TS03 Inc Trust Units TSTIF

RE:quater

[StocksFTB]

I am assuming that the company installed 7 units in the quarter and shipped another 12 for a total of 19 revenue generating units.  If I assume that these were all sold at $100,000 each that would generate $1.9 million in revenue.  

Consumables revenue should be based off of the 59 units the company had installed as of the last quarter and I am estimating $370,000 in consumables revenue.  Adding consumables revenue to my capital revenue above gets me a real revenue number of $2,270,000. 

A miss on the revenue line could easily occur if they are discounting units and not selling at $100,000 each.  It will be interestint to see where revenue comes in as it will give a real indication of how aggressively they are pushing units into the market without regard to price. 

Because of the accounting treatment of the inventory that was bought back vs the license fee  the company appears to be booking negative cost of goods on units shipped which means that each unit shipped actually adds to gross profit, so it will be interesting to see how this shakes out but it could add over $100,000 per unit shipped to gross profit, although this is totally artificial

I expect SG&A and R&D expenses to total $3,900,000