Cerprobe (CRPB) Message Board

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Technology Stocks : Cerprobe (CRPB)

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To: Chang-Shing Perng who wrote ()	1/27/1997 5:43:00 PM
From: Michael Dunn	of 201

Wow this thread is dead. I recently read of CRPB from a Carl Johnson (Infrastructure) article. Here is a re-posting of a message which I sent to a friend so you may not understand some of the references. The numbers listed are from press releases. All the opinions (besides the <<>> ones) are mine alone. Pick o' the day = Cerprobe (CRPB) Based in Chandler Arizona. Makes probe cards, probes, wafer probers, device testers. May compete w/ electroglas in wafer prober arena. Listed in the big report you sent from Carl Johnson. I put it into stock watch with a price at which I would buy. Today it moved below the price and Etrade annotated it for me. Quote From Infrastructure (Carl Johnson) <<They are the only public company in the probe card and interface board design/manufacture market and furthermore, they are one of the biggest players.>> Their products are consummables so regardless of prices as long as chip demand increases the demand for their products increases. In the past 1 1/2 years they have made three acquisitions. -0.70 estimate for the fourth quarter is due to a 4.6 million dollar charge for the acquisition of Compuroute. I've printed out a bunch of eclectic misc info. If you are interested let me know. Currently it is Ask 14 1/8 Bid 13 5/8 --------Huge spread Down 1 1/2 points today on no news (everything is down except SMIT, PHTN, EGLS) CRPB should have yearly sales (ending Dec 96) of ~40 Mill. The current PSR is 1.8 Their two recent acquisitions (Compuroute and SVTR) were bought for $19.5 Mill total. They bought them w/ $9.2 M cash, $1 M debt, and 750,000 shares. These two companies will have a FY 96 sales of ~$25 Million. All else being equal these two acquisitions should increase FY 97 sales by 51% ($25/$40). Yet they paid for the companies with 1/2 cash and a 16.5% increase in shares outstanding. The great part is they paid a PSR of ~ 0.78 (19.5/25) for the two companies. I think the street is over discounting the stock based upon the -.70 4th quarter loss. They are growing rapidly and they paid a great price for two competitors. I'm looking for an initial entry price of 13 and will look around the date of earnings release to establish a second position. Mike

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