PACC Message Board - Msg: 1742468

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Non-Tech : PACC

PACC 0.00

Nov 17 4:00 PM EST

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To: Christopher M. Miller who wrote (272)	7/11/1997 8:53:00 AM
From: David Alan Cook	of 510

Christopher, A Look At PACC's Earnings and Revenue Growth 1) Price to Earnings PACC: 5.86 with tax benefit PACC: 11.76 without tax benefit Industry:: 14.72 Lower is Better * Company's earnings have been explosive the last 3 qtrs. Decision to exit the mortgage banking operations and ebter the investment management services business has been a complete success. Sep 96: profit of .13 versus a loss of .11 4th qtr 96 Dec 97: profit of .25 versus a loss of .11 1st qtr 97 Mar 97: profit of .35 versus a loss of .13 2nd qtr 97 Jun 97: Pretax profit of .45 versus a loss of .01 ( My estimate ) * The numbers shown above reflect the eps achieved after subtracting a gain of .32 from the 4th qtr and a gain of $1.62 from the 2nd Qtr. * Company will have to report eps as if they had to pay taxes going forward. New GAP rules in effect beginning in June for all companies with tax loss carry forwards. No Tax will be paid just reported if it would have been taxed. 2) Price to Sales: PACC: 3.788 Industry: 2.01 * Company has reported at least 5 consecutive record revenue quarters. Company continues to increase the number of assets under mgt. Sep 96: 4.068 million versus 3.317 million Dec 97: 4.660 million versus 3.323 million Mar 97: 5.070 million versus ?? Jun 97: TBD Compare growth in Assets Under Mgt to Revenues to EPS DC

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