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Technology Stocks : UNDISCOVERED NET STOCKS...Not yet BOOMING!

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To: Sipowitz who wrote ()	1/30/1999 12:10:00 PM
From: mauijack	of 525

WHAT ABOUT PWN? Cash America (PWN) is the largest pawn shop chain in the US with approx. 500 locations. Its pawn shop business this year should produce about $400 mm of sales with EPS of $1.00. Several years ago it developed a check-cashing machine similar to an ATM called Mr. Payroll which uses a patented facial biometric identification technology--this business was recently joint ventured with Wells Fargo, and is expected to generate $100 mm in sales this year, growing to $200 in 2000, with breakeven achieved in 3rd Q 1999. In its pawn shop operations, the Company employs sophisticated inventory control systems which can identify any inventory in any store. At an analyst conference call this week, PWN told analysts that it was developing its Internet strategy by looking at two alternatives: an alliance with E-Bay or OnSale or both, or going it alone. Giving the demographics of its pawnshop customer base and the inventory it sells, an Internet strategy makes a lot of sense. The stock currently trades at around $15 1/2 with a market cap of about $375 mm.

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