To: csm who wrote (139 ) 5/24/1998 1:10:00 AM From: Thomas Kirwin Read Replies (1) | Respond to of 601
The Wall Street Transcript March 30, 1998 "We compete in the custom test and design area. It is a really new area for us. Last year we acquired BETA, Inc. We implemented a strategy that allows us to compete against most of the big testing companies." "Our product mix has changed purposely over the last four years. We see that as a very healthy sign, because that means that we are less dependent on any one customer. I also believe that the commercial markets can play a substantial role in our picture" "We would love to make acquisitions that logically fit into the three divisions that we have now. Admittedly, it has been difficult seeing products and companies in those area. So we're looking outside those areas, but still within the educational arena." "From 1994 through 1998, we have tripled our size. We have very little debt and lost of cash, and our working capital position is excellent." "We are valued today at only 50 percent of the average multiples in the educational area. And I'm talking about market cap to revenue, earnings per share, EBITDA, etc. Many large companies cannot match our rate of cash earnings from operations." "Unlike other small companies we have a substantial amount of working capital, and our cash earnings from operations are substantial. We're growing the revenues at between 15 and 20 percent a year." The above quotes by Mr. Andrew L. Simon, Chairman & CEO, appeared in "The Wall Street Transcript" dated March 30, 1998. This dated material is still applicable today as it reveals the blueprint of TASA's business plan for growth and increased profitability. I suggest that you contact TASA Investor Relations at (914) 277-8100 for your copy of the full transcript. Regards, Tom