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To: GARY P GROBBEL who wrote (30993)	3/1/2005 7:18:30 PM
From: tracor	Read Replies (1) \| Respond to of 120415

SYA.V Gary, very nice!! biz.yahoo.com

To: GARY P GROBBEL who wrote (30993)	3/2/2005 9:11:39 AM
From: D. K. G.	Respond to of 120415

RE TRLG, still in gpg. Thx again bringing it up. There are alway new and developing plays out there and you're great at find them. Along with all the contributors to this excellent thread.

To: GARY P GROBBEL who wrote (30993)	3/2/2005 12:21:39 PM
From: - with a K	Respond to of 120415

TRLG getting some nice press. I hadn't heard the acquisition rumor before. Faith in Spring Fashion By Nat Worden TheStreet.com Staff Reporter 3/2/2005 7:27 AM EST URL: thestreet.com Looking out the window, there may be no tangible signs of spring in the wintry regions of the U.S. But even where the snow is still falling, retailers are stocking up on warm-weather fashions, and investors are gauging who will find favor with finicky consumers. For investors looking to cash in on seasonal trends, Wall Street is abuzz with excitement about this year's denim craze. So far, one of the highest-flying fashion stocks, True Religion Apparel (TRLG:OTC BB) , is one that specializes in making expensive jeans on the cutting edge of fashion. The stock has skyrocketed more than 800% since August. These impressive gains have gone below the radar for most investors, since the stock trades over the counter rather than on a more reputable U.S. stock exchange. Still, selling jeans that start at $172 a pair, True Religion reported Monday that 2004 sales increased almost 14-fold from the prior year, to $27.7 million, catapulting it from a loss of $10,782 in 2003 to annual earnings of $4.2 million. For the quarter, it met analysts' expectations, reporting earnings of 12 cents a share. While such a performance isn't sustainable, Wedbush Morgan Securities analyst Vera Van Ert expects the company's bottom-line growth to exceed 100% in 2005 before slowing to a respectable 25% for the next two years. While the company is trading at roughly 24 times its 2005 earnings estimate at $11.85, Van Ert values the stock at 25 times earnings and sets a 12-month price target at $12. "The denim category is very strong this year, particularly at the high end," Van Ert said. (She does not own shares in True Religion, and her firm has no banking relationship with the company.) "I'm looking for that to continue for some time, and True Religion is definitely a leader in this." The company ended the fourth quarter with $2.9 million in cash on its balance sheet, up from $64,431 at the end of 2003, and no long-term debt. Van Ert estimates the company ended 2004 with free cash flow of around $5 million. Several Wall Street sources have recently told TheStreet.com they're expecting True Religion to list on the Nasdaq, which would be a positive catalyst for shares, and there is also speculation the brand could be acquired by a company like Liz Claiborne (LIZ:NYSE) or Jones Apparel (JNY:NYSE). Just back from the MAGIC International apparel industry trade show in Las Vegas, Stephen Monticelli, president of Mosaic Investments, said he was surprised that True Religion shares had not yet transitioned onto the Nasdaq. He was enthusiastic about the company's prospects. "There seems to be no limit to the price some women will pay for designer jeans if they think it makes them look good," Monticelli said. (He does not own shares in True Religion, and his firm has no banking relationship.) Started in the fall of 2002 by Jeff Lubell, a 25-year veteran in the jeans industry, True Religion now sells its clothing in numerous high-end department stores like Nordstrom, Neiman Marcus and Saks. It's also distributed through more than 300 high-end boutiques concentrated around New York and Los Angeles, and the company is expanding into stores internationally. Van Ert estimates its overseas sales could more than double in 2005 to $29 million... "True Religion really seems to be onto something big," Monticelli said. "This denim thing has a lot of legs."