Luminart - LUMNF, LUMN-T Message Board

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Microcap & Penny Stocks : Luminart - LUMNF, LUMN-T

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To: Kevin Mahler who wrote (17)	8/20/1996 2:26:00 PM
From: Kit H. Lou	of 329

Kevin, the earnings are not out yet. Luminart is still trading today because in most cases, companies get 2-3 days of grace period. If Luminart does not come out with earnings today or tomorrow, we will probably see the stock "halted" towards the end of the week. According to an informed source, there is an auditing problem brewing with Coopers & Lybrand on the amount of sales revenues to India (about C$4 million) that Luminart could recognize for fiscal 96. This may impact the C$14 million revenues/0.09 cents expected earnings. I personally believe this is likely one of the main reasons for the delay in earnings. However, I believe the drop in Luminart prices has already discounted for this. If they cannot recognize the full C$4 million in fiscal 96, the remaining will be recognized in fiscal 97. The same source mentioned that he saw indications of "brisk insider buying". This may be the reason that we see Luminart prices heading back up a little. In a recent email exchange with Chuck Courson (head of Investor Relations), he mentioned that the activity at Luminart was unprecedented, meaning that business was going very strong. We can expect very good fiscal 97 numbers. At this point, I believe Luminart will be able to file an earnings report within a couple of weeks and IMHO, we will see Luminart share prices heading back up in a short while (If I do not have a big position already, I will be severely tempted to buy more at these levels). The light is at the end of the tunnel... Regards, Kit

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