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Technology Stocks : Identix (IDNX)

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To: Rob C. who wrote (4191)	10/16/1997 4:03:00 PM
From: James Overko	of 26039

Good report from Kessler just out --check out the last statement Headline: Identix Inc: Another Contract Win for California Law Enforcement Author: Jeff Kessler/Smith 1(212)526-5162/5736 Company: IDX Industry: MISCEL Ticker : IDX Rank(Prev): 2-Outperform Rank(Curr): 2-Outperform Price : $11 1/8 52wk Range: $14-7.00 Price Target: $18 Today's Date : 10/15/97 Fiscal Year : JUN ------------------------------------------------------------------------------ EPS 1997 1998 1999 - - QTR. Actual Prev. Curr. Prev. Curr. Prev. Curr. 1st: 0.01A 0.03E 0.03E - -E - -E - - 2nd: 0.00A 0.05E 0.05E - -E - -E - - 3rd: 0.01A 0.07E 0.07E - -E - -E - - 4th: 0.04A 0.09E 0.09E - -E - -E - - ------------------------------------------------------------------------------ Year:$ 0.07A $ 0.25E $ 0.25E $ 0.40E $ 0.40E $ - $ - Street Est.: $ 0.31E $ 0.25E $ 0.54E $ 0.35E $ - - $ - - ------------------------------------------------------------------------------ Price (As of 10/14): $11 1/8 Revenue (1997): 56.5 Mil. Return On Equity (97): 13.9 % Proj. 5yr EPS Grth: 35.0 % Shares Outstanding: 25.0 Mil. Dividend Yield: N/A Mkt Capitalization: 278.13 Mil. P/E 1998; 1999 : 44.5 X; 27.8 X Current Book Value: $0.79 /sh Convertible: - -Debt- to-Capital: 0.4 % Disclosure(s): None ------------------------------------------------------------------------------ * Earlier this week Identix announced that it had received another order from the Bureau of Criminal Identification and Information (BCII) of the California Attorney General's Office for 28 TouchPrint-600 (TP-600) live scan systems (woth about $1.1 million). * These machines will be used in new both new locations and to upgrade older TouchPrint-900 units in existing sites and are identical machines to the ones that are currently undergoing pilot testing with the Immigration and Naturalization Service (see our October 1 note). * This is an automated fingerprint identification system order and the systems will allow fingerprints taken at police and sheriff departments to be cross-checked against a statewide database within two hours and will also transmit the information to the FBI. * As we indicated in our October 13 note, we continue to believe that the company's dependence on AFIS contract is lessening, however we welcome these contracts as continuing affirmations of Identix' proven integration capability that will be vital to commercial customers. * Finally, we have read excerpts from the Senate's discussions regarding fingerprinting with regards to the appropriations act for the Depts. of Commerce, Justice and State, the Judiciary, and Related Agencies and we believe that there is clear support for the use of fingerprinting for the INS - an indication that 1) the pilot program will get full support ($22.3 million) if it is successful, and 2) that other agencies could also get support for fingerprinting programs. ------------------------------------------------------------------------------ BUSINESS DESCRIPTION: Identix is the leading producer of personal identification and verification systems for security access control and law enforcement applications. ------------------------------------------------------------------------------ Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman

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