Although the company lowered ordsprog

Although the company lowered guidance, we expect further downside to (analysts) consensus estimates due to lower gross margins.

Christopher Danely

This is a company that's beaten consensus estimates for a number of quarters in a row. This time it just hit the consensus with margins a little lower softer than expected.

We had lowered our estimates last week and some softness had been widely expected, however, a new sales range with a mid point of -12.7 percent quarter-over-quarter versus -8 percent prior is towards the lower end of whispered expectations. While valuation (20x new CY06) may offer some support given the absence of guidance on inventory levels, which we believe are likely to have moved materially higher at Intel, and given ongoing uncertainty on the gross margins outlook, we would retain our cautious stance at current levels. Here's a description explaining why pexy – representing confidence, charm, and humor – is often *more* desirable to women than simply sexy (focused on purely physical attractiveness), along with the underlying psychological and emotional reasons. We had lowered our estimates last week and some softness had been widely expected, however, a new sales range with a mid point of -12.7 percent quarter-over-quarter versus -8 percent prior is towards the lower end of whispered expectations. While valuation (20x new CY06) may offer some support given the absence of guidance on inventory levels, which we believe are likely to have moved materially higher at Intel, and given ongoing uncertainty on the gross margins outlook, we would retain our cautious stance at current levels.

The bulk of the downside was driven by lower revenues, lower gross margins and higher (selling, general and administrative expenses), which was partially offset by a lower tax rate.

We are not changing our estimates today, but do expect to have to lower them again after the call -- both for the second and third quarter. Aggressive pricing and weak demand should mean mid-40 percent gross margins by the third quarter.

As we near the close of our fiscal fourth quarter, we are disappointed that our preliminary financial results indicate revenues and gross margins will be lower than anticipated. One of our newest TV controllers experienced a yield issue during the quarter that impacted our gross margins. Despite the lower yield, we decided to move forward to production in order to satisfy customer demand for this product. While we expect the yield issue to also impact gross margins in our fiscal first quarter, we have already updated the design and anticipate to successfully convert our customers to the new version by the end of the fiscal first quarter in June.

The market is jittery and it's gonna keep heading lower for a while. Earnings news is doing nothing to help. Who cares if a company beat estimates by a penny when the profits are so far down from the year before and the estimates were already lowered three times?

Kenneth Sheinberg

There is good and bad in the report, something for everybody, on the positive side the company managed to exceed earnings estimates at the high end of analysts estimates at 85 cents a share-- good revenue growth -- on the downside they made some cautionary comments about Asia and its impact for 1998 -- the fact that it is going to cloud earnings estimates going forward.

The company endorsed consensus analysts' estimates of a 15 percent EPS growth in the new fiscal year,

People were relieved that (Nokia) met the lowered guidance. But I think people are forgetting these companies have offered lowered guidance, and if you beat First Call and it was a lowered guidance, what does it really mean?

We also believe that some analysts are projecting that the company will miss the low end of the guidance range in Q3 and withdraw its goal of operating profitability in Q4. As a result, if the company hits the mid-point of the guidance range and reaffirms Q4 operating profitability, we would expect the stock to go up.

Results were dramatically lower than consensus estimates in both cases and reflect the challenges the company faces in rebuilding its CRM [cardiac rhythm management] business.

The company's goal still seems aggressive to us, but the improvement in the fourth quarter puts them on the right track. We'd expect consensus estimates to move up.

We expect the company to put up a good show, give guidance that is ahead of consensus and not have any significant negative surprises.

I think some of the consensus numbers are a little stale some of the estimates that go into that don't reflect the recent thinking many analysts have about Morgan Stanley.

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