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Technology Stocks : PROGRAMMER'S PARADISE (PROG)
PROG 0.146+6.5%Jun 13 5:00 PM EST
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To: Carl R. who wrote (2234)8/12/2000 12:53:37 PM
From: Carl R.  Read Replies (1) of 2383
 
I should add that tangible book value is $3.73 at the end of Q3, mostly in inventory, AR, and cash. Assuming that the deal to sell Europe goes through, they will right off much of the goodwill on their books, and they may report a loss on the sale. If so, actual book value may fall from the current $6.61, but tangible book value should increase by $1.50-2.00 a share, and it will be mostly in cash. Thus I expect them to have a tangible book value of about $5.50 a share.

My current earnings projections call for a loss of $.20 in Q3 and $.14 in Q4, followed by earnings of $.28 in 2001. Thus the stock is fairly valued in the $3-4 range as a going concern, but under liquidation value. Thus the stock is clearly worth more dead than alive. Now let's see if they can sell the domestic operation and liquidate. I believe it is worth $6-7 a share if they sell the whole company.

Carl
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