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Microcap & Penny Stocks : TASA. Can someone with KNOWLEDGE help!!!!
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To: Ralph Bergmann who wrote (164)2/10/1998 7:31:00 PM
From: Bob Davis  Read Replies (2) of 601
 
Ralph,

I tried to make it simple, but even as I was doing it, I began to suspect that I was actually making it more complicated.

Maybe I shouldn't have gotten into the whole EBITDA business, but TASA's 10-K uses it extensively (because they are planning to bring in more institutional investors, for whom such information is more meaningful), and I wanted to "introduce" the idea to the TNL readership.

To correct a couple of things in your note, the $.12 is an estimate for 1999. The earlier $2.50 projection was based on the information about the impact of the two acquisitions that was available to me at the time, and I think that I indicated that. The latest 10-K gives me a lot more information, and allows me to do a much better job of analyzing the Company. I've got a lot more confidence in my latest projections.

The "accounting adjustments" were discussed in my previous report - they are the reason that TASA had a huge "paper" loss in the 3rd quarter. Nothing has changed there.

I think that all of the information about EBITDA is much clearer if you view it on the web site, at napeague.com . There is a spreadsheet on the TASA Summary page which, hopefully, will walk you through it...

Once again, sorry for the confusion. I may have overreached myself here.

Bob Davis
The Napeague Letter
napeague.com
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