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Technology Stocks : Cornerstone Imaging (CRNR)
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To: Paul Haynes who wrote (221)6/10/1997 12:15:00 AM
From: Mark A. Stang   of 430
 
This stock should break out after next earnings; here's why--

FIRST CALL EARNINGS ESTIMATES

CRNR Cornerstone Imaging Inc. 06/02/97
Industry: Software SIC: 3577
Latest Price: $8.75 1997 P/E: 13.9
Analyst Recommendation: 1.0

QTR QTR FY FY
Jun 97 Sep 97 Dec 97 Dec 98
--- --- -- --
CURRENT MEAN EPS 0.13 0.16 0.63 0.87
Number of Brokers 4 4 4 3

Median 0.13 0.16 0.61 0.86
Standard Deviation 0.01 0.02 0.04 0.02
Current High 0.14 0.18 0.69 0.90
Current Low 0.12 0.13 0.59 0.85

Year Ago EPS -0.05A 0.06A -0.02A 0.63
Current vs. Year Ago Change 360% 167% 3250% 38%
Report Date wk/Jul 17 wk/Oct 16 wk/Feb 4 -

CRNR has had positive earnings, and consistent upside surprises, for the last three quarters, after showing a net loss of .02/share for 1996.

CRNR has earned a total of .37/share in last 3 quarters, coupled with year ago 2-Q loss of .05/share, yields a trailing annual earnings of .32. Some quote feeds, including AOL's, are presently using those earnings and a resulting trailing P/E in the high 20's.

If CRNR only meets First Call consensus estimates of .13/share its trailing earnings will be .50/share, and its trailing P/E will be a very low 15.5 at today's closing price of $7.75 (which price won't be around as we approach earnings in mid-July anyway).

Not sure why we saw such a deep dip today. Could be market maker manipulation, temporary fund divestment for end of quarter window dressing, or SH who lost patience as CRNR lost its apparent momentum towards 10. But I think anyone who buys at these prices or continues to hold will be amply rewarded in 1997.

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