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Biotech / Medical : Biosource International -- Ignore unavailable to you. Want to Upgrade?

To: milton who wrote (458)	4/11/1998 9:07:00 AM
From: Joe Dancy	Read Replies (2) \| Respond to of 696

Milton: The currency hedging question came up at the last earnings conference call - management did a poor job initially of explaining why they don't hedge in response to one analyst's question but he followed up for more detail - and when management laid out the details it made sense why they are doing (or not doing) what they are. My notes are at my other office unfortunately as to exactly what was said and the reasons or I'd post them here again. Her departure just before earnings is released raises questions, although if you accept the company's release then there should be nothing to worry about. My initial reaction was that this quarter is going to bomb, and they will lay some of the blame on the latest person out the door. On the other hand I can say that BIOI management and IR personnel have been honest with me in the past, and they told me Friday that she has left on her own volition - and the fact that they already have a player lined up to fill in fits this line, since if they were forcing her out they probably would have done so before beginning a search in the industry - word gets around when you are looking for a CFO. For those of you who have held 3 years and seen no return I can understand, but when you buy value with growth potential you have to wait years in some cases before you cash in, that's the way it is sometimes. The company is turning around the European operations, 50% of revenues, slowly but surely - they have good products - in a good niche - have a stock buyback program - are selling at a price to book of 1.9 with almost no debt - have analyst coverage that is positive - and are a microcap now ($55 million) -- the fuel is in place, all we need now is some earnings. We will see how things develop, but I would not sell here - and the fact the new CFO is from Amgen cannot hurt the case for this company. Thanks everyone for the feedback, again just trying to put the parts together here :). Joe