Integrity Incorporated (ITGR) Message Board

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Microcap & Penny Stocks : Integrity Incorporated (ITGR)

ITGR 68.66

+2.6%

3:59 PM EST

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To: William Harvey who wrote ()	12/4/1998 5:52:00 AM
From: William Harvey	Read Replies (2) of 62

The only failure for the price to hold up at this point is that investors don't understand the latest earnings report. We're just coming off a quarter that understated our earnings by a wide margin. I wrote earlier about the product masters. We just took a $700k hit to our book value for a readjustment of the product masters. Without belaboring a point, I hope you all realize that half of that adjustment belongs on last year's books as we had not readjusted the masters' value for two years [not to mention that the masters are holding their value better than ever also - $700k hit in 1995 and $1.7M in 1996 (ITGR's exit from the gospel line)]. If you don't include the readjustment at all, the third quarter alone would have been a 20 cent net earnings gain! This puts the current PE for the last 12 months at about 12. With the adjustment at the annual rate the PE's only about 13 1/2. With 48% of the praise and worship music market, I'd certainly consider adding to my position at any sign of strength. WH

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