This too. Quarters shifted....(see corrected release)
Wednesday February 14, 9:03 am Eastern Time
Note: there is a subsequent correction for this article.
Press Release
SOURCE: Castle Advisors, Inc.
Castle Advisors Research Update for ACRT
FREEPORT, N.Y., Feb. 14 /PRNewswire/ -- Castle Advisors, Inc. a subsidiary of Castle Holding Corp. (OTC Bulletin Board: CHOD - news) today announced the release of a Research Update on Actrade Financial Technologies, Ltd. (Nasdaq: ACRT - news).
In 1987, Castle Securities Corp. underwrote the Company at $0.40, which became today's Actrade Financial Technologies, Ltd. Castle Advisors, Inc. first initiated coverage of ACRT on November 8, 1999. The 18-24 month price target was $50-3/8, which was subsequently raised to $54-1/2, less than a year later, on September 28, 2000. At that time, Shareholder's Equity was about $28.5M. Now it stands around $51.3M. The stock was $20-1/2 and has reached $36. Now the stock is $22, ``which is terrific value!'' proclaims Mitchell G. Menik, Castle Advisor's Director of Research. Menik continued, ``We expect to hit the price target of $54-1/2 within the projected 9-month time frame. The Company has performed better than our, or anyone else's, forecast and should continue to deliver outstanding results.''
Castle Advisors have upwardly revised estimates as follows:
(000's) Except 1st 2nd 3rd 4th Fiscal Fiscal
Per Share qtr(A) qtr qtr qtr 2001 2002
Revenue/Gross
Profit $14,361 $15,366 $16,442 $17,593 $63,762 $72,527
Net Income
(NI) $5,761 $6,222 $6,751 $7,358 $26,092 $39,138
NI as a % of
Revenue 40% 40% 41% 42% 41% 54%
Shares
Outstanding 10,466 10,780 13,211 13,608 13,608 13,948
Earnings Per
Share $0.55 $0.58 $0.51 $0.54 $2.18 $2.81
Growth* 90% 162% 46% 46% 77% 29%
*Comparable Period
Without Equity Dilution
(000's) Except 1st 2nd 3rd 4th Fiscal Fiscal
Per Share qtr gtr qtr qtr 2001 2002
Shares
Outstanding 10,466 10,780 11,211 11,772 11,772 11,948
Earnings Per
Share $0.55 $0.58 $0.60 $0.63 $2.35 $3.15
Growth* 90% 162% 72% 69% 91% 34%
*Comparable Period (A) = Actual
To view the complete Research Report or for additional information,
contact:
Mitchell G. Menik, Director of Research
Castle Advisors, Inc.
45 Church Street, Freeport NY 11520
Phone: 516-771-3042 Fax: 516-771-3092
E-Mail: mm@castleholding.com
Web site: castleholding.com
SOURCE: Castle Advisors, Inc.
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Wednesday February 14, 12:38 pm Eastern Time
Note: this is a correction for a previous article.
Press Release
Correction -- Castle Advisors, Inc.
In NYW040, Castle Advisors Research Update for ACRT, moved earlier today, we are advised by the company of numerous changes to the table. The table should now read:
Castle Advisors have upwardly revised estimates as follows:
(000's) Except 1st 2nd 3rd 4th Fiscal Fiscal
Per Share qtr(A) qtr(A) qtr qtr 2001 2002
Revenue/Gross
Profit $12,553 $14,361 $15,366 $16,442 $58,722 $72,527
Net Income
(NI) $4,895 $5,761 $6,251 $6,813 $23,720 $35,580
NI as a % of
Revenue 39% 40% 41% 41% 40% 49%
Shares
Outstanding 10,625 10,466 10,885 13,211 13,211 13,541
Earnings Per
Share $0.46 $0.55 $0.57 $0.52 $2.10 $2.63
Growth* 59% 150% 64% 39% 71% 25%
*Comparable Period
Without Equity Dilution
(000's) Except 1st 2nd 3rd 4th Fiscal Fiscal
Per Share qtr gtr qtr qtr 2001 2002
Shares
Outstanding 10,625 10,466 10,885 11,429 11,429 11,600
Earnings Per
Share $0.46 $0.55 $0.57 $0.60 $2.18 $2.95
Growth* 59% 150% 64% 61% 77% 35%
*Comparable Period (A) = Actual
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