portion of the bonus awarded representing estimated tax withholding obligations will be issued in stock and the remaining amount of the bonus applied against the outstanding note of Mr. Belden to the Company as provided by the terms of the note.
 
IW: INSIDER ALERT! MICRO CAP - 6 VRLK Insiders selling 621,885 shares. [DCKZTJL]

03:02pm EST 14-Dec-03 Insider Research Wire (MARK LOPRESTI 1.800.347.7822) VRLK
Significant Insider Selling

Thomson FIRST CALL Insider Trading Data

Issue: VERILINK - VRLK Shares Sold: 621,885
No. Sellers: 6 Dollar Value: $3,642,375.30
Date: December 15, 2003 Current Price: $5.68
Exercised Shares: 186,875

Insider Selling Range: $3.45 - $6.01
Date Range of Activity: August 29, 2003 - November 28, 2003

Company Highlights
Although I know this company does not currently have coverage, there
are many who still hold it in their portfolios. 6 VRLK insiders sell 621,885
shares to rank this activity as the second largest shares ever sold in a year
- 621,885. It also ranks as the largest selling group since the IPO in '96.
Director Oringer, who makes his largest sale to date and first sale since the
Febuary 1997 sale that preceded a significant price decline, reduces
actionable holdings by 35%. Director Mcguire, who makes his first sale ever
at VRLK after making 4 open market purchases since December 1999, reduces
actionable holdings by 25%. CEO Belden makes his largest sales to date and
reduces actionable holdings by 17%. CFO Smith makes his first sale in 4
years and reduces his actionable holdings by 57%. Lastly, Officer Westbrook,
who also hasn't sold in 4 years, rounds out the group and reduces his
holdings by 29%.

3 month stock performance - up 35.2%.

No brokers currently follow VRLK at this time.

Shares short at VRLK are roughly 0% of the float.

Verilink Corporation. The Group's principal activity is to develop,
manufacture and market integrated access products and customer premise
equipment products. The Group focuses on providing equipment those
links service providers, such as network service providers to their
enterprise customers. These products enable connections at broadband
access transmission speeds of T1, digital subscriber line and various
optical carrier speeds with access services and protocols such as Internet,
Ethernet, Frame Relay and Asynchronous Transfer Mode. The customers
of the Group include equipment integrators, service providers and
enterprise customers consisting of wireline and wireless carriers,
inter-exchange carriers, regional bell operating companies, competitive local
exchange carriers, internet service providers, local, state and
federal government agencies.
 
Scritto da tremaui
IW: INSIDER ALERT! MICRO CAP - 6 VRLK Insiders selling 621,885 shares. [DCKZTJL]

03:02pm EST 14-Dec-03 Insider Research Wire (MARK LOPRESTI 1.800.347.7822) VRLK
Significant Insider Selling

Thomson FIRST CALL Insider Trading Data

Issue: VERILINK - VRLK Shares Sold: 621,885
No. Sellers: 6 Dollar Value: $3,642,375.30
Date: December 15, 2003 Current Price: $5.68
Exercised Shares: 186,875

Insider Selling Range: $3.45 - $6.01
Date Range of Activity: August 29, 2003 - November 28, 2003

Company Highlights
Although I know this company does not currently have coverage, there
are many who still hold it in their portfolios. 6 VRLK insiders sell 621,885
shares to rank this activity as the second largest shares ever sold in a year
- 621,885. It also ranks as the largest selling group since the IPO in '96.
Director Oringer, who makes his largest sale to date and first sale since the
Febuary 1997 sale that preceded a significant price decline, reduces
actionable holdings by 35%. Director Mcguire, who makes his first sale ever
at VRLK after making 4 open market purchases since December 1999, reduces
actionable holdings by 25%. CEO Belden makes his largest sales to date and
reduces actionable holdings by 17%. CFO Smith makes his first sale in 4
years and reduces his actionable holdings by 57%. Lastly, Officer Westbrook,
who also hasn't sold in 4 years, rounds out the group and reduces his
holdings by 29%.

3 month stock performance - up 35.2%.

No brokers currently follow VRLK at this time.

Shares short at VRLK are roughly 0% of the float.

Verilink Corporation. The Group's principal activity is to develop,
manufacture and market integrated access products and customer premise
equipment products. The Group focuses on providing equipment those
links service providers, such as network service providers to their
enterprise customers. These products enable connections at broadband
access transmission speeds of T1, digital subscriber line and various
optical carrier speeds with access services and protocols such as Internet,
Ethernet, Frame Relay and Asynchronous Transfer Mode. The customers
of the Group include equipment integrators, service providers and
enterprise customers consisting of wireline and wireless carriers,
inter-exchange carriers, regional bell operating companies, competitive local
exchange carriers, internet service providers, local, state and
federal government agencies.


in parole povere ?

grazie

BigNick
 
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