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Mini Scribe Essay

2261 words - 9 pages

ANNEX B. MiniScribe Corporation Key Financial Ratios and IndicatorsA few years after the venture-capital firm of Hambrecht & Quist took over the management of the ailing MiniScribe, the company turned around its profits and became a sizeable player in the disk drive industry. It became the dominant supplier of 3 ½ inch disk drives, which was expected to replace the nearly obsolete 5 ¼ inch drives. Demand forecasts in the near term for the former far exceeded the latter. In an industry in which technology and trends are king, MiniScribe's immediate future was indeed promising.Unfortunately, however, rumors circulated in the investment community that MiniScribe was starting to encounter liquidity problems. This prompted us to take a closer look at the disk drive industry in general, and MiniScribe's operations in particular. In the process, we will reassess MiniScribe's existing "BUY" rating if this still holds.Issue at HandSince this stock was on our "BUY" list, our clients might have this on their portfolio. We are well aware that rumors may have some factual basis, and hence should not be disregarded. On the ground of prudence, we must conduct a thorough reassessment of the company in order to protect our clients' best interest.In this light, I aim to answer this critical question:Do the rumors of MiniScribe having liquidity and inventory problems have basis?After such reassessment, I intend to come up with a rating recommendation of whether to retain "BUY," or downgrade to "HOLD" or "SELL," as supported by an in-depth analysis of available quantitative and qualitative information.AnalysisI relied primarily on the following sources of information: company-issued financial statements, industry data from publicly-available sources, and the industry report of the research firm Dataquest. Quantitative analysis involved horizontal and vertical analyses of financial statements to identify trends and deviations, cash flow assessments to evaluate the quality of earnings, and ratio analyses to identify possible red flags. Key figures used in the analysis are provided in Annexes A and B.In conjunction to this, qualitative analysis was performed to note information that are not apparent in the financial statements. This involved benchmarking company performance against industry averages to see how they fared relative to peers, expert opinions on the future developments in the microcomputer industry, and a commentary on the salient company policies that might have affected overall performance.As some of the relevant information were not available publicly (such as company strategies, action plans, segment results), assumptions were made to show a complete picture of the analysis.Part I - Quantitative AnalysisRevenue and profit growth streak breaks industry recordsThis is the 13th consecutive quarter that the company experienced increases in revenues and net income, with a compounded quarter-on-quarter growth of 11% and 4% respectively....

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