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Microcap & Penny Stocks : SHOW (NASDAQ-regular)----Showscan Entertainment -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (18)	6/23/1998 5:17:00 PM
From: M. Frank Greiffenstein	Read Replies (3) \| Respond to of 95

Some DD... I had some time, so I downloaded the last 10K (8/97). Very interesting... 1) Only 5.6 million shares but company is closely held. The float, tops, is 2.3 million. The officers and beneficial owners seem to hold on to their shares! This is a good sign both for traders (adds to upward volatility) and FA people (officers believe in company). 2) Value of titles library going up, over 5 million in 8/97. That's a buck a share for film library alone. They have added titles since. 3) When all is said and done, I calculate book value to be $1/share, not the 0.77 reported at Yahoo. Looks like stock price ended up the day splitting the difference. 4) Backlog was 61 specialty screens in summer of 1997. These run about 1.3 million each. Not sure of rate of backlog ocnversion, though. 5) As of the closing price today, stock is selling at 0.23 times sales!!!! 6) My take is that the long term debt and the lack of substantial revenue growth has killed SHOW. It is easy to see why IWRK would want to take SHOW over. It would get a large film library, add screens and get a nice backlog which it may have better resources to convert. How much is SHOW worth. Well, at least 75 cents, LOL! But let's value it at one times sales. That would come out to the $3.50 IWRK would want to pay. If SHOW has cooked up some new deals that we do not know about and that would fuel new growth, we could really some above $4. The leisure industry will grow rapidly as Baby Boomers spend their bucks taking it easy. I'm a Baby Boomer, and that's what I am doing! DocStone

To: Dave Gore who wrote (18)	6/23/1998 5:41:00 PM
From: Trippi	Read Replies (1) \| Respond to of 95

I have held SHOW since the failed IWERKS merger -- and here's why (for what its worth). Yes SHOW has screens around the world that would easily suit IMAX's expansion plans -- and Yes that should be inviting to IMAX -- but that misses the true value of SHOW to IMAX IMHO. IMAX has screens and plans to expand to an additional 200 screens in the next year or so. What IMAX lacks are movies and films that are made for or able to be formatted to be shown on IMAX screens. Everest was commissioned by IMAX to be produced in the IMAX format -- there are very few films produced in this format each year. What SHOW has (in addition to the screens) is a film library of productions that are easily convertible to the IMAX format. Any film (from Everest to Godzilla) costs millions to produce. SHOW's film library is high quality stuff -- the kind of film IMAX would love to have. I can't get a good handle on the number and the length of each film in the SHOW library -- but a conservative estimate in my view would be the library itself is worth at least $3 to $5 a share -- and realistically is more likely worth $8 to $10 a share (given the number of screens IMAX has to offer the films on). So why with this quality stuff is SHOW having trouble making money? SIMPLE -- NOT ENOUGH SCREENS. If IMAX only had 1(as a unfair example) screen how much money could EVEREST make? What you have is a company with a large film library and a modest number of screens -- and another with a lot more screens and hungry for film. These two companies have what each other needs. I don't know if the rumor is true or not -- but it makes a lot of since if you understand the two companies. The part that worried me a little from the TMEX post was the part that said "please don't post on the SHOW thread" -- and yet it was posted here anyway -- do your own DD -- but my advice is to keep your eye on the film library and not the screens -- of course IMAX would get both which is why I'm hopeful that a deal might really be in the works. BTW I have had only good experiences with TMEX -- and enjoy his posts (I know some don't) but just wanted to add my thinking as to why a deal would work. Trippi