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Non-Tech : GRIN (Grand Toys International Inc)

GRIN 27.01

0.0%

Dec 2 3:59 PM EST

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To: Frank McVerry who wrote (397)	9/16/1999 12:32:00 PM
From: Frank	Read Replies (2) of 495

Finally, someone else heard it. Yes, per the Vcall I recall Ron saying 70mil CDN as well. You neglected to factor in the 15mil in Back orders, as of Feb 28, 1999. I'm assuming that some portion of those were shipped (Recognized during the quiet qtrs), but this implies zero activity, during the period, which of course is nonsense. My EPS figure $1.37 is significantly higher than yours as a result of completion of back orders. Additionally, the cash mountain is going to be substantively whittled down with the acquisition in NY, but earnings should be acreative for the year. On the sales side I've verified that sales for Furby's and WCW continue at a strong pace. So, I'm comforatable that Ron's estimate of 70mil was conservative. Also, your outstanding share figure should be 3.2 mil not 3.5. This place an appropriate price at 27.4.

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