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Biotech / Medical : PHP Healthcare -- Ignore unavailable to you. Want to Upgrade?

To: Dana who wrote (45)	6/8/1998 10:08:00 PM
From: Jim Mac	Respond to of 136

Recent SEC filings indicate at least 100,000 shares per day have been bought for PHP thru Chase Manhattan Bank over the last few weeks. With Friday's heavy buying, and today's activity, it looks like the common buyback is about complete, having reduced the outstanding by 25%, and the float by 36%. Also, the most recent 8-K/A states PHP believes it can cut costs of recently-acquired HIP ops by at least $20M-$24M annually. This translates into at least $5M quarterly cost savings beyond Jan Q's costs. And in Jan Q earnings release (I believe), PHP said they made "substantial progress" in reducing costs that Q. April Q numbers should reflect that "substantial progress", while also benefiting from expanded DC Chartered and HIP enrollment. Earnings must be due out any day now. So guess what I did today? I scooped another 10,000 shares at $9 1/8. Very tasty. ;-)

To: Dana who wrote (45)	6/9/1998 9:03:00 PM
From: Jim Mac	Read Replies (1) \| Respond to of 136

Between May 20 and May 29, 1,368,000 shares were bought for PHP thru Chase Manhattan, at prices ranging between $9 and $10+ (check recent SEC filings). Friday, June 5, 700,000+ shares traded on the market, with about 200,000 being 50,000-share blocks of buying after the daily low, with many more 5,000/10,000-share buying blocks also executing throughout the day. Then there's Robbins' 1,000,000 shares bought last month, and the 150,000 bought prior to that, and it's clear PHP's buyback is now complete. That was some rapid scoopin' at excellent prices. Now for the earnings. Drum roll, please........

To: Dana who wrote (45)	6/25/1998 4:51:00 PM
From: Jim Mac	Respond to of 136

Like I said: PHP won't pay any meaningful fines, they'll buy back a big chunk of preferred and common, and anyone not buying at these ridiculously low prices (below $10) will be miserable after earnings released soon (though not as soon as I thought). As more people realize the implications of PHP's latest press release, the buying will continue, and we'll never see $7-8 again after earnings released in July, showing at least $0.20 EPS from continuing ops before noncash deemed div, and good cash flow. Jeez--look how cheap PPH is now: 7-8 times forward earnings, 14-16 times trailing earnings (as of AprilQ), and earnings will grow at least 150-300% all year. This selloff has created one of the great buying opportunities of 1998. PPH can have a fair value by late '98/early '99 or $25 - $35. We're talking bottlerocket action, just like VISX (I know that's getting old, but it's true). Don't blow it. Scoop while the scoopin's good.