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Microcap & Penny Stocks : WCAP - Winfield Capital: Insider buying -- Ignore unavailable to you. Want to Upgrade?

To: Top Jim who wrote (1216)	1/27/2000 4:24:00 PM
From: Tom Hua	Read Replies (2) \| Respond to of 1305

TJ, FWIW I took a starter long position today at 30 1/2, will add either in the 20s or 2 days before quarterly release, whichever comes first. Hopefully, the Perlins will issue a PR instead of just a 10Q and include the "earnings" number in the headline of the release which will attract momo traders and new investors. Regards, Tom

To: Top Jim who wrote (1216)	2/1/2000 4:36:00 AM
From: Top Jim	Respond to of 1305

$15 EPS is my estimate for the Q ended 12/31. Thought I'd share the math, FYI. TJ Ticker - Shares held - 9/30 close - 12/31 close - discount % - 9/30 disc - 12/31 disc - EPS COOL - 1,409,855 - 9.179 - $9.94 - 10% - $8.26 - $8.94 - $0.18 ROWE - 153,676 - 27.750 - $45.38 - 10% - $24.98 - $40.84 - $0.46 IBUY - 46,995 - 6.875 - $11.94 - 10% - $6.19 - $10.74 - $0.04 WGAT - 93,897 - 22.875 - $23.00 - 0% - $22.88 - $23.00 - $0.00 HEAR - 227,273 - 11.500 - $26.63 - 25% - $8.63 - $19.97 - $0.48 JWEB - 261,846 - 16.188 - $35.50 - 25% - $12.14 - $26.63 - $0.71 CMRC - 552,572 - 32.570 - $196.50 - 30% - $22.80 - $137.55 - $11.86 BLSW - 86,167 - 23.125 - $115.00 - 30% - $16.19 - $80.50 - $1.04 ESTM - 121,241 - 11.783 - $22.25 - 30% - $8.25 - $15.58 - $0.17 PNVN - 93,750 - 11.429 - $8.19 - 30% - $8.00 - $5.73 - ($0.04) True (nondiscounted) EPS: $22.79 Pretax (reporting) EPS on realized & unrealized gains: $14.91 Less operating expenses offset with interest earned: ($0.08) Estimated reported basic EPS: $14.83 Notes: Using 5,346,084 shares (# outstanding). Fully diluted 5.9M, eps is $12.80 vs. $14.83 basic. Includes gain on sale of WGAT shares. 144 filing implies price of $23. December high was $50. WCAP may have executed at a higher price than $23. Using IBT for realized gain ($0.15 eps on holding @ $23, $0.03 tax liab possibly offset by NOL carryover or higher sell price). +$0.47 pretax quarterly earnings impact if sold at the high. Excludes unrealized gain of Prio acquisition by INSP. Excluded from Q3 report because transaction due to be completed in FQ4 (calendar Q1). WCAP discounts holdings 10-40%. Rationale for discounting is for lockup & volatility (see the 10K for more info). CMRC exited lockup during this quarter. If CMRC discounted 10%, eps could be $18.89 However based on WCAP's conservative history, I feel they might increase discounts on all of their holdings to show a more conservative number. But against true earnings of $22.79, $12-$13 would be the least I'd expect in their report ($10-11 fully diluted). $14-$16 is quite likely, and higher is possible but doubtful, IMHO. Earnings are in the black (>$1) for their current quarter, and Eprise IPO is due the week of 3/6. WCAP has announced 2 new holdings this past week, out of their $30M cash warchest. TJ