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Stock lull prompts new push
Laura A. Bischoff
DAYTON DAILY NEWS
Wednesday, May 26, 1999
At the annual shareholders meeting Tuesday, Miami Computer Supply Corp. President and Chief Executive Mike Peppel said although the company's earnings, sales and staffing numbers keep increasing, the $18 stock price is disappointing.
Peppel told about 50 shareholders that small- capitalization stocks, such as Miami Computer, have been out of favor as investors put their money behind Internet-based stocks. Miami Computer's stock price has fallen off since January and has been hovering in the high teens.
Peppel said Miami Computer's management team is considering ways to boost the share price, but declined to disclose those plans Tuesday. With 48 percent of Miami Computer's 11 million shares owned by company managers and directors, the staff has a vested interest in increasing the share price.
The Kettering-based company sells computer and audio-visual supplies such as toner, printer ribbons, ink jet cartridges and projectors. Sales increased from $63.4 million in 1996 to a projected $615 million this year and the number of employees grew from 117 to 1,300. Meanwhile, earnings per share increased from 29 cents in 1996 to a projected 84 cents this year.
Since 1996, Miami Computer has purchased 16 other companies. Miami Computer officials told shareholders the company will continue buying other suppliers, try to increase sales to existing customers and start electronic commerce programs where customers can buy through Internet sites.
Peppel told shareholders Miami Computer would likely benefit from the Year 2000 hysteria because as companies upgrade to new computer systems, they will likely buy more supplies. The company itself does not expect any Y2K glitches, he said.
Miami Computer's stock (Nasdaq: MCSC) closed Tuesday at 18, down . Over the past 52 weeks, its price has ranged from 13 11/16 to 29.
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