Cowen’s Stone Comments on SunPower (Nasdaq:SPWRA) Investigation – Maintains OUTPERFORM
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/IUHvLc4hi2w/Posted on Tuesday, November 17th, 2009 | In Investing Lessons, Small & Micro Cap
November 17, 2009 ndash; Analyst Comments ndash; Cowenrsquo;snbsp; Rob Stone commented this morning on SunPowerrsquo;s (Nasdaq:SPWRA) announcement that it is investigating accounting entries at its Philippine manufacturing operations which could havenbsp; understated COGs for the first nine months of 2009 by about $15 million.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; There can be no assurance that broader issues do not exist, and an updatenbsp; is expected within 30 days. In the meantime, the sharesnbsp; are likely to trade near the low end of the recent range
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The misstatements on COGs could equate to an adjustment of about 7-17% relative to YTD non-GAAP operating income of $90.5M, and the impact on EPS equates to 6-16c (5-13%) vs. 2009E cash EPS of $1.21 and 11c (5%) vs. 2008 cash EPS of $2.28
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating
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