BYWD - Baywood International Message Board

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Microcap & Penny Stocks : BYWD - Baywood International

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To: Joe Copia who wrote ()	7/22/1998 1:44:00 PM
From: greg Benfield	Read Replies (1) of 74

I did some DD on BYWD and here is what I have come up with so far. They had approximately $754,862.00 in revenue in the 1st qtr, all but $74 was from one customer( in China) and they can no longer do business(multilevel marketing) in China due to recent changes in China's laws. They have tried to move into new markets..but I do not see sales approaching the $754,862 in quite some time. They also sell a product that is supplied by one or two suppliers. (They have two but only used one in the 1st quarter) The CEO was out but I will call again tomorrow. They have approximated $.04 EPS for the year based off of a $.01 profit due to sales to one client even though the company lost its only real client..IMO I see no earnings for the year...the stock price of $.04 to $.06 had the Chinese deal factored in. IMO the second quarter will be close to disastrous. There is a question in how much of the assets are in forms of accounts receivables for products the Chinese guy can longer sell. Also, he now owns a huge stake in a company he cannot have dealings with. This might have some long term potential...but short term financials look bleak. I will have a better understanding after consulting their CEO..but I do not know how they can replace their only client so quickly. Unless, they have the ability and spent a ton on marketing which I do not think they have the capital to do...this company will require a lot of new smaller customers to replace its one large customer. This looks like it was a China play that went sour and now they are scattering to find other markets. IMO recent price fluctuations due entirely to a newsletter recommendation and should be noted as such. This company is simply a reseller/exporter...it buys the product from the manufacturer and markets and sells it to a local distributor/retailer. IMO the $.04 to $.05 price for the stock prior to the runup was fair barring any future developments.

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