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To: Panita who wrote (59468)	3/3/1999 2:17:00 PM
From: stockvalinvestor	Read Replies (1) \| Respond to of 119973

WORK upgrade.. Just released. oseph Charles & Associates, Inc. Upgrades Earnings on Workflow Management and Reiterates Buy Recommendation with a 12-month target price $12 PR Newswire - March 03, 1999 14:08 BOCA RATON, Fla., March 3 /PRNewswire/ -- The following is being issued by Joseph Charles & Associates, Inc., a member of the National Association of Securities Dealers, CRD number 3949: Joseph Charles & Assoc., Inc. research analysts David Weinstein and David Keiter upgrade earnings and reiterate their buy recommendation on Workflow Management, Inc. (Nasdaq: WORK) maintaining the 12-Month Price Target of $12. Additional information is available upon request via e-mail: institutional@josephcharles.com Workflow Management develops client specific strategies for outsourcing printing, graphic arts, and office supplies. Their "Get Smart" internet e- commerce platform provides corporate accounts with electronic catalogs. The e-commerce catalogs give the company an important competitive advantage. GetSmart can generate more than 100 real-time and periodic reports to its managed accounts. These reports detail, summarize and analyze purchases, inventory level, utilization rates and billing by cost center, product and product lines to meet each customer's specific needs. Workflow surpassed our Q3 estimate by 10% through improved operating margins. Operating profit margins have improved sequentially for four consecutive quarters increasing from 5.9% to 6.7%. The driving force behind the increase in operating profit margins is the success of "GETSMART"; Workflow's e-commerce. GETSMART generated more that $58 million in revenues during the first 9 months of this year. We believe that as commerce on the GETSMART platform continues to grow that the stock will trade at a premium to the group. On a trailing earnings basis the stock currently trades at over a 30% discount its peer group. Based on the closing of $70 million in acquisitions in fiscal 1999 we have increased our earnings estimate for fiscal 1999 from $0.79 to $0.81, and for 2000 from $1.06 to $1.16. We believe that these estimates are conservative and give the company latitude regarding how quickly the acquisitions can be assimilated. Information and statements contained herein, other than historical information, should be considered forward looking, which involve risk and uncertainties. The securities referenced are speculative in nature and may not be suitable for your investment objective. Joseph Charles & Assoc., Inc. is a market maker in the securities of this company and may have a long or short position in the securities, its officers, directors and affiliates may maintain positions in the securities referenced which may change at any time without notice. SOURCE Joseph Charles & Assoc., Inc. /CONTACT: David Weinstein, Director of Institutional Research, or David Keiter, Research Analyst, both of Joseph Charles & Assoc., Inc., 800-284-9995 or 561-391-9090, or e-mail: institutional@josephcharles.com/