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Non-Tech : AVC (Advocat) = Great Company

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To: PETE DARRUDA who wrote ()	8/13/1998 4:26:00 PM
From: professor	Read Replies (1) of 9

Advocat (AVC:NYSE) reported excellent operating earnings of 11 cents per share. They took a one time charge of $1.47 mil for a new MIS system that will pay big dividends down the line. Occupancy rates moved closer to normality for the two Alabama facilities. On the conference call they said that they were confident that they could get to a normalized 25 cents per quarter earnings run rate going forward. That means the company could earn $1 per share and trading at under 7 times earnings. This company is making excellent progress in adapting to the new medicare environement. I think they will do fine and eventually be acquired.

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