11 www.taipanonline.com That’s huge growth, no matter
how you look at it.        Now, this company is expect-
ed to do under US$1 billion in
sales this year. How could earn-
ings have ramped up and then
cratered in so short a time? You
guessed it—  the telecom bust.
But with the notable exception of
Lucent (LU:NYSE), telecom
equipment stocks have been
doing pretty well lately.        What’s more, in 1998 this
stock traded between US$20 and
US$40 on a split-adjusted basis.
Today, it trades for US$8.
Incidentally, 1998 was also the
year the NASDAQ broke above
2,000 for the first time. The caveat Of course, those crazy years were just that, crazy. And I’m not
trying to make the case that tele-
com stocks—  or any others, for
that matter—  are headed back to
their glory days of revenue and
earnings growth. Considering
that this stock, Tellabs
(TLAB:NASDAQ), did just US$1.3
billion in 2002, and is on pace to
drop below US$1 billion this year, I’d be a dang fool to come
out and forecast that revenues
were going to get back to
US$3.3 billion any time soon.        However, I will say that
Tellabs is poised to surpass next
year’s revenue estimates of
US$1 billion by a comfortable
margin. And with over US$1 bil-
lion in cash and zero debt, the
company is in good financial
shape.        But here’s what’s really got
me thinking that there’s more to
Tellabs than meets the eye:
Tellabs business generated
US$120 million in free cash flow
in Q2 of 2003. I mean, the com-
pany posted a net loss per
share, officially, and yet they
generated US$120 million in free
cash flow? Hmmm…   I smell a
tax dodge.        And if that’s true, Tellabs is
going to be showing a profit
sometime next year.        I consider Tellabs a strong
speculative buy on the continu-
ance of the current rally. If you
can get in at US$7 a share, 50%
to 60% gains by the end of 2003
could be achievable. n        I love it
when things
turn around
for you. One
minute you
think you’re
about to fold
under the
weight of the
world, and
then it hap-
pens. Angels sing. You’re engulfed in golden
light and you find out every-
thing’s going to be OK.        Well, this epiphany may have
just occurred for a stock I wrote
about in the June issue of this
profitable periodical. The stock is
EntreMed (ENMD:NASDAQ), and
they manufacture Panzem.
Panzem cuts cancer off at the
knees by denying it two survival
musts: a healthy blood supply
and tumor cell growth. Take a
look at the June issue
of Taipan  if you need a refresher
course in the particulars.        Shortly after that issue came
out, ENMD shinnied down a bit next, please… A change of fortune—  and
a 62% profit William Colburn Taipan's Classified Rates TAIPAN  CLASSIFIEDS are published concurrently in our U.S., Canadian, and international editions, as
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