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To: ItsAllCyclical who wrote (2300)	3/23/2001 1:39:38 AM
From: Gottfried	Respond to of 23153

JimL, some new SEMIcap charts with yesterday's numbers. Message 15551954 Gottfried

To: ItsAllCyclical who wrote (2300)	3/23/2001 7:11:30 AM
From: jim_p	Read Replies (1) \| Respond to of 23153

JimL, ACTM is my largest holding, and has been very profitable for me this year. I sold on the last short squeeze when it ran to $30.00, and have been buying back heavily in the $11-14.00 range. There are some big differences between SLR and ACTM. ACTM is selling at 4.23 times 2001 and 3.3 times 2002 earnings. SLR is selling at 16.53 times 2001 and 13.13 times 2002 earnings. ACTM is selling at .96 of book value, and SLR is selling at 2.55 times book value. ACTM's working capital exceeds it's bank debt. ACTM's last guidance was that they were comfortable with 1Q and 2Q projections, and were highly confident they would make 2001 earnings projections of $2.85-3.00. The street is actually at 2.85 for ACTM. Revenues grew 97% and earnings grew 364% for ACTM, and are projected to grow 66% and 56% respectively this year. ACTM has confirmed guidance for 2001 in the last conference call, and SLR has lowered guidance. ACTM beat the street by 6.2% last quarter, and stated they had a 10% cushion in their numbers going forward. ACTM has been able to offset declines from current customers with new contracts like the Emerson contract recently announced and additional contracts from renewed outsourcing. ACTM has dramatically improved their balance sheet ratios last quarter with A/R days improving from 90 days to 62 days, and inventory turnover increasing 45%. Better than any of the above is, the company only has 17MM shares outstanding, of which only 5.6MM are included in the float. 11.4MM shares are closely held. The short interest increased has continued to increase to 6.6MM shares. Based on the last 10 days trading, it would take over 21 days for the shorts to cover, assuming there were no other buyers and they were 100% of the volume. I suspect about 2MM of the shorts are due to the convertible debentures issued earlier this year. Can you say short squeezeeeeeeeeeeeeeeeeeeeeeeee. Jim