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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (7386)	6/5/1999 11:14:00 AM
From: Allen Furlan	Read Replies (1) \| Respond to of 78478

James. I have seen the personal attacks in the past couple of months about whether a poster is a "value investor" or not. I have been a member of SI longer than you, am more than twice your age and have tried to be a gentlemen in my posts. I think it is up to individual posters to decide whether or not a subject fits the criteria of this thread. Your reply on ffp, whether or not intended,was offensive. I owned and may very well buy back either ffp or ffm. A link was posted which provide useful info. The stock is definitely a value play. We have had posts on shorting Amazon, on arbitrage plays, on value with growth and many other subjects. All the ideas posted were useful to me and I resent that self appointed thread police see fit to discourage such posts. Al Furlan

To: James Clarke who wrote (7386)	6/5/1999 7:45:00 PM
From: Paul Andrews	Read Replies (1) \| Respond to of 78478

SMACK! I respect your thoughts and do relate to them. I only tried to illustrate that I'm knowledgeable in what I'm talking about. I too have done the "sweat". I don't hype and only post on my most sincerest thoughts. I consider myself a professional in this field. Now for the meat. Network Electronics Corp (OTC:BB NWRK; $3.875 bid $6.25 Ask). Network Electronics "NWRK", is engaged in two business segments. They are: US Bearing Division manufactures "non-catalog", or special, these are high precision ball bearings. Bearings are used in the manufacture of thrusters, landing gears, window assemblies and wings. and, Ordnance Technology Division manufactures pyrotechnic devices sold prime contractors of ammunition. Company was near death a few years ago and has turned it's operation around. Backlog has increased 29% to $6,200,000 at 31 March 99 vs last year. 12 Month Ending 31 March 99 Trailing Results: Revenue: $ 7,778,433 100.% Gross Profit: 3,016,786 39.% Selling & Administration: 575,749 7.% Other, Net of Interest Expense: + 68,104 Income B/F Income Taxes: 2,509,141 32.% 100.% Taxes: 884,016 11.% 35.% Net Income: 1,451,755 19.% 65.% Net Income Per Share $ .88 [Doesn't add up due to no adjustment to accruals.] Balance Sheet at 31 March 99: Current Assets: $ 3,267,706 Current Liabilities: 842,470 Net Current Assets: 2,425,236 Ratio 3.88 Long Lived Assets: 2,399,236 Other Assets: 83,940 Total Net Current & Longed Lived Assets: 4,908,412 100.% Long Term Liabilities: 2,823,099 58.% Equity (per share $1.25): 2,085,313 42.% The real kicker is 47% of the stock is owned by a Trust that the Probate Court has ordered to be sold. NWRK has hired an agent to assist in this process. I like how this feels. Latest 10Q: edgar-online.com Subsequent Event: The Community Development Commission of the County of Los Angeles (the "CDC") has approved a $650,000 business loan to the Company, the proceeds of which are to be used as working capital. The loan was funded on April 19, 1999 and will be fully amortized over a five-year (60-month) period at a fixed annual interest rate of 7.50%. Monthly payments will approximate $13,025. The loan is to be collateralized by a first security interest in all equipment, and by a junior security interest in all other assets. The Company has agreed to attain certain employment goals in the 36 months following the funding of the loan.