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Non-Tech : Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP
SPLS 10.250.0%Sep 28 5:00 PM EST
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To: AL TOTH who wrote ()3/22/1998 8:50:00 PM
From: AL TOTH  Read Replies (2) of 297
 
The following is my email response to Charles that I thought might be of interest to others on CEXP.

Charles-Fundamentally nothing has changed with CEXP. It is still a great company
with great upside potential. But this dutch auction IMO has backfired on their
management plus the handling of their last earnings results. I listened to that earnings
conference call and basically CEXP management was frustrated that wall street was only valuing the stock at around $13 at
that time. So in essence they said we are going to guarantee 20% bottom line profit but any excess will be used to expenses for
future growth. In other words if your not going to give us proper value for our stock ,then
we are not going to put all our profit in the bottom line. Well of course you cant
communicate that way with the street analysts so they just reported it as CEXP
future earnings will be drastically reduced and the stock was soundly trashed to the
8-9 dollar range. Several days later they came out with the dutch auction which again
was basically a statement that if you wont value our stock fairly we will buy 25% of
it back at 10-12 dollars.
Now the dutch auction has been moved back another month to April 9. Basically
this strategy has put CEXP in a limbo status until this is finalized and stagnated the stocks
price at 10. If I am any example I had a substantial portion of my portfolio in CEXP
stock but I liquidated it several weeks ago because I would rather wait until the dutch auction is over and see where the stock
price initially settles at. I have a feeling that
many others have done the same thing.
Ironically if CEXP management had done neither of these two events the stock would probably be above 15 by now.
AL
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