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Technology Stocks : PageMart
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To: DOug MaGdaleno who wrote (18)7/2/1997 10:50:00 AM
From: Q.   of 21
 
Doug, the fundamentals are awful.

* Negative earnings.

* Negative cashflow from operations and from equipment purchases.

* Negative book value.

And nothing in sight to change any of that.

They are totally dependent on creditors, who charge something like 15% interest on PMWI's notes.

People who buy the stock are buying it for the revenue growth, I think, because there is nothing else to be said for it.

Basically paging is a hugely capital-intensive business with cut-throat competition that causes all the players to price their services below cost. As one of the smaller players, PMWI is at a real disadvantage because they much more below cost than their competitors.
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