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Biotech / Medical : Trinity Biotech (TRIBY)

TRIB 0.980

+10.1%

Nov 26 3:59 PM EST

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To: Ace who wrote (8813)	3/30/1998 6:29:00 PM
From: Leman	Read Replies (1) of 14328

from the yahoo board.Your facts about the discrepency between reported and actual EPS's has concerned me for a while and so I investigated them by calling Arthur Dague (IR at ADVH). He says that ADVH has actually been meeting or slightly exceeding analyst estimates (Remember we think that it is exceeding estimates by a large margin). The reason is that the analyst estimates are based on a fully taxed basis of 38% tax bracket. ADVH still has a carryover loss because of which their tax rate is much smaller than 38%. Thus the reported earnings are much larger than analyst expectations. The reason Analysts are projecting earnings based on fully taxed basis is that ADVH will soon exhaust loss carryover and then will have to pay the 38% tax rate. Thus to get the year to year comparisons right the analysts like to report EPS' on fully taxed basis. That said ADVH says that they are comfortable with the fact that the revenue and earnings for 1998 will be up by 100% from 1997. My other question was why did the stock tank in Oct-Dec 1997. The answer is that (1) at that time their was some question of ADVH receiving money from a software contract. That issue is now almost resolved and is in the news reports. (2) Some people have been concerned that ADVH capitalizes software. This issue is also well known and fact remains that software capitalization is an extremely small part of ADVH revenue. Finally he attributes the current stock weakness to the NYO article. They stand by the answer given to Dow Jones. They still do not know of any investigation.

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