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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Mike Farrar who wrote (8087)4/30/1998 7:50:00 PM
From: Stan Walker  Read Replies (1) of 18691
 
I'd be interested in anyone's opinion on MMGR as a possible short. The company went public 16 months ago when the Pres. merged his small business with 4 other small companies. Back then the Net Worth of the company was under $5 million. Now the market cap is over $600 million. In the last 12 months the # of shares outstanding has increased 20% and the float has risen about 50% due in part to recent insider selling 1 million shares or about 10% of the existing float and affiliate selling.

Company recently reported FY Net Income of $11 million on Revenue of
$78 Million but showed an increase of $24 million in Goodwill on the balance sheet. Even with $11 million Net income they showed a negative cash flow from operations. They are growing primarily through acquisitions and are financing the acquisitions through the issuing of new shares which are then being sold on the market asap.

Thanks for your input.

Regards, Stan
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