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Biotech / Medical : Misonix Inc. (MSON) -- Ignore unavailable to you. Want to Upgrade?

To: puzzlecraft who wrote (530)	11/1/1997 4:27:00 PM
From: Peter H. Mack	Read Replies (1) \| Respond to of 947

Thank you very much for the response..John. Your point about March .40 EPS is correct. I got it fron the 10q. However..In their release of 9/26 they say that the year would have been .91 when you remove the non-cash compensation charge. You subtract the split adjusted other quarters (.54) then you arrive at .37 for the March quarter. the point that I wanted to make, was that EPS seemed to be bouncing around vs similar revenues. On October 21, they said that the outstanding shares on that date was 5,674,404. On Sept 26 they said that the outstanding shares were 6,477. It would appear that the 10/21 release was erroneous. You note that leaves 260,000 shares which appears to be very close to the Warrants number mentioned in the 10q. Another way of calculating EPS (ttm) is to take their .91 for the year and add .13 for the 1st quarter, and subtract .10 for the same quarter last year. This gives us .94 EPS ttm and dividing that into current price (8 19/32) gives us a trailing P/E of 9.14.. Personally I like this number better, because it allows me to be optimistic about a price increase. Using the average income proportions, q2 should run 5.5 mil revenue and it looks like tissue aspirators and the semiconductor job should come close. regards pete mack

To: puzzlecraft who wrote (530)	11/2/1997 10:28:00 AM
From: Peter H. Mack	Read Replies (1) \| Respond to of 947

John.... >>If you look at the pre-tax income for the last four quarters, I see 975K, 1482K, 2316K and 1259K. The 12 month sum is 6032K. Subtracting, say 30% for taxes gives 4222K. Dividing by 6737K shares gives 63 cents, so I'd say the trailing PE, adjusted for current taxes and share dilution, and a current stock price of 8 19/32 is 13.6. ........................ A little more thought, and I see the error of my ways.. Your method in this case is certainly more believable. This in my view places us much closer to fair value at this level. Thank you again.. regards pm