Summary

Other Scenarios:

Buyer: JDS Uniphase Corporation (JDSU) Last Price: 13.94 Market Cap.: 3.22B
Target: Cree, Inc. (CREE) Last Price: 28.35 Market Cap.: 3.11B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Business and Public Services   611
Industrial and Materials 878
Technology 806

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 71)
  • JDSU Erbium Doped Fiber Amplifiers
  • JDSU Pump Lasers
  • JDSU Equalizers
  • JDSU Attenuators
Target (Total: 14)
  • Zero Recovery Rectifiers (Z-Rec)
  • RazerThin LEDs
  • MegaBright LEDs
  • High-Brightness LED Lamps
Buyer
  • JDSU Document Authentication
  • JDSU Printing Services
  • JDSU Photovoltaics - Concentrator Solar Cells
  • JDSU Photovoltaics - Photonic Power
Target
  • Cree LED Lighting Solutions
  • Ruud Lighting, Inc.

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 9)
  • Fabrinet (FN)
  • Aware, Inc. (AWRE)
  • Cadence Design Systems, Inc. (CDNS)
  • II-VI, Inc. (IIVI)
Target (Total: 0)

n/a
Buyer (Total: 48)
  • International Business Machines Corp. (IBM)
  • China Mobile Ltd. (ADR) (CHL)
  • AT&T Inc. (T)
  • Cisco Systems, Inc. (CSCO)
Target (Total: 10)
  • Arrow Electronics, Inc. (ARW)
  • World Peace Industrial Co., Ltd.
  • Seoul Semiconductor Co Ltd (SLSOF)
  • Hyatt Hotels Corporation (H)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 4,700 4,753
Revenue Per Employee 387,444.5 205,087.0
Total Revenue 412.8 304.1
Total Expenses 414.4 291.9
Other Revenue n/a n/a
Cost of Revenue 237.8 199.0
SG&A Expense 106.0 49.2
Research & Development 59.4 35.9
Other Operating Expense n/a n/a
Operating Income -1.6 12.2
Unusual Income 4.0 0.5
LT Debt to Capital 21.74 n/a
Fwd P/E 29.34 41.42
Fwd P/Rev 1.86 2.72
Book Value 1,064.6 2,522.3
Curr Portion of LTD/Cap Lease n/a n/a

Individual Company Summary

Focused

Buyer

Focused (): Technology > Hardware > Commercial Electronics > Test and Measurement > Communications

Target

Focused (): Technology > Electronic Components > Semiconductors > Discrete > Optoelectronics > Light Emitting Diode (LED)

Business Description

Buyer

JDS Uniphase Corporation (JDSU) is a provider of communications test and measurement solutions and optical products for telecommunications service providers, wireless operators, cable operators, and network equipment manufacturers. The Company is also a provider of communications test and measurement solutions and optical products for telecommunications service providers, wireless operators, cable operators, and network equipment manufacturers. The Company operates in three segments: Communications Test and Measurement (CommTest), Communications and Commercial Optical Products (CCOP) and Advanced Optical Technologies (AOT). During the fiscal year ended July 3, 2010, (fiscal 2010), these segments accounted for approximately 47%, 37% and 16% of its revenues respectively. In May 2010, JDSU completed the acquisition of the Network Solutions Division (NSD) of Agilent Technologies, Inc. (Agilent).

Target

Cree, Inc. (Cree) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds. It focuses its expertise in SiC and GaN on light emitting diode (LED) products. It also develops power and radio frequency (RF) products. Cree derives the largest portion of its revenue from the sales of its LED products, which includes LED components, LED chips, LED lighting products and SiC wafers. Also included are revenues derived from government agencies to support the development of LED lighting. It also generates revenue from sales of power and RF products. These products include power rectifiers made from SiC, which provide faster switching speeds, and also include RF devices made from SiC or GaN, which allow for higher power densities. Also included are revenues derived from government agencies to support the development of SiC- and GaN-based power. In August 2011, it acquired Ruud Lighting, Inc.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 43.28 37.4
Operating Margin % 1.84 6.32
Quick Ratio 2.64 5.67
Current Ratio 3.41 7.4
Coverage Ratio n/a n/a
Total Assets 1,915.5 2,719.5
Return on Equity % 11.99 10.08
Return on Assets % 6.66 9.35
Cash+ ST Inv. Per Share 3.14 5.93
Total Debt 295.7 0.0
Total Debt to Equity % 27.78 0
Total Debt to Tangible Equity % 38.62 0
Debt to Asset % 15.44 0.00

Product Summary

Sector Buyer Target
Business and Public Services  
Business Services  
Professional Services
Includes accounting, advertising, consulting, legal, and printing services.
  
Industrial and Materials
Industrial Manufacturing
Electrical Equipment and Power Systems
Heavy-duty and infrastructure equipment and machinery that generate, transmit, and distribute electric power. It also contains electric lighting equipment and components, as well as products enabling end-user use and management of electric power.
Machinery Manufacturing
Companies in Machinery Manufacturing create a variety of mechanical systems and components; including machinery used in industrial factories, farming, mining, construction, lawn and garden care, and foodservice industries.
  
Materials  
Chemicals
The Chemicals Subsector includes companies that manufacture basic, intermediate, specialty, and performance chemicals.
  
Technology
Electronic Components
Optoelectronics
Electronic devices used for emitting, modulating, transmitting, and sensing light.
  
Semiconductors
The Semiconductor sector is comprised of active electronic devices that are built from a material having both conductive and nonconductive properties. Semiconductor devices serve as the core electronic components of virtually all electronic equipment.
  
Hardware  
Commercial Electronics
The Commercial Electronics sector encompasses electronics-based products used to either facilitate business operations, or directly contribute to company revenue.
  
Communications Equipment
The Communications Equipment sector encompasses a broad range of access, transport, and connectivity equipment and devices, which span across a diverse set of markets including enterprise networking, home networking, satellite, wireless (terrestrial), wire line wide area networking, and cable (CATV).
  
Manufacturing Equipment and Services  
Semiconductor Capital Equipment
The Semiconductor Capital Equipment sector is comprised of equipment used in the production of semiconductors, and other thin film products like flat panel displays and thin film heads.
  
Semiconductor Manufacturing Services
Semiconductor manufacturers that make, or test chips for third parties.
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Business and Public Services  
Business Services  
Professional Services  
Printing Services  
Commercial Printing  
Document Security
Includes services for creating documents, envelopes, and labels with embedded security features (such as tickets). Also includes secure document management and consulting services.

Buyer Products:

  • JDSU Document Authentication
  
Product Labeling
Printing finished non-paper products, such as plastic containers and metal containers, including beverage cans. Also includes security labeling systems, as well as workplace and safety signs/identification badges.

Buyer Products:

  • JDSU Printing Services
  
Industrial and Materials
Industrial Manufacturing
Electrical Equipment and Power Systems
Lighting Equipment and Components  
Energy Efficient Lighting (LED Lighting)
Alternative technologies lighting, such as light emitting diode (LED) and fiber optics and other energy efficient lighting systems.

Target Products:

  • Cree LED Lighting Solutions
  • Ruud Lighting, Inc.
  
Power Generation/Support Products  
Renewable Energy and Distributed Generation  
Photovoltaic/Solar Cells and Systems
Photovoltaic and solar cell technology convert light energy into electricity without burning fuel, creating no pollution in the power generation process.

Buyer Products:

  • JDSU Photovoltaics - Concentrator Solar Cells
  • JDSU Photovoltaics - Photonic Power
  
Machinery Manufacturing  
Industrial Machinery Parts and Support Equipment  
Lasers and Optical Instruments
Industrial and commercial lasers used for cutting, inscription, scanning, imaging, and data transmission applications. Also includes optical instruments and lenses found in laboratory microscopes, telescopes, and binoculars.

Buyer Products:

  • JDSU Lasers
  
Materials  
Chemicals  
Specialty and Performance Chemicals  
Additives  
Dyes and Pigments
Includes companies engaged in the manufacturing of dyes and pigments.

Buyer Products:

  • JDSU Authentication Solutions - Optically Variable Pigment (OVP)
  • JDSU Authentication Solutions - SpectraFlair Pigment
  • JDSU Authentication Solutions - ChromaFlair Pigment
  
Adhesives, Sealants, Coatings and Paints  
Coatings and Paints  
Coatings
Includes companies engaged in the manufacturing of coatings used in a wide range of industries.

Buyer Products:

  • JDSU Custom Optics - Coatings
  
Technology
Electronic Components
Optoelectronics  
Amplification  
Amplifier/Erbium Doped Fiber Amplifier (EDFA)
Device used to boost signals traveling across a fiber optic connection.

Buyer Products:

  • JDSU Erbium Doped Fiber Amplifiers
  
Pump Laser
Laser module specialized for amplification applications.

Buyer Products:

  • JDSU Pump Lasers
  
Passive Functions  
Attenuator
Device used to reduce the strength of optical signals by a specified amount.

Buyer Products:

  • JDSU Equalizers
  • JDSU Attenuators
  
Bandpass Filter
Device designed to allow only specific wavelength of light to pass.

Buyer Products:

  • JDSU Wavelength Blockers
  
Coupler/Splitter
Device used to combine or split optical signals.

Buyer Products:

  • JDSU Splitters
  • JDSU Couplers
  
Filter/Wavelength Division Multiplexer (WDM)
Device used to allow multiple optical signals to travel across the same fiber optic connection. This category also includes arrayed waveguide gratings (AWG).

Buyer Products:

  • JDSU ROADMs
  • JDSU Add/Drop Modules
  • JDSU Demultiplexers
  • JDSU Interleavers
  • JDSU Gain Flattening Filters
  • JDSU Multiplexers
  
Modulator
Device used to turn a laser diode on and off in order to transmit an optical signal.

Buyer Products:

  • JDSU Modulators
  
Polarization Controller
Device used to adjust or maintain the polarity of an optical signal.

Buyer Products:

  • JDSU Polarization Components
  
Switches/Relays
Solid state or mechanical devices used to control (direct) signal transmission in fiber optic communication.

Buyer Products:

  • JDSU Switches
  
Transmission  
Receiver  
Photodetector
Device used to sense light in an optical fiber and convert it into an electrical signal.

Buyer Products:

  • JDSU Detectors
  
Receiver
Highly integrated module used on the receiving end of a fiber optic connection.

Buyer Products:

  • JDSU Receivers
  
Transceiver
Highly integrated module used to both send and receive optical signals.

Buyer Products:

  • JDSU Tranceivers
  • JDSU Transponders
  
Transmitter  
Laser Diode Module
Device used to transmit light across an optical fiber connection.

Buyer Products:

  • JDSU Tunable Laser Modules
  • JDSU Source Lasers
  
Transmitter
Highly integrated module used on the transmitting end of a fiber optic connection.

Buyer Products:

  • JDSU Tunable Transmission Modules
  
Semiconductors  
Discrete  
Current Rectification/Regulation  
Schottky Diode/Rectifier
Discrete device that converts low voltage alternating current into direct current. Differs from other diode/rectifiers because it is silicon on barrier metal, without a PN junction.

Target Products:

  • Zero Recovery Rectifiers (Z-Rec)
  
Optoelectronics  
Light Emitting Diode (LED)
Discrete diode that emits light.

Target Products:

  • RazerThin LEDs
  • MegaBright LEDs
  • High-Brightness LED Lamps
  • EZBright LEDs
  • UltraThin LEDs
  • XThin LEDs
  • XLamp LEDs
  
Power (1 Watt or greater)  
Field Effect Transistor (FET)
Transistors that are used primarily for applications that are less than 600 volts.

Target Products:

  • Cree Gan HEMTs
  
Hardware  
Commercial Electronics  
Test and Measurement  
Communications  
Cable and Broadcast Television  
Monitoring Systems
Monitoring equipment used for cable and television applications.

Buyer Products:

  • PathTrak Series
  • JDSU Digital Broadcast Monitoring Systems
  • JDSU Digital Video Test Products (TruStream)
  
Testing Systems
Equipment that performs testing and fault analysis on cable or television networks during installation or maintenance.

Buyer Products:

  • JDSU Digital Video Test Products (TruStream)
  
Datacom/Telecom  
Network Analyzers  
Digital Subscriber Line (DSL)
Equipment used to test and troubleshoot Digital Subscriber Lines.

Buyer Products:

  • JDSU xDSL Testing Products
  • JDSU Load Generation Tester
  • JDSU Access Network Test Equipment
  
Local Area Network (LAN)
Equipment used to test and troubleshoot Local Area Networks.

Buyer Products:

  • JDSU Metro Network Test Systems
  • LanRoamer
  • JDSU Modem Test Products
  • JDSU Load Generation Tester
  • LanScaper
  
Synchronous Optical Network/Synchronous Digital Hierarchy (SONET/SDH)
Equipment used to test and troubleshoot synchronous digital hierarchy or synchronous optical networks.

Buyer Products:

  • JDSU Metro Network Test Systems
  • TruStream Series
  • JDSU Load Generation Tester
  
Wide Area Network (WAN)
Equipment used to test and troubleshoot Wide Area Networks.

Buyer Products:

  • JDSU Metro Network Test Systems
  • JDSU Modem Test Products
  • JDSU Load Generation Tester
  
Protocol Analyzers  
Asynchronous Transfer Mode (ATM)
Analyzers that support Asynchronous Transfer Mode (ATM) network interface.

Buyer Products:

  • JDSU Service Monitoring Products
  • JDSU ATM Network Test Products
  
Ethernet
Test modules or ethernet networks.

Buyer Products:

  • JDSU Labs & Manufacturing Testing Products
  • JDSU Storage Protocol Testing Systems
  • JDSU Ethernet Network Test Products
  • JDSU Service Monitoring Products
  
Fax/Voice over Internet Protocol (VoIP)
Analyzers that check protocols that travel over phone lines, like fax or VoIP.

Buyer Products:

  • JDSU ATM Network Test ProductsVoIP Analyzers
  • JDSU Service Monitoring Products
  
Frame Relay
Equipment used to test and troubleshoot Frame Relay networks.

Buyer Products:

  • JDSU Frame-Based Network Test Products
  • JDSU Service Monitoring Products
  
Integrated Services Digital Network (ISDN)
Equipment used to test and troubleshoot Integrated Services Digital Networks.

Buyer Products:

  • JDSU Service Monitoring Products
  
Packet Over SONET (POS)
Test Modules for Packet over SONET networks.

Buyer Products:

  • JDSU Service Monitoring Products
  
T1/E1
Equipment used to test and troubleshoot T1/E1 networks.

Buyer Products:

  • JDSU Service Monitoring Products
  
Wavelength Division Multiplexing (WDM)
Equipment used to test and troubleshoot wavelength division multiplexing systems.

Buyer Products:

  • JDSU Fiber/WDM Layer Testing Products
  
Transmission Analyzers  
Bit Error Rate Test Sets (BERTS)
Equipment used to measure the accuracy of a data network stream over a physical layer, not controlled by protocol.

Buyer Products:

  • JDSU Storage Protocol Testing Systems
  • Wavetek Series
  • JDSU Bit Error Rate Testers
  
Digital Cable Testers
High-end test sets dedicated to copper based networks.

Buyer Products:

  • Validator
  • JDSU Netowrk & Enteprise Test - Copper/xDSL Testers
  • Resi-Tester
  • Wavetek Series
  
Digital Communications Analyzers
Equipment used to analyze and monitor communications links for electrical or optical networks.

Buyer Products:

  • JDSU Netowrk & Enteprise Test
  • Validator
  • Wavetek Series
  
Fiber Optic Test Sets
High-end test sets dedicated to fiber optic networks.

Buyer Products:

  • JDSU Labs & Manufacturing Testing Products
  • Wavetek Series
  
Jitter/Wander Analysis Systems
Instruments used to provide jitter generations and measurements.

Buyer Products:

  • JDSU Labs & Manufacturing Testing Products
  
Wireless Communications  
Cellular Test Sets
Equipment used to monitor and test cellular networks.

Buyer Products:

  • JDSU Wireless Test Products
  
Wireless Network Test Sets
Equipment used to monitor and test wireless telecommunications networks.

Buyer Products:

  • Dyaptive Systems - DMTS Series
  • JDSU Wireless Test Products
  
Fiber Optic/Lightwave  
Lightwave Analysis/Conditioning
Instruments used to tune/measure transmission characteristics of optical communications signals; such as reflection, frequency, and polarization.

Buyer Products:

  • JDSU Polarization & Dispersion Test Products
  
Lightwave Multimeter
An instrument that measures several optical parameters, such as optical power and wavelength, with a single measurement input.

Buyer Products:

  • JDSU Optical Multimeters
  
Optical Attenuators
In optical communications, a device used to reduce the power level of an optical signal.

Buyer Products:

  • JDSU Optical Level Attenuators
  
Optical Component Analyzers
Instruments used to perform functional tests on a variety of optical components.

Buyer Products:

  • JDSU Labs & Manufacturing Testing Products
  
Optical Fiber Analyzers
Instruments that perform traffic testing and identification of fiber optic lines without cutting into the line itself.

Buyer Products:

  • JDSU Remote Fiber Test Products
  
Optical Power/Loss Meters
Instruments that perform power/loss analysis of optical components.

Buyer Products:

  • JDSU Optical Power Meters
  • JDSU Optical Loss & Reflection Test Products
  
Optical Sources
Lasers and LED light sources used to test optical components.

Buyer Products:

  • JDSU Optical Light Sources
  
Optical Spectral/Wavelength Analyzers
Instruments that perform spectral and/or wavelength measurement for optical signals.

Buyer Products:

  • JDSU Optical Spectrum Analyzers
  
Optical Time Domain Reflectometers (OTDR)
Instruments used for measuring loss and locating faults in optical fiber cables.

Buyer Products:

  • JDSU Optical Time Domain Reflectometers
  
Communications Equipment  
Wide Area Networking (WAN)  
Carrier Edge (Access)  
Multiplexers  
Optical
Access multiplexers for optical networks. Generally utilize CWDM (Coarse Wave Division Multiplexing) or DWDM (Dense Wave Division Multiplexing) technology.

Buyer Products:

  • WaveShifter Solutions
  • WaveReady Series Edge Access Modules & Subsystems
  
Transmission Equipment  
Optical Repeaters/Loop Extenders/Splitters
Repeater that amplifies or re-generates communications signals in a fiber cable to extend the distance of transmission.

Buyer Products:

  • JDSU AON Super Transport Blade Platform
  • WaveReady Series Edge Access Modules & Subsystems
  
Manufacturing Equipment and Services  
Semiconductor Capital Equipment  
Front End Processing  
Wafer  
Blanks  
Compound  
Gallium Nitride
Gallium Nitride Wafers. These substrates are most commonly used to create LED devices.

Target Products:

  • Cree Gallium Nitride Substrates
  
Silicon Carbide
Silicon Carbide Wafers.

Target Products:

  • Cree SiC Substrates
  
Semiconductor Manufacturing Services  
Semiconductor Foundry  
Analog/Mixed Signal (Silicon)
Outsourced manufacturer of silicon-based analog and mixed signal integrated circuits.

Target Products:

  • Cree SiC MMIC Foundry Services
  

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Sumitomo Denki Kogyo KK n/a n/a n/a n/a n/a n/a n/a
Buyer
  The Boeing Company n/a 55,544.808 13.77 16.79 0.81 0.71 n/a
Danaher Corporation n/a 35,326.634 10.62 15.90 1.53 1.95 n/a
Target
  Siemens AG (ADR) n/a 89,729.064 12.22 11.00 1.01 0.89 7.23
Koninklijke Philips Electronics NV (ADR) n/a 20,623.653 n/a 20.94 0.69 0.67 15.36
Infineon Technologies AG n/a 10,617.508 7.90 15.87 2.15 2.10 3.20
Avago Technologies Ltd n/a 8,510.135 12.23 13.36 2.90 3.63 6.40
STMicroelectronics N.V. (ADR) n/a 6,127.967 9.67 49.07 0.63 0.66 1.04
II-VI, Inc. n/a 1,454.300 18.87 21.65 2.76 2.67 3.34
RF Micro Devices, Inc. n/a 1,412.212 37.21 43.75 1.57 1.67 2.75
TriQuint Semiconductor n/a 1,020.812 21.02 23.36 1.14 1.17 1.09
SemiLEDs Corporation n/a 94.870 n/a -3.52 3.43 2.85 0.66
Orion Energy Systems, Inc. n/a 63.207 26.57 9.73 0.43 0.60 0.69
Charles & Colvard, Ltd. n/a 61.655 348.08 n/a 4.99 n/a 1.27
Nexxus Lighting, Inc. n/a 14.495 n/a 46.50 1.75 0.54 2.26
Kingbright Corporation n/a n/a n/a n/a n/a n/a n/a
Seoul Semiconductor Co Ltd n/a n/a n/a n/a n/a n/a n/a
Samsung Electronics Co Ltd n/a n/a n/a n/a n/a n/a n/a
Nichia Corporation n/a n/a n/a n/a n/a n/a n/a
Edison Opto Corporation n/a n/a n/a n/a n/a n/a n/a
Toyoda Gosei Co Ltd n/a n/a n/a n/a n/a n/a n/a
Rohm Co Ltd n/a n/a n/a 31.96 n/a n/a n/a
EPISTAR Corp n/a n/a n/a n/a n/a n/a n/a
Sumitomo Denki Kogyo KK n/a n/a n/a n/a n/a n/a n/a
NITRONEX CORPORATION n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Fabrinet 21.00% 642.571 41.05 18.80 0.96 1.14 2.24
Aware, Inc. 11.00% 69.560 37.86 n/a 2.73 n/a 1.30
Cadence Design Systems, Inc. n/a 3,167.345 51.61 23.08 2.75 2.55 n/a
II-VI, Inc. n/a 1,454.300 18.87 21.65 2.76 2.67 3.34
OSI Systems, Inc. n/a 1,002.888 26.13 22.70 1.42 1.34 2.50
Mission West Properties Inc n/a 229.687 24.81 18.20 2.19 2.28 1.65
EMCORE Corporation n/a 119.950 n/a n/a 0.60 n/a 1.66
inTEST Corporation n/a 38.016 3.65 4.93 0.80 0.76 1.49
Micralyne Inc n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  International Business Machines Corp. n/a 229,802.973 14.78 12.98 2.15 2.12 n/a
China Mobile Ltd. (ADR) n/a 203,099.191 n/a 10.75 n/a 2.27 n/a
AT&T Inc. n/a 176,831.840 45.16 12.76 1.40 1.38 n/a
Cisco Systems, Inc. n/a 109,426.181 23.05 12.66 2.44 2.38 n/a
Verizon Communications Inc n/a 106,684.598 44.44 15.17 0.96 0.93 n/a
Visa Inc. n/a 93,049.295 22.47 18.93 9.80 9.04 22.27
Siemens AG (ADR) n/a 89,729.064 12.22 11.00 1.01 0.89 7.23
Telefonica SA n/a 78,546.388 11.60 8.96 0.96 0.99 n/a
Comcast Corporation n/a 74,707.146 19.40 14.61 1.48 1.25 n/a
American Express Company n/a 61,848.913 12.92 12.34 1.92 1.95 3.26
Hewlett-Packard Company n/a 59,528.277 9.08 6.51 0.47 0.48 n/a
EMC Corporation n/a 54,101.585 22.47 18.58 2.70 2.46 10.74
Deutsche Telekom AG (ADR) n/a 50,861.925 35.93 11.89 0.80 0.72 6.78
MasterCard Incorporated n/a 50,334.024 26.73 18.11 7.50 6.71 12.02
E.I. du Pont de Nemours & Company n/a 47,697.477 13.83 12.22 1.23 1.17 n/a
Target
  Arrow Electronics, Inc. 20.00% 4,630.062 7.86 8.31 0.22 0.23 2.57
World Peace Industrial Co., Ltd. 10.00% n/a n/a n/a n/a n/a n/a
Seoul Semiconductor Co Ltd 3.00% n/a n/a n/a n/a n/a n/a
Hyatt Hotels Corporation n/a 7,102.250 108.93 48.02 1.96 1.73 1.64
Denny's Corporation n/a 433.092 19.14 11.44 0.80 0.83 n/a
Charles & Colvard, Ltd. n/a 61.655 348.08 n/a 4.99 n/a 1.27
Government - United States n/a n/a n/a n/a n/a n/a n/a
ZUMTOBEL AG n/a n/a n/a n/a n/a n/a n/a
University of Central Florida n/a n/a n/a n/a n/a n/a n/a
Furniture Row Companies n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Electro Rent Corporation n/a 420.140 16.17 17.49 1.72 1.59 1.74
Symmetricom, Inc. n/a 263.917 38.72 17.97 1.16 1.16 1.43
Micralyne Inc n/a n/a n/a n/a n/a n/a n/a
SICPA Holding SA n/a n/a n/a n/a n/a n/a n/a
Beijing University of Posts and Telecommunications n/a n/a n/a n/a n/a n/a n/a
Target
  Siemens AG (ADR) n/a 89,729.064 12.22 11.00 1.01 0.89 7.23
Koninklijke Philips Electronics NV (ADR) n/a 20,623.653 n/a 20.94 0.69 0.67 15.36
Arrow Electronics, Inc. n/a 4,630.062 7.86 8.31 0.22 0.23 2.57
Charles & Colvard, Ltd. n/a 61.655 348.08 n/a 4.99 n/a 1.27
World Peace Industrial Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Carclo PLC n/a n/a n/a n/a n/a n/a n/a
NIPPON STEEL CORP n/a n/a n/a 15.53 n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 1,759.4 1,035.3 2,794.7
Other Revenue n/a n/a n/a
Total Revenue 1,759.4 1,035.3 2,794.7
Cost of Revenue 998.0 648.0 1,646.0
SG&A Expense 437.8 171.5 609.3
Depreciation & Amortization 29.7 16.7 46.4
Research & Development 242.5 131.4 373.9
Interest Expense n/a n/a n/a
Other Operating Expense n/a 1.1 1.1
Unusual Expense (Income) 19.0 1.3 20.3
Total Expenses 1,727.0 969.8 2,696.8
Operating Income 32.4 65.5 97.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -11.8 9.1 -2.7
Other, Net 0.6 0.9 1.5
Income Before Taxes 9.2 75.4 84.6
Income Taxes -22.7 11.8 -10.9
Income After Taxes 31.9 63.6 95.5
Net Income - Excl. Xord. Items 31.9 63.6 95.5
Net Income - Incl. Xord. Items 31.9 63.6 95.5
Income Avail. to Common 31.9 63.6 95.5
Share Items
Basic Avg. Shares Outstanding 229.4 115.5 344.9
Basic EPS - Excl. Xord. Items 0.14 0.57 0.28
Basic EPS - Incl. Xord. Items 0.14 0.57 0.28
Full Dilution Adjustment n/a n/a n/a
Fully Diluted Shares Outstanding 229.4 115.9 345.3
F.D. EPS - Excl. Xord. Items 0.13 0.57 0.28
F.D. EPS - Incl. Xord. Items 0.13 0.57 0.28
Balance Sheet
Assets
Cash and Equivalents 415.2 171.7 586.9
ST Investments 306.1 515.6 821.7
Accounts Receivable 287.5 158.2 445.7
Inventory 186.9 187.4 374.3
Prepayments and Advances 72.9 52.8 125.7
Other Current Assets 34.3 18.9 53.2
Current Assets 1,302.9 1,104.5 2,407.4
PPE 718.7 n/a 718.7
Accum D&A -465.4 n/a -465.4
PPE, Net 262.0 605.5 867.5
Goodwill & Intangibles 299.0 1,003.4 1,302.4
Long Term Investments 1.3 n/a 1.3
Other Assets n/a n/a n/a
Other LT Assets 50.3 6.0 56.3
Total Assets 1,915.5 2,719.5 4,635.0
Liabilities
Accounts Payable 126.6 81.5 208.1
Payable/Accrued n/a n/a n/a
Accrued Expenses 126.5 26.0 152.5
ST Debt n/a n/a n/a
Other (Current) Liabilities 129.5 41.7 171.2
Current Liab. 382.6 149.2 531.8
LT Debt 295.7 n/a 295.7
Total LT Debt 295.7 n/a 295.7
Deferred Taxes 7.5 21.9 29.4
Other LT Liab. 172.6 26.1 198.7
Total Liabilities 850.9 197.2 1,048.1
Shareholders Equity
Common Stock 0.2 0.1 0.3
Additional Paid in Capital 69,654.1 1,831.9 71,486.0
Retained Earnings -68,600.4 679.7 -67,920.7
Unrealized Gain (Loss) -3.2 n/a -3.2
Other Equity 1,064.6 10.5 1,075.1
Total Equity 1,064.6 2,522.3 3,586.9
Total Liab. & Equity 1,915.5 2,719.5 4,635.0
Shares Outstanding 229.1 116.1 345.2
Cash Flow
Operating Cash Flow
CF Net Income 31.9 63.6 95.5
CF Depreciation 67.9 126.6 194.5
CF Amortization 88.1 n/a 88.1
CF Deferred Taxes 1.2 -16.3 -15.1
Other Non-Cash Items 72.6 57.1 129.7
Change in Working Capital -84.2 -3.1 -87.3
Total Cash From Operating Activities 177.5 227.9 405.4
Investing Cash Flow (not calculated)
Capital Expenditures -105.9 -635.3 -741.2
Other Investing Cash Flows -96.5 104.5 8.0
Total Cash From Investing Activities -202.4 -530.8 -733.2
Financing Cash Flow (not calculated)
Dividends Paid n/a n/a n/a
Purchase Or Sale of Stock 36.4 7.1 43.5
Purchase and Retirement of Debt -10.6 n/a -10.6
Other Financing Cash Flow 6.9 1.1 8.0
Total Cash From Financing Activities 32.7 8.1 40.8
Exchange Rate Effects -1.2 0.9 -0.3
Net Change in Cash 6.6 -293.9 -287.3
Cash Taxes Paid 13.7 31.2 44.9
Cash Interest Paid 5.8 n/a 5.8