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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (11025)	8/1/2000 4:48:35 PM
From: Allen Furlan	Read Replies (1) of 78523

James, here is one to look at ,LR, lanier. Seems less risky than REL was several months ago. Company mentioned on this thread last year when spun off from Harris. Net of goodwill they have book of .47 and had 9 months earnings of .25(flat last quarter) They plan to sell off their voice(dictation) business and also restructure eliminating 4-500 jobs. Company has debt of 560 million and net book of only 39 million so leverage is high risk. However they will securitize lease receivables so that only about 200 million will be short term. Board authorized share buy back of 8 of 83 million shares. Completed 4.8 million at $3.61. Operating cash flow of 100 million and annual revenue rate of 1.2 billion seems to support more than a 3/4 price and 62 million capitalization. Last year on this thread their was a discussion of evaluation methods for predicting bankruptcy. Hard for me to belive that LR qualifies. In any case I started a position at 7/8 and would appreciate insight of knowledgeable members of this thread.

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