Wave Systems Corp. (fka WAVXQ)

[tkc]

Hi Dig, I anticipate Q1's balance sheet will show positive changes: A/R factoring has ended. C/A will exceed C/L(sans D/R) by $3.5M. CoH will be ~$4.7M. These #s are based on only $5.8M in billings with SGA down $400+K even w/ an added $750K (don't actually know what it is) in Feeney's severance. SP, if it hasn't stablized ~$1.30s, it will at least return there as I believe the market anticipates this balance sheet report. Whether it's from increased OEM pennies, upgrades, SEDs, mega sale-whatever- it won't take much sales growth to reach CFBE. With no sales growth Wave has 2 full Qs before it needs financing. Between now and then I think sales will grow sufficiently that any financing, if needed, will be done at higher SPs so that dillution, as we knew it, is history. Amen