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Biotech / Medical : Biosource International
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To: tom pope who wrote (525)7/16/1998 10:55:00 PM
From: Joe Dancy  Read Replies (2) of 696
 
Tom - a masterful move to sell SFLX if you wanted out on the spike, I'm still there unless I find a compelling ECM that is undervalued to shift into. If I sell now I'll get $2 or $3 less per share than you did.

I'll write up the cc in the morning with my notes - was sort of disappointed Tom that the revenues did not increase to a greater extent, was disappointed with the earnings, the buyback is essentially over and they would not commit to buying back any more shares. On a positive note they have two new products that may add substantially to revenues - but the extent they can break into an existing market with these products is up in the air from what I gather. Balance sheet still looks very very good and they did not do a dumb acquisition just to expand.

Overall, I have to admit I'm disappointed. Not greatly so since the company is making money and if you assume they make 40 cents this year they are selling at a PE of 15 for a company that could grow 15-20% a year. CEO even sold 100,000 shares a few weeks ago, although he still holds 700,000 and plans on continue to hold according to his statement.

Again, after the analyst presentation a few weeks ago and the talk of the revenue growth a real disappointment to me. What the market will make of this no telling - it is cheap enough that it can't get hammered on this news IMO - that's why I like to buy undervalued companies. Whether this dog will fly anytime soon is anyone's guess.

Joe
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