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Biotech / Medical : PHP Healthcare

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To: Jim Mac who wrote (5)	12/9/1997 4:13:00 PM
From: Pierpont	Read Replies (1) of 136

The news today about Charles Robbins $10 million bid for the government business side of PPH operations is quite intriguing even though his offer seems to be summarily rejected as being too low. If this is merely the negotiation dance prior to taking this part of the company's business off the books, it should be enthusiastically applauded by Wall Street analysts who look askance at this lower margin pedestrian side of the business, and would accord a higher valuation to cleaner and leaner ( ie. no government biz ) looking company. Additionally, Salomon Smith Barney, the co.'s underwriters of the convertible debenture offering in 1995 (?) has a/o one week ago bumped up their rating to Buy from neutral, apparently on improving margin outlook at both PPH core businesses and the newly acquired HIP NJ, plus don't forget, there's more to come when they get HIP NY's business, too. The estimates of .86 for fiscal year 98 ( ending April ) look increasingly solid, if not conservative. The increased activity augurs well for a solid move out a range, where it has been mirred for a good three quarters. Good luck on this one !

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