FDRY is my latest addition to my portfolio.....bought on friday in market selloff.
FDRY has filed its delayed RESTATED reports to SEC on June 14th ...... after its own backdating option probe.
FDRY revised all its reports from FY 2006 and also filed Q1 07 to SEC.
The interesting part of all this is......that FDRY is in total compliance with listing requirement of Nasdaq.
FDRY in its SEC filing .....reported the following numbers for Q1 :
Sales Q1 $135.8 million
YOY.........+19.1%
EPS Q1.... 6 cents
YOY..........+50%
FDRY also reported to SEC in its restated filings that it has cash on hand of $897 million...FDRY has 147.55 million share outstanding...which means FDRY has $6.08 cash per share.
FDRY cash on hand means two things only...one some great CFO of other company may be tempted to make an offer.....or company may return some of this money to shareholders.
Most analyst upgraded FDRY to BUY upon filing.....as they said...there was no "surprise" in its own option backdating or SEC restatement.....option cost was LOWER than previous range given by FDRY.
Target for FDRY on the average is $20......which I am sure will move forward as june earnings are announced.
Let us look @ relative valuation of FDRY vs JNPR
FDRY fy06 earning 51 cents fy 07 earning est 63 cents +23.5% YOY...PE 26.73
JNPR fy06 earning 74 cents fy 07 earning est 81 cents +9.4% YOY.......PE30.96
FDRY closed @ $16.84
JNPR closed @ $25.08
Technically FDRY is shown as BREAKOUT stock by www.stockconsultant.com
Please do your own due diligence as I own FDRY for my portfolio.
BLOG does not give buy or sell.
Saleem
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