To: Tae Spam Kim who wrote (150 ) 5/21/1999 10:04:00 AM From: Tae Spam Kim Respond to
BancBoston Robertson Stephens Reiterates Buy Rating on VMIX SAN FRANCISCO, May 21 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271: BancBoston Robertson Stephens senior information and business services analyst Andrew W. Jeffrey today reiterated his Buy rating on Valley Media, Inc. (Nasdaq: VMIX). Valley Media, headquartered in Woodland, Calif., is a music and video distributor with facilities in California, Kentucky, Pennsylvania and Massachusetts. "We are reiterating our Buy rating on Valley Media as the company posted strong upside in its first quarter as a public company," said Jeffrey. "Valley reported fourth quarter fiscal 1999 earnings per share of $0.21 on revenues of $257.9 million, well above our estimates of $0.18 and $235.2 million, respectively. "In light of its strong showing, we are raising our fiscal 2000 and 2001 earnings per share estimates on Valley to $0.97 and $1.69, respectively, from $0.93 and $1.62, respectively," said Jeffrey. "Our new media revenue estimate of $355 million in fiscal 2000 could prove conservative by at least 5 percent as online music sales continue to accelerate. We continue to recommend purchase of the stock." Clients interested in receiving more information should contact their salesperson at 415-781-9700. BancBoston Robertson Stephens is a leading international investment banking firm focused on growth companies. The firm's 55 equity and high yield research analysts cover more than 600 companies. Additional information is available upon request. The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of BancBoston Robertson Stephens, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in "Investment Risks." BancBoston Robertson Stephens from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, BancBoston Robertson Stephens has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. BancBoston Robertson Stephens, its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. BancBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.
