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Technology Stocks : Praegitzer Industries (PGTZ)
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To: Creditman who wrote (180)10/22/1998 6:50:00 PM
From: rich evans  Read Replies (1) of 196
 
Not much being said about PGTZs report. Received copy of cc from Gina today.Business as you know is improving. 55 mill good revs and last months B/B was 1.22 . Problem is their costs as usual. Huntsville cost bottom line 5cents/a share and Malaysia 3 cents. Hope to have both breakeven in Q2.Also SGA costs still not down to more normal levels because of assimilation problems from buying companies and getting sales forces, benefit plans etc allworked out. I would think they should be at 10% not 12.5. Anyway pricing has stabalized and they have malaysian plant to compete at low end. Need to redo balance sheet as 10K indicated as lots of bank debt becasue of buying Huntsville etc and capex is high but necessary at 30-35 mill.So are doing the refinance to replace some bank debt. If this company could finally get thru the acquisition phase and get settled down and earn the 6-7% net which was historical for old CCIR and HDCO earnings on the present run rate would be near 30 cents. But this may be the past with the aggressive pricing from ASIA. Average layer count 7.5. So as usual patience is required but expect increasing revs rest of year and hopefully more will arrive at bottom line. Gross margins once Huntsville and Malaysia get going should increase from present 17%. Cap utilization averages 70-80%.

Rich
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