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Technology Stocks : CAWS - Wireless Cable (New and Improved)

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To: Bexar who wrote (62)	11/4/1996 1:15:00 PM
From: Ken Turetzky	of 5812

Analyst's report on CAMP: MONTGOMERY**MONTGOMERYMONTGOMERYMONTGOMERYMONTGOMERY CALIFORNIA AMPLIFIER, INC. November 1, 1996 NASDAQ: CAMP COMMUNICATIONS EQUIPMENT--WIRELESS Rating: HOLD Matthew S. Robison (415) 627-2389 Mark A. McKechnie (415) 627-3177 Price: $8-1/8 FY Ends 2/28 1996 1997E 1998E 52-Week Range: $48-6 Shares Outstanding: 11.6 MM Q1 $0.07 $0.13A $0.05 FY97E Revenues: $53.7 MM Q2 0.09 (0.02)A 0.07 Market Cap./Revenues: 176% Q3 0.11 0.01 0.10 Avg. Daily Vol. (3 mos.): 441,324 Q4 0.14 0.03 0.13 Dividend/Yield: None Fiscal Year $0.41 $0.16 $0.35 8/96 LT Debt/Total Cap.: 1.6% P/E 19.8 N/M 23.2 ROAE: N/M Prev. Est. $0.25 $0.70 8/96 Book Value/Share: $2.11 Calendar Year $0.22E $0.30 Secular EPS Growth: 30% P/E 36.9 27.1 Market Capitalization: $94.3 MM Prev. Est. $0.27 $0.60 * Montgomery Securities currently maintains a market in this security. MGMGMGMGMGMGMONTGOMERY SECURITIESMGMGMGMG**MG Rating Lowered to HOLD Pending Tangible Signs of Wireless Cable Market Recovery Checks indicate that CAMP's market continues to be soft because of domestic weakness as wireless cable carriers are under-capitalized for adding subscribers and/or are waiting for digital. Although CAMP is beginning to benefit from commercial shipments of MultiCipher Plus, we do not believe this revenue will be begin to be meaningful until next quarter and that margins remain thin for this product line. The Tele-TV rollout continues to work toward service offerings, albeit at a bureaucratic pace. Earlier this week, PacTel announced that it had filed with the SEC to purchase MMDS (wireless cable) spectrum rights in northern California. However, checks indicate that BEL and NYN continue to deliberate over final product characteristics. Asian customers are coming back, but slowly. Australia is in a holding pattern (checks indicate financing trouble). Saudi Arabia appears stagnant. We will continue to monitor events closely, as we firmely believe CAMP will once again be the beneficiary of robust demand for wireless cable. 3Q96E FY97E FY98E Current Previous Current Previous Current Previous Estimate Estimate Estimate Estimate Estimate Estimate Revenues ($ mil.) $12.0 $14.0 $53.7 $59.7 $62.0 $85.0 EPS $0.01 $0.05 $0.16 $0.25 $0.35 $0.70 First Call Corporation - all rights reserved. 617/345-2500

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