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Non-Tech : Boston Market (BOSTQ)

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To: paul goldstein who wrote (1081)	4/2/1998 6:55:00 PM
From: PerryA	Read Replies (1) of 1567

The additional drop on heavy volume today prompted me to dig a bit into the 10-K. Regarding the revolving credit facility, they must be extremely close to meeting the revenue expectations or I am missing something: the first 12 weeks are below required levels, but the company expects to make it up during the remainder of the quarter (a quarter being about 13 weeks). Reuters focused on the credit issue from the 10-K, but I thought some of the 10-K was encouraging. One item for those who need some hope is the following re cash flow for 1998 (page 18): "The company's current objective is to achieve Boston Market systemwide cash flow for fiscal 1998 of between $75 million and $100 million." That's over $1.00 per share. By my calc, book value is not the $15 per share we thought, but about $11.30 per share . . . still significantly above current price. Good luck to all. Regards - PerryA

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