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To: Richaaard who wrote (243)	5/5/1998 10:52:00 AM
From: MC Niemi	Read Replies (1) \| Respond to of 329

Read through AD Tech's 1997 annual report which showed up last night. Here are few things of interest. 1) Glen Walters owns around 16% of the companies stock. 2) In the presidents letter it says "THE CURRENT DEMAND FOR OUR CAPACITOR FILMS IS IN EXCESS OF OUR PRODUCTION OUTPUT". This is the first I have heard of this. I also thought one of the earnings problems for 1997 was weak film pricing. 3) AFter eliminating intercompany sales between AD Tech and Boxall (ABSA) it looks likes sales for ABSA was $14.9 million in 1996 and fell to $13.2 million in 1997. 4) It looks like ABSA lost .06 in 1996 and made .13 per share in 1997. Why the earnings turnaround with a drop in sales?? 5) The company has projected sales in the $25 to $30 million range for 1998 and earnings of .40 to .50 per share. To do this is going to require some major improvements in margins in 1998 and a good increase in sales at ABSA. MC