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Gold/Mining/Energy : Canadian Microcaps

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To: Dick Martin who wrote (728)	1/5/2012 12:16:47 PM
From: jim heger	Read Replies (1) of 817

I'm with you on VCM. The guidance for 2012 is $90 -100 million with 35-40% gross margins. The 1st qtr. rev of $20mm already booked leaves $70-80 to be done in the 3 remaining quarters - spread evenly, about $25mm per. That should produce about $0.07 net/quarter. Of course, there will also be a big bonus from the sale of $8 mm of spectrum that's in the 2nd qtr. to be reported in Feb., about $0.35 contributing to a total net inc./shr. $0.42. Pretty nice return for a $3 stock. I'm not as worried as I probably should be about the validity of the guidance. Kumar has to be embarrassed by his recent poor record in that regard. The tone of the CC was, to my ears, distincly different than in the past. I think he's possibly got better visibility than he's had in some time. I've held this one for a long time & am deep underwater. Maybe finally the company is turning the corner. We'll see.

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