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Syntax-Brillian: Confusing Analyst Statements

posted on: November 15, 2007 | about stocks: BRLC

Daniel M. Gelbtuch, an analyst for CIBC World Markets, explained on Tuesday, November 14 why he believed Syntax-Brillian's stock has fallen over the past few trading days. He pointed to accounting and guidance problems as the culprit. However, some of his statements are rather confusing since the published article does not go into great depth to explain his comments.

He stated sales were recorded before payment was received and that booking revenue and earnings without cash has the appearance of fraud. Generally Accepted Accounting Principles [GAAP] uses an accruals basis of accounting. Under an accrual basis, the revenue recognition principle requires companies to record revenue when it is realized and earned and not when cash is received. That is why account receivables recognized during a quarter are generally considered revenue for that same quarter whether or not they have been collected. Even if the account receivables end up being uncollectible, a company will eventually write it off as a bad debt expense.

I do not see how an appearance of fraud can be drawn from those factors. However, Gelbutch might be saying that it appears to some that the receivables from China were fraudulent and there were no actual sales. Although that sounds highly unlikely since Syntax-Brillian's auditors, Ernest & Young, signed off on their audit. Gelbutch also said that the company extended lines of credit for up to 120 days for clients in Asia when no more than 40 should have been allowed. However, 120-day payment terms in China are not too uncommon. Manufacturers generally do no offer cash discounts to retailers in to encourage retailers to pay faster like in the US. Interest rates in China are very low making cash discounts less effective in speeding up collection.

Disclosure: Author has a long position in BRLC

3 Neue riesige LCD Fernseher

17 OKT Posted on 2007 under Fernseher, Audio / Video Gadgets, Elektronische Gadgets, Allgemein |

Die Firma Syntax-Brillian hat nun 3 neue 1080p Olevia LCD Bildschirme vorgestellt. Dabei geht es genauer um die Modelle 265TFHD, 252TFHD und 247TFHD.

Das 265TFHD ist ein 65 Inch großer Fernseher welcher einen Silicon Optix Realta HQV Video Prozessor besitzt, ATSC/NTSC Tuner , USB Ports , 2 HDMI / Component / S-Video / Composite und einen VGA Eingang.

Der 252TFHD hat die gleiche Ausstattung wie der 265TFHD, ist aber nur 52inch groß.

Der 247TFHD ist ein 47inch großer Bildschirm, welcher mit einem MTK MDDI Video Prozessor ausgestattet ist. Die restliche Ausstattung ist gleich mit den beiden anderen Modellen.

Bei den Preisen sieht es wie folgt aus:

265TFHD - 6.999US $
252TFHD - 2.499US $
247TFHD - 1.999US $

http://www.weltdergadgets.de/archives/339

...


http://www.shopping24.de/scripts/mall.mallhome.php?pMitLM=1&…

Antwort auf Beitrag Nr.: 32.460.403 von teecee1 am 16.11.07 22:22:40eingereicht von SantaCruze vor einem Monat und 2 Stunden

Artikel abstimmen: http://www.yigg.de/358925_3_Neue_riesige_LCD_Fernseher

eine alte und einzige Meldung ... ... zu schwache Nerven ... oder zu hohes Risiko ...

13.09.2007 - 07:57

Syntax-Brillian - Aktie bricht trotz Ergebnisvervielfachung ein

Tempe (Boerse.Go.de) - Der LCD-TV-Hersteller Syntax-Brillian Corp. erwirtschaftete im vierten Geschäftsquartal einen Nettogewinn von 8,4 Millionen Dollar bzw 11 Cents je Aktie. Im Vergleichszeitraum des Vorjahres wies Syntax-Brillian einen Nettoverlust von 5,5 Millionen Dollar bzw 11 Cents je Aktie aus.

Die Erlöse schossen von 59,8 Millionen Dollar auf 205,3 Millionen Dollar nach oben.

... die Erlösung, die Lösung, erschossen ... daneben ... es könnte ja noch werden ...

Die von Thomson First Call erhobenen durchschnittlichen Analystenschätzungen liegen bei einem Gewinn von 12 Cents und Erlösen von 198 Millionen Dollar.

Wie das Unternehmen am Mittwoch nach Börsenschluss weiter mitteilte, wird für das erste Quartal und 2007 mit einem Erlös von 170-180 Millionen Dollar bzw 1-1,1 Milliarden Dollar gerechnet.

CFO Wayne Pratt hat mit Wirkung zum 30. September seinen Rücktritt erklärt.

Syntax-Brillian brachen nachbörslich um 24,14% auf 4,65 Dollar ein

(© BörseGo AG 2007 - http://www.boerse-go.de, Autor: Huber Christoph, Redakteur)

http://www.boerse-go.de/news/news.php?ida=689433&idc=1

HDTV: Office Depot's Black Friday Deals
The retailer plans a $699 big-screen LCD sale.
By Swanni
(Swanni (Phillip Swann) is president and publisher of TVPredictions.com. He has been quoted in dozens of publications and broadcast outlets, including CNN, Fox News, Inside Edition, The New York Times, The Washington Post, The Chicago Tribune, The Financial Times, The Associated Press and The Hollywood Reporter. He can be reached at swann@tvpredictions.com or at 703-505-3064.)

Washington, D.C. (November 15, 2007) -- Would you like a 42-inch LCD HDTV for under $700? How about a 32-inch LCD HDTV for under $500?

Those are some of the "Black Friday" deals that you can expect at Office Depot, according to several web sites that monitor the big shopping day.

Retailers traditionally offer deep discounts on the day after Thanksgiving (Nov. 23), better known as Black Friday, the unofficial start of the holiday shopping season.

The discount prices are often available for one day only -- and may include restrictions on time and supply. Discount hunters also have to contend with the frenzied atmosphere of Black Friday which some shoppers view as a day of combat.

According to blackfriday.info, Office Depot has the following deals planned for high-def products on Black Friday:

26-inch LCD HDTV -- $399.99
Oleva 42-inch LCD HDTV -- $699.99
Olevia 37-inch LCD HDTV -- $649.99 ... liegt da ein versehen vor ... ... 549.00$
Sharp Aquos 42-inch LCD HDTV -- $899.99
Westinghouse 32-inch LCD HDTV -- $499.99 ... 80$ mehr ...
Phillips Virtual Surround Sound Home Theater System w/DVD Player -- $179.99

TVPredictions.com will offer more updates on Black Friday deals as they become available.

http://www.tvpredictions.com/blackoffice111507.htm
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Expert Comment: The arrival of the Black Friday sales usually marks the start of the year-end holiday shopping season in the US. As the US market is a very important region, its holiday sales performance is always closely watched. For this year, some factors are worth monitoring, as they may affect the strength of the overall market, which include LCD application products. The concerns can be categorized into three points: 1.Continued depreciation of the US dollar. As the US dollar weakens, it raises the prices of relevant products, which may result in an increase in the retail prices. 2.Climbing oil prices: Amid the rising oil prices, it increases the household expenditure, thereby impacting the family’s overall buying power. 3.Subprime mortgage crisis: As the effects from the subprime mortgage crisis remain a bit elusive, it is still a time bomb that may affect the financial strength of US consumers. It remains to be seen whether or not the factors mentioned above will become a key concern. Needless to say, it will be closely watched, as it directly affects the inventory levels of retailers, TV set/panel/key component manufacturers

http://www.witsview.com/News/TopStory.aspx
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Looking at the dynamics of the LCD TV industry through the eyes of James Li
A Two-hour chat with Syntax-Brillian CEO---James Li



We are very honored and privileged to have the opportunity in conducting an interview with Mr. James Li, where he will share his thoughts on the global LCD TV industry changes and its future development trend. Mr James Li is currently the CEO of Syntax-Brillian, a company listed on the US Nasdaq. Mr Li’s background originates from Taiwan’s IT industry. In 2003, he co-founded the Syntax Groups Corporation, where in 2005, it merged with Brillian Corporation in becoming today’s Syntax-Brillian. Through a close collaboration with Taiwan’s supply chain partners, and a successful marketing strategy, the company created the Olevia TV brand.

Question: Amid the arrival of the LCD era, how will it change the TV industry landscape?

Answer: For sets used primarily for TV watching, LCD TVs could become a mere commodity in the next 5 years. However, as the LCD TV has fully embraced the wave of digitization, its potential far exceeds that of the CRT TV. In the future, the LCD TV will become a device that not only delivers TV programs, but through a bevy of functions, it is poised to become an integrated entertainment and digital hub. If the TV industry continues on this path, it will bring forth many new opportunities to countries with a strong IT infrastructure, such as Taiwan, India and China.

Question: When the Olevia brand was first debuted in the US market, a handful of CE giants had already established a very strong foothold. It wasn’t until recently did these manufacturers begin to view the Tier 2 brands as a credible threat. From your observation, can you briefly explain how the Tier 1 players have responded?

Answer: A new strategy adopted by the Tier 1 brands was the widespread use of sub-brands for their LCD TVs, which included Panasonic’s Viera, Toshiba’s REGZA, Samsung’s Bordeaux, Sony’s Bravia and Sharp’s Aquos.

Tier 1 players have also started to add more average priced models to their lineup, creating a lot of pressure on the Tier 2 players.

Question: Two year ago, the industry was curious if the IT companies would become a new power in the LCD TV market. But now people are interested in understanding how Tier 2 TV brands have emerged in challenging their Tier 1 counterparts. IT brands, such as Dell and Gateway, pulled the plug on their TV businesses, while Olevia and Vizio instead rapidly developed. What did the IT companies lack, and what allowed the new TV makers to survive and develop?

Answer: The failure of the IT makers stemmed from their underestimation in entering the TV market. As a result, insufficient resources were deployed during their initial foray. The situation was further complicated by the painful WinTel form factor experience encountered by CE manufacturers, most notably Japanese players, as they sought to enter the PC market. Thus, the Japanese have been especially keen in keeping the IT makers away from the TV market.

In addition, in contrast to the more independent and burgeoning IT industry, the CE market, which encompasses the media, government, entertainment and broadcasting sectors is more secluded. Consequently, the more tightly-knit business relationships make it much more difficult for IT makers to penetrate into.

In terms of resources and production capacities, Tier 2 TV makers are at a disadvantage when compared with the leading global IT makers. If we say the former’s performance is better than the latter, it is mainly attributed to the fact that the Tier 1 IT makers did not initially consider them as a serious threat. However, we are still far away from success. As a matter of fact, we are still in a shaky position. Once the Tier 1 makers decide to slash their prices, Tier 2 TV makers still face a strong possibility of being squeezed out.

Question: In the beginning, Syntax was a private company, with limited capital. How did you persuade your suppliers to lend a helping hand?

Answer: When Syntax was first established, it was anticipated that the Olevia brand would become a sales platform for Taiwan’s industry, where participating suppliers would be able to enjoy the fruits of the platform.

However, more time is needed before people can fully discover the merits of a brand-based platform. Taiwan’s IT companies are currently more at ease with their OEM business models, where they mainly run their businesses by gaining production orders from international brand vendors. Thus, as such manufacturers are more vulnerable to any marketing risks, they are more willing to sacrifice their margins in securing more long-term orders.

Olevia’s supply chain partners, which respectively share our platform vision, mostly originate from southern Taiwan. Some do not come from the IT industry at all, but individuals who have a keen interest in our platform. They probably would never have thought that one day their products would be able to be sold around the world.

Question: It is seen that Syntax-Brillian has raised funds with many of its suppliers, including Premier, TCV, WesTech and Teco. But why hasn’t Syntax-Brillian raised funds from the public?

Answer: Although it is not too difficult to raise funds in the US, listed companies must pay a bigger expense when the capital is provided by investors. By contrast, if players in the supply chain can be persuaded in providing financial support, it will bypass the relevant costs associated with the public fund raising, and deliver larger benefits to Syntax-Brillian’s sales platform.

In addition, during a fund raising campaign, investors have a minimal effect in helping companies bring down their costs. On the other hand, if component suppliers acquire an equity stake, it improves the company’s production costs. These are just a few of the many benefits and opportunities a common platform can offer, where everyone can exist and prosper together.

Question: You are currently trying to expand into other worldwide markets, but at the same time, Olevia’s ranking is slipping in the Northern America market. Is this a price that must be paid when expanding the business?

Answer: Compared to the previous year, Olevia still enjoyed an average growth of 2.5 times YoY. This is not easy for the companies like us, especially when considering the limited resources at hand.

In terms of the market expansion, Syntax-Brillian LCD TV sales are currently focused in the US and China markets only. We have ventured into the South America market, while in Europe, we pursued with the acquirement of the Vivitar camera brand. However, at the moment, we have not yet launched any TV models in the Europe region.

Question: It seems Syntax-Brillian’s acquisition of Vivitar brand is a tactic in entering the European LCD TV market. Compared to creating the Olevia brand for the N. America, different marketing strategies are being adopted for some regions. What are the differences between the US and Europe markets? What is the value of Vivitar?

Answer: In the US market, consumers are more concerned with the price/performance. In Europe, consumers pay more attention on the TV’s style and basic values. In other words, price and specs alone are not enough in attracting European consumers.

Ever since the medieval times, Europe consists of many “polis” linked together, where each one contains several small area-based retailer channels; only dealing with brand makers that they were familiar with. When entering the Europe market, aligning with these local retailers is an important process.

Many Europe brands have already built a relationship with various regional retailers, which have lasted for decades. Thus, the retailers are willing to promote and sell any of the brand’s products. Vivitar was invented in 1938, and is almost nearly 70 years old. We can utilize Vivitar’s brand and channels in promoting our LCD TVs. Slotting Allowance and Product placement fee are free, which shortens the overall learning curve.

Currently, the Vivitar brand only sells DSC related products in Europe. In the future, if more supply chain vendors can join Syntax-Brillian’s platform, Olevia LCD TVs have a better chance in penetrating the Europe market.

Question: Which segments of the supply chain do you anticipate most in joining the platform?

Answer: Everyone is welcome to join. My primary intention is create an open platform for Taiwan’s industry. From any corner around the world, I hope to let everyone know that this (Olevia LCD TV) is made in Taiwan, or designed in Taiwan. Although it maybe assembled in China or in other regions, it is a symbol of Taiwan.

Taiwan’s major IT players, such as Compal, Quanta or even Hong Hai are all adept in vertical integration. Although Olevia now enjoys the support of its supply chain partners, in the long run, closer ties with these major IT player needs to be built in taking the business to the next level.

Question: The traditional TV industry is composed of CEs, MSOs, TV networks and CE retailer. These players have co-worked for decades. As a new comer in the industry, how do you compete with them in winning the market share (or become one of them)? What is the most challenging aspect? Can you give some suggestion for anyone who seeks to enter the LCD TV market?

Answer: By looking at the current market rules and the intertwined relationship among the existing players, it is a market structure that is unlikely to break down. The only method for the newcomer to survive is by joining them. Thus, in order to successfully sell a TV, it is important to maintain an amicable relationship with the mainstream media, entertainment industry, content providers, or even government departments. In addition, grasping the market rules is always a must.

For example, for hotels in the North America market that provide video on demand services, they are mainly dominated by two companies--- OnCommend and Lodgenet. If the TV makers do not adopt to their respective specs, the incompatibility of the TV will render it unusable in the hotel. However, these on commend solution suppliers only offer their licenses to certain TV makers. Therefore, TV makers must find ways in working together with them. These are difficult challenges that both the TV and IT makers must face. Yet, as the IT industry emphasizes on producing rapid results, when first foraying into this game, it may feel particularly uneasy and out of place.

Question: Taiwan is already well known for its IT industry. It has also transformed itself into a TFT LCD powerhouse. Which areas do you think the Taiwanese need to work on before entering the LCD TV market?

Answer: Pertinent software upgrades is just as important as the hardware. This is an area in which Taiwan must try to improve on when entering the TV industry.

Currently, TV makers must pay a USD 8~USD 25 royalty to the likes of Sony, RCA, Thomson, Zenith, and Philips. This also constitutes to a significant portion of the aggregated costs. Moreover, as TVs become more multi-functioned, the required software must be increasingly powerful.

Question: Please share with us your outlooks toward the TV set and industry trend based on the following table and provide a simple explanation if necessary

Answer: http://www.witsview.com/Content/chat/syntaxbrillian.htm

Antwort auf Beitrag Nr.: 32.439.193 von teecee1 am 15.11.07 15:48:39Clarification:Syntax-Brillian Corp.
Friday November 16, 4:52 pm ET

NEW YORK (AP) -- In a story Nov. 13, The Associated Press reported that analyst Daniel Gelbtuch attributed a drop in Syntax-Brillian Corp.'s shares to accounting problems, and warned booking sales without cash could be seen as fraud.

The story should have made clear that Gelbtuch believes a lack of guidance from the company, caused by accounting changes to a royalty model, affected the shares. Also, he said, certain investors that bet on a decline in a company's stock view booking sales without cash for lengthy periods as a sign of potential fraud.

A revised version of the story appears below.

NEW YORK (AP) -- Shares of Syntax-Brillian Corp. fell Tuesday, and an analyst pointed to a lack of financial guidance related to changes in accounting methods at the high-definition TV maker as a potential reason.

CIBC World Markets analyst Daniel Gelbtuch said the company's switch to a royalty-based revenue model is making it difficult for Syntax-Brillian to estimate profits from quarter to quarter. This lack of guidance seems to be of concern to investors, he said.

"The fact they didn't give guidance for the upcoming quarter is what is weighing on the stock," Gelbtuch said in a phone interview.

Under the royalty model, Gelbtuch explained, Syntax-Brillian is negotiating to collect payment from third parties it hires to assemble televisions. Until rates from those royalties are finalized, the company cannot properly estimate revenue, he said.

"No one has an idea how much they're going to make off each TV," he said. "Until this gets ironed out and management can actually issue guidance ... the stock could is going to stay in a holding pattern."

Overall, the change to a royalty model is a good move for the Tempe, Ariz., company, he said. Syntax-Brillian, like most companies operating in China, had previously extended lines of credit for up to 120 days, he said. In the U.S., most businesses only offer up to 60 days, he said.

Gelbtuch said he believes Syntax-Brillian has good business and accounting practices based on his research. He noted, however, that short-sellers, or investors who have bet the stock will fall, often contend that long revenue collection periods can give the appearance of fraud. Short sellers account for about 18 percent of the company's outstanding shares, according to Thomson Financial.

Despite the accounting issues, Gelbtuch said Syntax-Brillian is a much better company than it was a year ago and maintained his "Sector Outperformer" or "Buy" rating after a 73 percent jump in fiscal first-quarter profit.

Shares fell 26 cents, or 7.3 percent, to $3.30 Tuesday.

Gardy & Notis, LLP Files Securities Fraud Class Action Against Syntax-Brillian Corp. -- BRLC
Friday November 16, 7:00 pm ET

ENGLEWOOD CLIFFS, N.J., Nov. 16, 2007 (PRIME NEWSWIRE) -- Gardy & Notis, LLP has filed a securities fraud class action lawsuit in the United States District Court for the District of Arizona on behalf of purchasers of Syntax-Brillian Corp. (NasdaqGM:BRLC - News) securities between May 1, 2007 and September 13, 2007.
The case is styled as Tsirekidze v. Syntax-Brillian Corp., under Case No. 2:07-cv-02204-JWS. A copy of the complaint stating the claims in the lawsuit is available from plaintiff's counsel, Gardy & Notis, LLP, at 201-567-7377 or dmansoor@gardylaw.com.

The complaint charges that Syntax-Brillian, CEO Vincent F. Solitto, Jr., and (now former) CFO Wayne Pratt misled shareholders through false statements about the company's business prospects, operations, demand for the company's products, and adequacy of internal controls.

Purchasers of Syntax-Brillian securities between May 1, 2007 and September 13, 2007 who wish to serve as lead plaintiff must file a motion with the Court by January 15, 2008. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Plaintiff in the lawsuit is represented by Gardy & Notis, LLP. For more information regarding the lawsuit, to obtain a copy of the complaint, have any information relevant to the lawsuit, or wish to serve as lead plaintiff, please contact attorney Dustin Mansoor at Gardy & Notis, LLP at 201-567-7377 or dmansoor@gardylaw.com.

More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca

... wir müssen den Tee wohl erstmal ohne Zucker trinken ... ...hoffentlich klärt sich daß ...

Wo Amerika noch XXL ist
13.11.2007

(...) Gefahr und Chance

Auf zwei Wegen können Anleger nun dem Trend folgen (siehe Fondstabelle). Mit reinen Tech-Fonds ist die Chance auf eine hohe Performance größer. Aber auch das Risiko eines Kursrückschlags liegt höher als bei den breiter aufgestellten US-Fonds der großen Gesellschaften Alger, Legg Mason und Janus. Die investieren auch in andere Sektoren, sind aber im Technologiesektor deutlich übergewichtet. Beide Varianten unterliegen einem Währungsrisiko. Wenn der Dollar weiter fällt, verlieren die Aktien, gerechnet in Euro, an Wert. Einige Fonds allerdings sichern Währungsverluste ab (in der Tabelle mit „*“ gekennzeichnet).

Der schwache Dollar ist aber nicht nur eine Gefahr, sondern auch eine Chance. Denn die Schwäche der Heimatwährung befeuert die Gewinne vieler amerikanischer Tech-Unternehmen: Während die Produktion in Dollar bezahlt werden muss, kommt ein Großteil der Gewinne aus dem Euro-Raum. Damit sorgen die Einnahmen mit harten Euros für einen Gewinnsprung in der Dollar-Rechnung. So ist es nicht verwunderlich, dass der Nasdaq 100, der die größten IT-Unternehmen der USA zusammenfasst, in den letzten zwei Jahren diametral zum Fall des Dollar zugelegt hat. Der Aktienanstieg war sogar doppelt so stark wie der Dollar-Verlust. Solange der Greenback weiter schwächelt, sorgt er nicht nur für höhere Gewinne im Quartalsbericht, sondern wird zum dauerhaften Wettbewerbsvorteil: US-Unternehmen können den größeren Spielraum für Preissenkungen nutzen und ihren Marktanteil langfristig erhöhen.



Technologie-Unternehmen profitieren sogar noch mehr als andere Sektoren, weil Exporte einen größeren Anteil am Gesamtumsatz haben. Intel beispielsweise macht rund 86 Prozent seiner Umsätze außerhalb der USA, die zehn größten Unternehmen kommen auf durchschnittlich mehr als 60 Prozent Exportquote. Patrick Kelly sieht deshalb einen Vorteil bei wachstumsstarken US-Werten: „Viele US-Unternehmen, die mit 20 bis 25 Prozent pro Jahr wachsen, werden mit einem Abschlag gehandelt, weil die Gefahr einer US-Rezession eingepreist wird“, meint der Fondsmanager des Alger American Asset Growth. Tatsächlich hängen jedoch viele Unternehmen weniger an der schwächelnden US-Konjunktur als an der weiterhin robusten Wirtschaftskraft Europas und Asiens. Im Falle einer US-Rezession dürften Techno-Titel dank des hohen Auslandsanteils am Umsatz und solider Bilanzen gegenüber anderen Sektoren sogar im Vorteil sein.

Gerade im Bereich Hardware sind Tech-Produkte ziemlich konjunkturunabhängig. Zum einen richten sie ihre Angebote meist an Unternehmen, die sich bei strategischen Investitionen in IT-Infrastruktur nicht von kurzfristigen Nachfragedellen irritieren lassen. Zum anderen sind sie eher im hochpreisigen Segment unterwegs, das bei schwacher Konjunktur weniger leidet als Konsumgüter des täglichen Bedarfs. Déjà-vu also? Nein, doch eher der Blick in eine viel versprechende Zukunft.

kompletter Artikell: http://www.finanzen.net/euro/euro_aktuell.asp?pkBerichtNr=15…

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