هذي هديه مني لكم ... شريت لكم تقرير من الياهو عن شركة ibzt بــ 25 دولار الله لايخسر بس تستاهلون .. وهذا التقرير بالكامل : Ticker: IBZT 2003 Sales: 485,382 Primary SIC: Computer peripheral equipment (3577) Sector: Information Technology Industry: Computers & Peripherals Country: United States Currency: U.S. Dollars Fiscal Year ends: October Employees: 5 Exchanges: OTC Share Type: Common Market Capitalization: 92,882,169 Total Shares Outstanding: 2,565,805,769 Closely Held Shares: 500,881,020 COMPANY RESEARCH REPORT Data as of: 4/30/04 Company Description Competitor Analysis Ibiz Technology Corp. operates within the Computer peripheral equipment sector. This analysis compares Ibiz Technology Corp. with three other manufacturers of computers and peripheral equipment in North America: Spatialight, Inc. (2003 sales of $221,252.00 ), Wave Systems Corporation ($189,000.00 of which 57% was Digital Security), and Widecom Group Inc. (The) which is based in Canada (829,569.26 Canadian Dollars [US$603,760.51 ] of which 100% was Printers). Sales Analysis During the year ended October of 2003, sales at Ibiz Technology Corp. were $485,382.00 . This is an increase of 36.2% versus 2002, when the company's sales were $356,278.00 . Despite this increase, sales are still well below the level achieved in 2001, when Ibiz Technology Corp. reported sales of $1.97 million. Acquisition activity may have played a role in the sales growth: Ibiz Technology Corp. acquired Synosphere LLC in 2004. Recent Sales at Ibiz Technology Corp. 3.4 2.1 4.1 2.0 0.4 0.5 1998 1999 2000 2001 2002 2003 (Figures in Millions of U.S. Dollars) The company currently employs 5. With sales of $485,382.00 , this equates to sales of US$97,076 per employee. This is higher than the three comparable companies, which had sales between US$2,277 and US$7,902 per employee. Note that some of the figures stated herein could be distorted based on exact classification of employees and subcontractors. Sales Comparisons (Fiscal Year ending 2003) Company Year Ended Sales (US$000s) Sales Growth Sales/ Emp (US$) Largest Region Ibiz Technology Corp. Oct 2003 485.382 36.2% 97,076 the United States (100.0%) Spatialight, Inc. Dec 2003 221.252 N/A 7,902 N/A Wave Systems Corporation Dec 2003 189.000 -57.6% 2,277 the United States (100.0%) Widecom Group Inc. (The) Mar 2003 603.761 -13.1% 6,224 N/A Recent Stock Performance In recent years, this stock has performed terribly. In 2000, the stock traded as high as $31.88, versus $0.04 on 4/30/04. (In 2000, the stock retreated significantly from its high, and by the end of the year was at $1.50). The stock price has more than doubled recently: For the 52 weeks ending 4/30/04, the stock of this company was up 352.5% to $0.04. During the past 13 weeks, the stock has fallen 38.2%. During the 12 months ending 1/31/04, the company has experienced losses totalling $0.01 per share. (All three comparable companies also experienced losses during the most recent reported 12 month period). These 12 month earnings are greater than the earnings per share achieved during the calendar year ending last December, when the company reported earnings of -0.02 per share. Note that the earnings number includes a nominal amount pre-tax charge and nominal amount pre-tax credit in 2003 (nominal amount pre-tax charge and nominal amount pre-tax credit Oct, nominal amount pre-tax credit Jul and nominal amount pre-tax credit Apr). This company is currently trading at 191.36 times sales. The three companies vary greatly in terms of price to sales ratio: trading from 0.30 times all the way up to 631.43 times their annual sales. This company has negative book value (and thus a price to book value would not make any sense). Summary of company valuations (as of 4/30/04). Company P/E Price/ Book Price/ Sales 52 Wk Pr Chg Ibiz Technology Corp. N/A N/A 191.36 352.50% Spatialight, Inc. N/A 19.48 631.43 68.75% Wave Systems Corporation N/A 5.72 423.99 27.96% Widecom Group Inc. (The) N/A N/A 0.30 N/A The market capitalization of this company is $92.88 million . The capitalization of the floating stock (i.e., that which is not closely held) is $74.75 million . Dividend Analysis This company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months. The company has not paid any dividends during the previous 6 calendar years. Profitability Analysis On the $485,382.00 in sales reported by the company in 2003, the cost of goods sold totalled $1.59 million, or 327.8% of sales (i.e., the gross profit was -227.8% of sales). This gross profit margin is lower than the company achieved in 2002, when cost of goods sold totalled 98.7% of sales. The gross margin in 2003 was the lowest of the previous five years (in 2001, the gross margin had been as high as 42.8%). Ibiz Technology Corp.'s 2003 gross profit margin of -227.8% was lower than all three comparable companies (which had gross profits in 2003 between -127.5% and 71.0% of sales). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were -$2.63 million, or -542.3% of sales. This EBITDA margin is worse than the company achieved in 2002, when the EBITDA margin was equal to -424.4% of sales. In 2003, earnings before extraordinary items at Ibiz Technology Corp. were -$4.46 million, or -919.3% of sales. This profit margin is an improvement over the level the company achieved in 2002, when the profit margin was -1,687.1% of sales. The company has reported losses before extraordinary items for each of the past 5 years. (1999 was the last year the company reported profits from ordinary operations, when it reported $7,863.00 in earnings). Profitability Comparison Company Year Gross Profit Margin EBITDA Margin Earns bef. extra Ibiz Technology Corp. 2003 -227.8% -542.3% -919.3% Ibiz Technology Corp. 2002 1.3% -424.4% -1,687.1% Spatialight, Inc. 2003 -127.5% -3,704.9% -4,301.1% Wave Systems Corporation 2003 70.9% -9,898.9% -10,367.7% Widecom Group Inc. (The) 2003 71.0% -210.2% -222.0% Inventory Analysis As of October 2003, the value of the company's inventory totalled $44,000.00 . Since the cost of goods sold was $1.59 million for the year, the company had 10 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 36.2 times per year). In terms of inventory turnover, this is a significant improvement over October 2002, when the company's inventory was $95,000.00 , equivalent to 99 days in inventory. Financial Position At the end of 2003, Ibiz Technology Corp. had negative working capital, as current liabilities were $6.30 million while total current assets were only $204,000.00 . The fact that the company has negative working capital could indicate that the company will have problems in expanding. However, negative working capital in and of itself is not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the company has large financial subsidiaries. At the end of 2003, the company had negative common shareholder's equity of -$6.72 million. This means that at the present time, the common shareholders have essentially no equity in the company. This is further compounded by the fact that among the assets the company does have on its balance sheet, there are $61,000.00 in intangible assets. This company's total liabilities are higher than total equity, which means that the money this company owes are greater than all of the assets of the company. As of October 2003, the company's long term debt was $750,000.00 and total liabilities (i.e., all monies owed) were $7.05 million. This company has very little in cash and short term equivalents. As of October 2003, the company had only $12,000.00 in cash and short term investments. However, its annual sales, general and administrative expenses were $1.53 million, which means that the company had enough to cover these expenses for only 3 days (and this doesn't include other costs such as interest, raw materials, taxes, etc). As of October 2003, the accounts receivable for the company were $124,000.00 , which is equivalent to 93 days of sales. This is sharply higher than at the end of 2002, when Ibiz Technology Corp. had 12 days of sales in accounts receivable. The company's outstanding payroll is quite high. At the end of 2003, Ibiz Technology Corp. had outstanding payroll of $1.25 million. Since the company currently has 5 employees, this equates to $249,600.00 per employee. Financial Positions Company Year LT Debt/ Equity Days AR Days Inv. Ibiz Technology Corp. 2003 -0.11 93 10 Spatialight, Inc. 2003 0.17 193 566 Wave Systems Corporation 2003 0.00 N/A N/A Widecom Group Inc. (The) 2003 N/A 88 328 Industry Overview The Software Information Industry Association (SIAA) has numerous industry statistics on their website. Intern (SIAA) has numerous industry statistics on their website. International Data Corporation estimates that in 1998, worldwide revenues for prepackaged software totalled $140 billion, with US companies having approximately 70% of the worldwide market. Revenues were estimated to have grown 15% during 1998 versus 1997. Personal computer prepackaged software accounted for only $30 billion ($24 billion for office, $5 billion for homes and $800 million for schools).