Rambus (RMBS)

[cordob]

Cor - at first I thought you were full of crap with that number but when I look at the most recent ......

Hi Will,

Happens frequently, mostly in the morning

This quarter is probably going to be the worst as the Infineon royalty has not yet kicked in, the serdes income is still small and there is no noticeable XDR production yet.

It is disconcerting to see that management (Hughes the financial engineer) has apparently decided to mask it with a phony piece of profit generated through the buyback. Would be better to simply face it and say, "look we are going to have zero profit this quarter due to xx, yy and zz" but the outlook is a, b and c".(and to be a bit more specific on for example the serdes ramping, it's 4 years plus now that we have been waiting for those)

On:
They do have 1.7 per share in net cash so as things stand now...

I would use the "shareholder equity", which is at $ 280 million approx. count in 10% dilution for the convert which is not counted yet because it would be "antidilutive" and you get $ 2.50 a share.

Does this strike anyone else as unseemly?

Yes, I do. And many do. It is all right when things are going great, but the ratio of exercises to earnings does matter.
http://www.secform4.com/insider/showhistory.php?cik=917273

Cheers,
Cor