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Microcap & Penny Stocks
Morgan Products MGN

An SI Board Since November 1998

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Emcee: EyeDrMike	Type: Unmoderated

Introduction Compact

Looks like a fundamenrtally undervalued company with a turnaround in progress. Having the famous (infamous?) Jj Cramer owning 7% of the company at 4+ might even be a plus!

If they continue to beat estimates, this stock could easily double within the next few months.

yesterday's closing price was 2 7/16.

Morgan Products Ltd. manufactures and distributes millwork products which are sold to the residential and light commerical building materials industry and are used in construction and improvement, maintenance and repairs. For the six months ended 7/4/98, revenues fell 12% to $178.4 million. Net loss fell 92% to $327 thousand. Revenues reflect the sale of a manufacturing facility. Lower loss reflects $5.8 million in restructuring and reorganization charges last year.

Morgan Products is a leading producer of Morgan and Nicolai brand premium wood door systems and other specialty building products. It produces pine, fir, and oak interior and exterior doors and entry systems, which are available with many specialty features. Morgan distributes its own products plus Anderson brand premium window systems and vinyl-clad wood windows, stairway systems, and Therma-Tru steel and composite doors, flush doors, molded-skin doors, and wooden bi-fold and louvered doors and moldings. Morgan sells to the home improvement, maintenance and repair, and new construction markets throughout the US. The company is selling its manufacturng operations.

book value: 4.07
outstanding shares: 10.4 mil
float: 4.9 mil
long term debt: 44%
institutional ownership: 68.3%
50 day MA: 2.50
200 day MA: 4.25
52 week high: 6.87
52 week low: 2.00

One year chart: MGN Graph: Weekly for 1 year

EPS forecasted: .19 for 1988
.44 for 1999

insider buying: Yahoo! Insider Trades (Transactions) - MGN

FROM JULY 1998:

WILLIAMSBURG, Va., July 24 /PRNewswire/ -- Morgan Products Ltd.
(NYSE:MGN) reported reduced sales but a profit for its fiscal second quarter,
reversing year-ago losses.
For the three months ended July 4, 1998, the company reported net income
of $1,251,000 or 12 cents per share compared to a year-ago loss of $1,929,000
or 19 cents per share.
Sales for the 1998 three month period were $98,238,000, down from
$106,801,000 in the 1997 period reflecting disposition of the company's
manufacturing division last February. However, on a pro-forma basis, sales in
the current 1998 period were up 9.5 percent over pro-forma sales for the
company's distribution business only of $89,698,000 in the year-ago period.
Larry R. Robinette, president and chief executive officer, said the
improved results reflected the benefits derived from the company's recent
restructuring and disposition of its manufacturing operations, as well as
benefits of a continuing working capital control program.
He said that results were also impacted favorably by the company's
acquisition last July of Wahlfeld Manufacturing Company, a distributor of
Andersen and other millwork products.
He said that the company had significantly improved its balance sheet with
a reduction in inventories. The company's increased receivables, he said,
were directly in proportion to increases in sales volume in its distribution
business.
For the first six months of the 1998 fiscal year ended July 4, 1998,
Morgan Products reported a loss of $327,000 or 3 cents per share compared to a
year-ago loss of $3,861,000 or 38 cents per share.
Sales for the 1998 six month period were $178,392,000 compared to
$202,606,000 in the 1997 period. On a pro-forma basis for the company's
distribution business only, sales in the 1997 period were $166,221,000.
Robinette said the outlook for the remainder of the year was favorable.
"We expect third quarter results to be improved over both the third quarter of
1997 and the second quarter of this year."
He cautioned, however, that Morgan Products is continuing to experience
margin pressures in several geographic areas as a result of industry
consolidations and competitive pressures. "Because of these pressures,
although we expect our year's results to be favorable, operating margins will
be somewhat lower than expected for the remainder of the year," Robinette
said.

FROM AUG 1998:

WASHINGTON, Aug 20 (Reuters) - A group led by investor
James Cramer said Thursday it holds a seven percent stake in
specialtybuilding products distributor Morgan Products Ltd., or
725,500 commons shares.
In a filing with the Securities and Exchange Commission,
the group said it holds the stake for investment purposes.
washington.equities.newsroom@reuters.com))

FROM OCT 1998:

WILLIAMSBURG, Va., Oct. 22 /PRNewswire/ -- Morgan Products Ltd.
(NYSE:MGN) reported a profit on reduced sales for its fiscal third quarter,
reversing year-ago losses for the second consecutive quarter.
For the three months ended Oct. 3, 1998, the company reported net income
of $2,002,000 or 19 cents per share compared to a year-ago loss of $1,083,000
or 10 cents per share.
Sales for the 1998 three month period were $107,508,000, down from
$111,656,000 in the 1997 period reflecting disposition of the company's
manufacturing division last February. However, on a pro-forma basis, sales in
the current 1998 period were up 12 percent over pro-forma sales for the
company's distribution business only of $96,040,000 in the year-ago period.
Larry R. Robinette, president and chief executive officer, said the
improved results continued to reflect the benefits from the company's
restructuring program and disposition of its manufacturing operations; a
continuing working capital control program; and improved performance in many
of its markets.
For the first nine months of the 1998 fiscal year ended Oct. 3, 1998,
Morgan Products reported net income of $1,675,000 or 16 cents per share
compared to a year-ago loss of $4,944,000 or 48 cents per share.
Sales for the 1998 nine month period were $285,900,000 compared to
$314,262,000 in the 1997 period. On a pro-forma basis for the company's
distribution business only, sales in the 1997 period were $262,261,000.
Robinette said that in line with the company's results for the first nine
months of fiscal 1998, it is likely that full year-end results for 1998 will
be substantially improved over 1997 full year results. He continued to
caution, however, that Morgan Products will experience margin pressures in
several geographic areas as a result of industry consolidations and
competitive pressures.

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