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To: Steve168 who wrote (19026)	4/4/2004 1:45:32 PM
From: Dale Baker	Respond to of 78688

The latest AMPH earnings report explains the difference between one-time items and comparable recurring revenues and earnings pretty clearly: biz.yahoo.com The Yahoo numbers don't match the company's own report. In my experience, Yahoo summary financial data is often wrong; it should always be doublechecked if there is any doubt. The CEO put the quarter into context:"Ken Shifrin, APS Chairman of the Board stated, "We are extremely pleased with the performance of our core operating units in 2003. Recurring earnings in 2003 grew to $2,520,000 from $1,048,000 last year. The fourth quarter saw dramatic improvements in earnings, with diluted earnings per share increasing to $0.31 from $0.03 a year ago. Some seasonal slowdown in investment services in the fourth quarter was more than offset by the performance of our insurance operations."

To: Steve168 who wrote (19026)	4/4/2004 5:26:07 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78688

Steve168, re: AMPH. I bought based on the balance sheet, not the income statement. I'm selling most shares now because I'm leery of the business, and the stock isn't as attractive to me. Dale Baker has studied AMPH in some detail, much more so than me; I rely on his positive opinion going forward. I'll continue to hold a few shares. I really don't understand exactly how AMPH makes its money: if they could be hurt by unexpected medical malpractice claims, then the investment is risky. That's my uneducated opinion, based on my experience owning medmal companies that have fallen into bankruptcy. Hasn't stopped me from buying & holding such companies though. Have ACAP now, for example. Just very small amounts.