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Non-Tech : GRIN (Grand Toys International Inc)
GRIN 27.010.0%Dec 2 3:59 PM EST
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To: Harpo who wrote (428)11/8/1999 6:28:00 PM
From: Dako   of 495
 
To be fair, you should add back most of the interest expense to reported Q3 net earnings and tax-effect it before dividing by the higher number of shares to get a proper pro forma EPS figure. This would produce EPS of about 24-25 cents/share, which still makes your case.

With the 3.1 million shares outstanding, there is not a chance this company will earn anywhere near enough prospectively to justify a price in the double digits, especially when you compare to the 14.5x multiple accorded Hasbro, an infinitely better company and Pokemon play.

Of course, the big story in the earnings release is the fact that they have essentially missed the Christmas Pokemon play. Give management credit for that (what do they care--they've sold their stock). Of course, their limited license doesn't make them much of a Pokemon play in any event.

Get the movie out on Wednesday and this pig will fall, and fall hard.
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