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To: Doug R who wrote (1566)	1/13/1998 11:52:00 AM
From: James Strauss	Respond to of 2377

GTAX... The SWAT Selection... All: This is Sergio's report... ............................................... GILMAN CIOCIA (GTAX) - MARKET AND STRATEGIC OVERVIEW The Company is a preparer of state and local income tax returns and provides other financial services in the insurance, mortgage and investment areas. The business plan is to provide one stop shopping for most financial services. From GTAX's 10k filing: "The Company believes that most middle and upper income Americans require services for preparing income tax returns. Other financial services, such as brokerage for mutual fund investment and the sale of insurance products, have historically been supplied by segmented firms, but the Company believes that the current trend to multiservice firms that provide clients with the convenience of personalized, "one-stop" financial shopping will enable the Company to extend the services that it delivers to its existing tax preparation clients and to attract more clients for its full range of services." sec.yahoo.com Factors making GTAX an attractive buy are: * Hot sector. Refer to the charts in the competition section below. * The new tax laws will increase the number of people seeking professional tax preparation and financial planning services. * The Company's client retention rate, year to year is approximately 75%. * Over the last two years the Company has opened 48 new offices, funded through operating profits. The company expansion has been accretetive to earnings. GTAX plans to continue opening new offices. biz.yahoo.com "The Company believes that its most promising market for expansion may lie in areas where Americans and other nationals are migrating. Individuals usually retain a local tax preparer in connection with their personal tax returns. When people move, therefore, they usually seek to find a new income tax preparer. At or shortly after the time that they move, therefore, individuals are most susceptible to the direct mail advertising of the Company's tax preparation services." sec.yahoo.com * This stock is concidered a "safe haven investment" due to recurring revenue derived primarily from domestic sources COMPETITION In the tax preparation field: H + R Block, Inc., quote.yahoo.com HD Vest, Inc., quote.yahoo.com Many well-known brokerage firms in the financial services field. CONTACT Gilman & Ciocia Thomas Povinelli (516) 482-4860 or The Pinnacle Group Mark Cohen (718) 428-7651 website: gtax.com Sergio

To: Doug R who wrote (1566)	1/13/1998 11:54:00 AM
From: James Strauss	Read Replies (1) \| Respond to of 2377

GTAX..... Overview: ~~~~~~~~~~~~~~~~~~~ Business Summary: Gilman & Ciocia is a provider of income tax preparation and financial planning services to individuals and businesses. GTAX also provides direct mail services. For the three months ended 9/30/97, total revenues increased 13% to $2.4M. Net loss fell 81% to $113K. Results reflect growth of existing offices and the acquisition of new financial planners. Results also reflect decreased salaries and commissions due to personnel changes. ................................................... Here's the chart: wsrn.com GTAX is one of those companies that seems to be able to maintain upward momentum on moderate volume... Daily average volume has been less than 30k... MoneyFlow is neutral and MACD is negative... Yet GTAX is challenging its recent high... All Moving Averages are heading up... For the short term, we'll have to see if it can maintain this upward momentum to new highs on moderate volume... For the intermediate term, the trend is up... ................................................... Growing Revenues: www1.wsrn.com ................................................... Growing Net Income: www1.wsrn.com ................................................... Growing EPS: www1.wsrn.com ................................................... Rising Profit Margins: www1.wsrn.com ................................................... Recent News: ~~~~~~~~~~~~~ Gilman & Ciocia Reports First Quarter Results Revenues up 13% GREAT NECK, N.Y.--(BUSINESS WIRE)--Nov. 20, 1997--Gilman & Ciocia Inc. (NASDAQ: GTAX - news) announced today results for the first quarter ended Sept. 30, 1997. Revenue for the first quarter ended Sept. 30, 1997 was $2,441,460 as compared to $2,159,800 for the same period last year. Net income for the quarter was $(112,640), or $(0.02) per share versus $(587,098) or $(0.11) per share in 1996. biz.yahoo.com ................................................................ Gilman & Ciocia Opens New Offices in Florida GREAT NECK, N.Y.--(BUSINESS WIRE)--Nov. 5, 1997-- Company to Add Five To Seven Locations by Year End Gilman & Ciocia, Inc. (NASDAQ:GTAX) announced today the opening of new offices in Spring Hill and Sarasota, Florida. The company already has nine offices operating in this state. biz.yahoo.com Jim

To: Doug R who wrote (1566)	1/13/1998 11:57:00 AM
From: James Strauss	Read Replies (2) \| Respond to of 2377

GTAX... The Financials... This is Cary's report... FINANCIALS CONTINUE MOVING FORWARD..... For the year end numbers the company showed that they were moving forward with two consecutive earnings increases reported. biz.yahoo.com With the first quarter ending September 30,1997 (a slow period for the companies seasonal business) it was very incouraging to note the progress when comparing it to the same quarter in 1996. biz.yahoo.com There were increases in the revenues and income. What I liked more was the fact that the salaries and comissions were down along with the general and administrative expenses but revenues were up. Even though the direct mail revenue was down, the direct mail expenses were considerably down showing more profit to the bottom line. As the existing centers become more established I feel this trend will continue. The opening of new centers could be a burden as they try to gain clients. Howevere, with the expense control that management has shown and additional revenues from the existing offices this doesn't appear to be a problem at this time. Cary