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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (20361)	12/29/2004 9:32:17 PM
From: blankmind	Read Replies (2) of 78476

Negative. Clifton doesn't really have 30 mill shares outstanding. But it looks that way. Clifton effectively has a little under 14 million shares outstanding on a fully diluted basis; book value of $201.9 million; and adjusted GAAP book value of around $14.42/share. From a practical standpoint, Clifton’s 16 mill or so “MHC” shares are like treasury stock and should not factor into the book value or earnings per share. These “MHC” shares are owned by Clifton’s parent - but they don’t receive dividends - and they’re very likely to be issued in a secondary in a few years - its all part of the bank de-mutualization process - where the holding company retains 55% of the shares - I don’t fully understand why they do it like this - but they all do it so there must be a reason - anwyay - I am a CPA as well as a bank auditor - so I do understand Clifton’s financials - CSBK now at $12.26

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