Mapics, Inc. (MAPX) Message Board

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Technology Stocks : Mapics, Inc. (MAPX)

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To: Blue Star who wrote ()	4/27/1999 5:25:00 PM
From: Byron Angel	of 141

Good news from MAPX today. Earnings for the Jan-March quarter were .09, a penny above the First Call consensus estimate. Prior to the release, the consensus estimate for the fiscal year was $0.58, so obviously at around $5/sh the stock is very undervalued. I thought it was significant that even though the company is going through a temporary slowdown due to Y2K, the operating margin for the quarter was about 10%. Lots of companies would like to have a profit margin like that all the time. Obviously the best news of the day was the expansion of the share repurchase program. Since February the company has already bought back over a million shares at an average price of over $9/sh, so clearly management feels the stock is worth considerably more that the current share price. They have now authorized the buyback of a further 3.9 million shares in addition to the 1.1 million already purchased. Since they previously bought shares at an average price of over $9, you can look for the company to be an aggressive buyer at the current price. Keep in mind that MAPX has surplus cash available to buy back shares and doesn't have to borrow money for this purpose the way some companies have. I look for MAPX to move back up towards $6/sh tomorrow.

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