Pete,
In doing the EPS calculation, since they did not provide for us in their SEC filing, I have,
Best case scenario:
Net earning = $977,112
share outstanding (old 3/98 data since I couldn't find any new ones, especially after the merger with Omni) = 8.155 million
EPS = 977,112/8,155,000 = $0.12
Their estimate was $0.19 (but don't know if this number have been revised after the merger and symbol change.
However, the real EPS should be lower than $0.12 because the pooling of interest with OMNI would definitely dilute the number of share outstanding. However, I don't have the total outstanding share number.
After I read the entire filing, I could not find any positive statement in the entire filing except all risks. There is no assuarance this company will do any business in the future. $15 should be an easy target, $12 more likely, regardless of whether the market goes up or down. How long will it take to get to $12-$15 we will probably find out tomorrow. If the stock does not move but with decent volume, then I would be very cautious and probably put a cover stop. If it sees teens quickly after open and sees not much step-up buying, then it will be a lot easy going forward. If it gets to $12 - $15 quickly, I would definitely set a tight trailing cover stop. Been short since $42 after losing the first round by $3-4! |
