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Non-Tech : PFX -- Ignore unavailable to you. Want to Upgrade?

To: goinbrk who wrote (70)	7/21/1999 11:19:00 PM
From: Judy Muldawer	Respond to of 94

Hey....I just got around to looking at the closing price. WOW! If it goes up to $ 28, I'll have a double. Wonder whassup? Judy

To: goinbrk who wrote (70)	7/21/1999 11:24:00 PM
From: Judy Muldawer	Read Replies (1) \| Respond to of 94

I hope that Silicon Investor won't mind my posting this, but it makes for nice reading: 7/19/99 $23.88 Update#16 Pilgrim America Beats Our Expectations. Still A Buy. Pilgrim America announced that for the third quarter ended June 30, 1999 the company earned $0.58 per diluted share on revenues of $13.8 million. This compares to $0.40 per share and $12.7 million in revenue during the same period last year. For the nine months ended June 30, 1999 PFX earned $1.64 per share. This compares to $0.95 per share during the first 9 months of FY 1998. This is the 12th consecutive quarter of increasing net earnings. Incidentally the quarter also came in $0.03 per share ahead of our expectations. This explains at least some of the strong trading sessions of late. Open-end funds under management are $3.5 billion. This is up $1.6 billion thanks to the Nicholas Applegate acquisition. For the first nine months of FY 1999, total assets under management increased 46% to $7.6 billion from $5.2 billion last year. Another number we liked: Revenues from the management of private accounts were up 61.4% to $3.3 million in the quarter. This is another good sign that things continue to head in the right direction. In short, we think that this quarter demonstrates how strong Pilgrim America and its performance and management of its business has been. Keep in mind that the markets have been strong this year. Obviously the strength of the equity markets will play a big roll, quarter to quarter. Despite the threat that "the market has topped out", something we have all heard before, PFX continues to deliver. Going forward we expect more of the same from Pilgrim America. Consensus estimates have the company earning $0.60 per share. We think, if the market continues to hold its own, that there could be some upside to these numbers. As we speak with management throughout the quarter, we will continue to keep our subscribers up to date. Based upon the quarter we are reiterating our Buy recommendation on PFX and are maintaining our price target of $41. Our stop loss remains $17.