Equities970925

  ============================: THU.SEP,970925 :============================
|7:57| RayDirks : Mutual Funds finally getting into small
 micro : 5 - 150 M$ market cap | mini 50 150 | Small Cap : 100 - 500
 getting orders frm Fidelity & Putnam for nxt wk IPO .
 Ortodotoic centers new issues : AOI 2x , 3rd 1 out last mo up  3x
 | Comidor on cover of last issue perking up | Mkt going up since Berlin Wall
 Short Sale Candidate : ( frm the short buster club ) : Conseco - went frm
  1$ - no up to 48$ - fundamentals have deteriated dramaticly .
|8:5| Bob more optimistic on CNC . Equities only mag staying pos when shorts
 hit before .
 DanGlassman : Bradley Pharm : People who stood by us last 2 yrs while worked
 thru things w Berlex Lab ? | got  3$ % share converted debt .
 Pub 5 yr | 1 > 13 , , 16 inn `97 | intntln 1.5 M$ |
 accesable thru http://www.bradpharm.com & foen . Here to make article for
 Mother . Started `82 . same industr as Jones JMED , Dura DURA , Medicis
 Pharm MDRX - like them but ~ yet seen by mkt .
 . Brand Acq & internal growth .
 Undercoverd . 2 op grps : Kenwood Respratory & DOAK  Dermatoligics .
 Only Nasal conjestion
 P/E  5.7 vs ( excesive ) > 30 p/e on comparables .
 Price % share 1.25 .  Sa,es 13M$ .
  Sales  6.4 20. 10 12 | net .9 3.8 -6.9 1.6
  expect 15M$ + . earning up .11$ % share . paying taxes
 Warrents all expired .  Berlex
 New prods :
 DOAK : Acid Mantle frm Sandoz . , CARMOL antiFungal
  Formula 405 Vitamin C anti wrinkle cream patchs | developed internally
   one of 4 of 26 products tested by 20/20 recommended .
 Kenwood :       Deconamine
  NAVAGE - drugless sinuitis theraby prods .
Internally developed : CARMOL 40 , Glutofax-ZX , Lepont Beauty patch .
 has personally bought > 100k share , 15k recently .
 Industry stood by them . forged by last 2 yrs . on current basis w everyone
 . owe few a little money . can do business w all .
 6mo sales 7.4M$ .61 Kenwood ; .15 intnl ; .51 Rx ; .62 unique vs Multisource
 150K$ in Dominican Republic
 8.7M shares out , 400k buyback for ESOP . recommended investment by Sr Mngt
 : .3 of salary .  LT debt : 326k$ |  cut frm 153 -> 80 , now 94 people .
 Sales thru 60 brokers , 25 sales reps . 20 Delier Samples to Dr .
 Going into Jamaica .
 Will get back to you outside of busn hrs . not here to sell stock - none to
 sell . just to inform . |8:42| Trading ~ 35k shares % day . Float ~ 4M
 shares . large bunch bought @ 4.75 | `91 IPO Blair
 5%8 - 1+21%32 over last yr .
|8:51| KBF BB:KBFP . LawrenceKreisler - removes metals frm liquid waste &
 sell back to refiners . selective separation tek . produces no waste . Mkt
 vast . > 70B gallons compatable waste | Large : 13B gal | cost 2$ % gal .
 developed on LongIsland 11 yrs done 50 M gal | 200 ton silver nickle copper
 recovered . had 1st profit . Metal bearing waste tax .16 % gal |
 
 DEMOs : Foto silver waste - normal method : add hydroxide , then lime
  They ad coupl drops reagent . pure metals recovered .
  Nickle coated wire plant waste .  Copper from Mine waste .
 Moving frm LI to NJ . 15B gal mkt .
  2000 customers thru 2 sales personnel - cost efficient . No current
  comp . plan to expand to East half US in next 5 yr.
|9:3| ?s Brian : Large scale ? up to 140 k gal % shift . process rapid
 Abe : competition ? none same
  .35 - 2 $ . .5 | Gross margin .35 | eliminate chelating agen which hold in
  soln . KBF did IPO in `87 & | Intellectual Prop ? | 20M $ mkt in NJ .
 bring waste to KBF . Sales from recoverd material minor .
 when portion CU NI  AL AG .15 .05 .03 , any |
 not very labor intensive | competative w other methods of diposal .
 Patent pending . | Bob : Revenue projections ? 5 yr 100M , profit ? .35
 Were R&D co til last yr .  . plan to build net of facilites .
 on site w large Cos . royalties on tek & reagent - also patented .
 44 M share out - .09 - .45 , plan to reorg in next yr or 2 |9:20|
 I talked with the company a bit during the morning break . I just about
 walked away telling them I was going to state here that they sounded like
 total BS because they kept saying their system just left precipitated native
 metal and water , and I said that defies the conservation of matter .
 Finally they admitted it does produce CO2 and some other residue which is
 burned away or becomes cliker in the recyling of the metal . They say tho ,
 that their reagents act more as a catalyst , and the percipitate is ~ .3
 metal by weight . A professor from some small local school , which I failed
 to remember , came by and said he had seen their process and after initially
 having had the same reaction as me , had become a believer . Unfortunately ,
 they had run out of literature so I have not been able to dig deeper yet .
 I still feel their presentation seems too good to believe and their busines
 plan of having effuent shipped to them for processing as opposed to
 installing facilities for large customers seems questionable . But perhaps
 its just the awkwardness of an immature company . In any case , they require
 some homework 
|9:20| Bob : Quintel 2x since here | TeleServices Intnl : Inbound teleservice
 providor , agregating fragmented Travel industr.
 Teleservices 84B$ growing .05 % yr . outsourcing growing .2 |
 Call ctrs employ > 3.5 M |  delivered 500B$ goods & svces . Expense $50B
 12 pub Cos in mkt | avg p%e : 22 | Time analogous  EDS in 70s , ADP in 80s
 Fragmentd . 0 dominate players | 12 pubs count for %3 mkt , top 50 make up
 .5 ( $53 M ) , 950 others .
 For DOMINATION  , Mngt , modest $ for Acqs .
 Scitex . 85-92 70M$ > 700 M$ . stock 2- 88$ | have key members from team
 most went to Indigo  - 0 > 150M in 18 mo |  stock 13 > 64 during period .
 Integrating . Rob Chmn ex Phoenix Intn . Ex top jock , coach under contract
 as special events division | retired CMU guy consulting .
 Team players w 'whatever it takes ' work ethic .
 Concept Sales - products not even developed
 Customer Satisfaction fanaticism .
 Fortune 100 Busn - Business selling
 Target | now 5 - 30 60 , now 98 99 | 10-15 $ stock by `99
 to get to 30 , need internal plan aiming @ 50 M$ .
 3 Acqs identified for $20M in `98 . 2 ltrs of intent , 3rd in process .
 each turning away busn .
 Proforma consolidation projection 42M$ in `98
 Why invest ? Teleservices fragmented begging for consolidation
  team done it 2x before |9:40| ?s : tip last wk . vol spike ? TSIG . no
  specific event | Cash & Stock - need 7-8M in next 90 days . feel
  comfortable w b available . Value Acqs - paying 5x projected earnings .
 Why so cheap compaired to pubs ? buying sole Props . can`t get to mkt .
 Objective 100M$ by 2000 .
|9:44| Bob : DickSulivan | 320k in `94 , now 100M | Sept : AppliedCellular
 read safe harbor rules | Dick : last here in `95 - forcasted 2.1M$ at that
 time . Creating Wireless age : BillGates said does word processing . CPM
 rejected sale to IBM . IBM came back to BG |  MS mkt cap 1.3x IBM
 AT&T sold cableing ships | 400-800 MHz free spectrum
 ACT : broadband , switched , CDPD , PCS
 | `95 : E%S .1$ on 2.34M$ rev % 1.8M shrs .
 acq .8 of cos . issue restricted stock . entrepreneur keeps .2 to sell back
 @ 4x earnings | internal growth .34 |
 `96  19.8 | .19 x  3.3M shares .
 `97  103M | .31  x  8.1M share | net applicable to common : 2.52M
 acq STC / Netcom ~ LA - towers every 3-5 mi .
 Intnl Signal processors of UK w satalite positioning patents .
 Can control home from PCS . [ I have never understood the apeal of this ]
 Net Op rev Q1-4 M$ |  18 25 27 34  | cur rate 134M$ % yr .
 Pub in fall `94 | Problems ? growth cos . people problems . %2 time spent
 getting $s . all Acqs have been antidilutive .
 built 10 secure towers for BankAmerica .
 `98 proj - > 200M w continued growth in E%S |10:4| ?s : RussellClevland :
 redemable Prefered ? 3yr - holder converted %5 @ 7.38 $ % .
 \Moved up to NASD ?
 Cap budget ? just got 6M frm in money warents . doing convert prefered .
 20M IPO Q2 `98 | ACQs oportunistic or stratigic ? trying to build 3 grps :
 Digital component mfg , computer , wireless svcs | plan to strengthen mfgng
 , contibutes .49 revs . | lot of telecom orphans out there | Talking abt
 ADRs for foreign . mkt . partner founded AutoDesk .
|10:11|
|10:38| ( I late ) Integrtated Security Systs  IZZI . PSA security network
 offering Intelli-Site integrated systems . Software flexibilty to tailor
 sys func to each cust w/o programming . Offer single source OEM product
 integration . Sensematic |
 Revs |  7.6  9. ~15  | net  -2.8 -.28 -.33 | addest 5.3 12.9 13.6  | M$
 Shareholder Eq | 1.1 4.1 3.9  | all on Edgar .
 IntelliSite has be select by Industry`s major distributor as the integration
 platform of choice . | How relate to chkpoint & sensormatic retail ? No
 other is cross system integrator - lighting control , smart buildings .
|10:52| RussClevland : Renaissance Cap . Author : Money Grows in TX , &
 Investors Garden | nice bull mkt in micros for change - no longer all risk &
 no reward | ExWarton : cpl students stabed . didnt know abt ISSI yet .
 Renaissance3 fund : criteria big player in funding thru Ren & also London
 fund . Invest for Cap apprec in emerging cos .
 NASD RENN . since 9604 . Closed ent Busn Develop Fnt Reg Invest act of 1940
 ( %2 cap gains rate ) , NASD RENN . since 9604 | PhD in Fin , only cost $25M
 . Main&Dilard Board : Ex TI Robert Pearson . PeterCollens .
 Most Cos < 100M$ . 10K pub cos in our area . One of largest emerging mkt in
 world . Best Groth since `25 | Ibbotson # | 1 became  1370 4495 | large smal
 Private Convertable Debentures . Current Income , Reduce Risk , often not
 subordinated . Opportunity for signif apprec , w anti-dilutive provision
 No self destructive paper .
 Mainly interested in strong motivated individuals . JerryBeckman .
 2 types of people - those who make money & those who don`t .
 Industrys : Mkt leader in Unique industry .
  consolidating frag indust except RE
 Require Audited Fin statement s , Pub or positioned to be pub .
 Portfollio : Bentley Pharm , Contour Med ( to be aqu by Sun . w be taken out
 w .4 gain in < yr ) , Dwyer ( home maintanence ) , ISSI ( major holder
 debenture convertable @ 1$ , now > 2$ ) , Interscience Comp ( will emerger
 frm Ch11 ) , Intile Design ( swimming pool tile , small pos : 500k shares )
 , Jakks Pacific ( 10 - 60 M$ in last 2 yr may be 100 soon . put in 5-6 M$ .
 little wrestling figures . Far east contracte mfgng ) , Play by Play Toys ,
 Poore Bros ( snacks ) , Topro ( 10 -> 50 M$ in last 10 Mo . .05 earn last Q
 . entering yr2000 for Coke , went to 8 , converted , sold 3.5M$ realized 6M
 of 15 M in 60days ) | RENN3 gon frm 6M to 50 M$  asset val $13 % shr .
 trading ~ 9 . have to pay out .9 realized gain .  . Div .47 .51 , 95 96 , w
 be higher this yr .
 Is Nasdaq Co . This 1st talk . RC just bought 75K shares on mkt .
 Hemlock Soc ltr : must have found list of portfolio mngrs .
 |11:15| ? : how much own ? run mngt co , own > 100k shares | VC mkt ? last 2
 yrs very frustrating . Topco traded 5M shares in 1 day . Agrees w RayDirks
 just getting started | Other fund : Global Environmental ? got out of busn
 putting back on track | Why was mkt for Micros so bad ? ' Mystery to me ' $s
 going into Large cap mutuals | Last 60 days great change | Min investment ?
 Trades on Nasdaq - goal short term - reach > 15 asset val | avg co 5-6M$ mkt
 cap . Play by Play > 100M , some down to $1M | Templeton calls < 1B small
 | who buying ? small funds - 3-500 M$ funds | would like to start new Micro
 cap fund ~ under busn development law |11:23|
|11:24| GerryMurphy : See  ATSM 
|12:39| Bob : Large Cap Funds may melt down , Templeton says
  | .4 x 8000 |>| 3200 | if redemptions start . now one could stop .
 Amtek : sell cell foens in China .
 ATSM : Gerry :  undervalued | 6000 x .1 x .170 |>| 102 |  M $ , unit mkt |
  IBM , NCR competition - Defense comisaries  as sub contracter specified
 ISSI : expect 3x
 PSI : Peak Software . does busn w US Robotics w  30 people
 Russell RENN : may pay $1 this yr .
 Steve : TSIB  have .005 of mkt in 1 yr .
 Dallas Jones : TrimALawn . no profit yet . Lawn care ~ LasVagas .
  30B$ mkt . Power Eq $10B . Trimmer mower fastest growing 15 - 80 M $ mkt
   | going after Chains & mass mkting | now .8 thru mass merchandisers .
|13:2| Bob abt Larry Ariana : Not nice to fool mother Flaherty .
 had  16M then  30M assets  320M  , no 6B$ 'most dangerous fund in America '
 Chmn : Mediware Info Systems ( $7 ) |13:6| : Eq terific mag because covers
 microcaps . Serves valuable fn . Bob coined ' Dynamic Duo ' . Mediware w
 Hans since `82 , launched Fund in `86 | 18M$ revs : 3 prod . info systems
 for :
  Blood bank infusion Hemocare ( done w SloanKettering . in 250 Hospital )
   need 30 hosp to break even . Using funds to fund :
  Hosp Pharm  . reaching profita
  Sugiware Surgical suite sys . youngest . loosing 1M$ % yr
  Roger Wilson : PharmacyVision :
   Hosps becomeing healthcare centric - ' cradle to grave ' care
    ' cost of care ' pressures | Complexity of therapeutics increasing .
   Dire need for Integration | Existing Tek barriers . ( Y2k problem .
     Harvard class of `00 pushed to donation system . )
    IT Revolution - Internet specialized client-server ..
   Pharmacy busn : WORx  | Mkt timing , have pharmacy & tek expertise ,
    have largest installed base ( > .5 rev from maintanance & upgrade )
    WORx Tek : ActivX  client/server Enterprise component archetecture .
     building blocks .
    Providing xaction tracking . inpatient services 11 sites since 9612 .
     handles insurance adjudication . | Integration tool kit to work w other
     systems .
    Mkting to be thought of as 'integrated' & 'Best of breed '
     Dir to Hosps .  Increase thru Acqs .
  Digimedics . Pharmacy Div abt .55 of sales . next yr expect  .78 .
 Hospitals have legacy systems selling into .
  Several competitors .
 Paperless perscriptions ? | Internet Security ? | Y2k impact on patient care
  ? sure . could have . cause Capacity problems | 30 days work to install , 9
  mo elapsed | Not integrated w Med record systs . |13:36|
|13:50| Scott Kobe Stamford : PeakSoft - Dramatic growth - completed 2M$
 financing w Elliott Ptnrs NY ( 1B$ fund ) . DougFoster : Pres & founders -
 cmpltd BB application frm Alberta . PKT.S Pending NASD-OTC BB . Internet :
 Distribution w Re:Launch in CA | MA : Greentree Assoc
 Got Java Developers on board .
 Internet  .71 growth in `97 | 82 M users today 268M by 2001 .
  Software . 1.7 to 12.2 B '97 - '00 | Faster rate internationally Telephone
  cost foreign 5x US . Internet activities : .86 Info gathering , .43
  research , .34 e-mail | Need Speed . Browser accelerator | 30 x 50E3 |>|
  1.5M  | core Java  Tek : server , caching , agent  , presentation - tek |
  PeakJet  JetEffects NetMagnet . power to create & sell killer apps .
  PeakJet 11 upgrades over net . 1s of kind | Jet effects sells to authors .
 NetMagnet : Launch Oct | create portfolio & upgrade ( sounds like AlphaMicro
  ) selected among best of Comdex by C/Net . 1E6 lines of code . trading @
  < 1x next yr sales . thinks of
 Competition ? MS buy or step on ? enhances browsers & push tek . reside on
  client not server . Updator tek w allow to stay ahead . Ex Xerox & comp
  seller . In 9 of 14 mkts . top in Japan Brazil & Europe . In 8 of top 15
  retailers - CompUSA , BestBuy , etc . | Direct mkting : WinFax |
  750k units % mo shipping | paid $1 % unit by McMillen for Netscape pak .
  Distributing w Modems . pay for upgrades . dist 10M copys , expect 3M users
  Aim @ 3M cust by 98 - like PointCast ( cap 400M vs Peak : 8 )
 Board : CarlConti ex- VP IBM large Sys Div  ; PeterJanssen Ex EggHead )
  Need COO . interviewing people up to 150M$ rev Cos.
  S&P & Moody`s filed .
 Next Q w about = last yr . He hitting lot of road shows & expos . Have spent
  3.5M , ~ looking for more cash . | looking for | 20 x 3 |>| 60 | $ x Mcust
  per yr .
 |14:17| ?s : Float ? 8M , restricted 4M | Netscape accelerator anounced
  today ? done w compression from server | Lookahead cloging net . ATM ~ here
  ? products efficient . IN w globally be twisted pair modem for long long
  time | Livingston : bandwith drop in cost .5 every 18 mo .
  | change of symbol ? yes on web site | Mac ? Java supose to be portable -
   not yet multitasking | I : know of alphamicro ( cf : Westergaard ) ? no ,
   | make folios  plans for Win3.11 . no |14:29|
| AmTec : Amex : ATC ; AlPastino CFO : Telecom holding Co in China Hebei Prov
  Cellular  &  Cable TV & Data Trans | Peking like dealing w WDC muni govt .
  CEO JoeWright ex-Regan cabinet CitiBank Retail . Got contacts in Hebei .
  1 objective : create Shareholder value ( Mngt has strong Fin bkgrnd ) by
  acq portfolio of license quickly . In early , secondary mkt developing .
  Strong relationships w key provincial govt ptnrs ( w governor of Hebei & sr
  officials in other provences ) . Develop networks works 1.1M$ 60 M pop
  duopoly . Parther w NTT to build out . Hebei surrounds Beijing & Tianjin .
  China Telecom growing .3 to .5 % yr . Belcore : China growing an RBOC % Q .
  Attractive deals w foreign Investment . .01-2 penetration rate .
  1st project linking 11 largest citys in prov in both Cel & 1.3M cable
  subscribers . .6M available in `burbs .
  Is Rapidly growing indust econ . 65M pop of which 50M urban .
  One of 2 Cell nets covering 50M pop . first net up , first subscriber
  attached . | YE 9803 expect 7 citys , 40k subscribers | 9903 11 70k |
  revenues for 15 yrs | linking 11 existing local cable TV nets ( mostly
  propaganda ) into 1st province-wide w new studios & production facilities .
  1.3M current subscribers . w b using < .1 capacity for current use . lease
  rest to 60K existing govt & business entities .
  Linkage scheduled to comlete 980331 . Subscribers : 1 1.9 2.3 2.9 thru `00
  Get .48 of cash flow til invest repaid then .18 for 20 yrs .
  AMTEC ownership : Mngt .20 , Private  .26 | Distinguished Mngt w proven
  Busn & govt to get contracts . GSM network . Risk they throw out
  Political risk less because govt turnover low . Son of Sezchuan Prov
 | I : general risk of turmoil from increase in communicaton between pop .
  Bank Satelite ? so far removed from being opend up . Govt has no Broadcast
  TV . Govt predicting 20M by 2000 , now upt to 30M . They planning on %2
  that . They have right to appoint Sr mngt . 1st Rev 9703 |
 Are | BobF : revenue repatriable ? Yes but see reinvesting | BobF : Upside ?
  cable worth | 5000 x 50E6 |>| 2.5E11 | estimate of value of pop .
 Mkt as big as NY TX & CA | Cellular proj already paid for . Cable proj
 raising some more .
|15:4| Trim-a-Lawn DallasJones : People really do do lawn work outside
 Manhattan . 30B$ industry - seems recession resistant | Trimmer Mower really
 been growing | 6 mowers 1.5 ridingmowers 4 trimmermower DR  16
 100k sold last yr . looking for future mkt ~ 500k unit mkt . Light . can go
 over rough terrain . can cut thru heavy growth . Use abt 1hr vs 30 min for
 mower . They attacking chain store sales . $200 retail . Approved frm
 TruValue / ServiceStar 11k outlets . 24V battery sys , 2 stroke , Weed
 terminator `95 | E 1.5E6 x 20 |>| 30M | $ | blades break . hard to change
 | steel in blade durable but still safe . Still need line for tough jobs .
 Patents on blades & quick change head . Fit .95 of all trimmers . Will be
 out next season . Wrk w NiagraMohawk to develop battery trimmer mower .
 Interchangable battery commercial use . each battery good for 1hr .
 Look to be %2 pric of DR | 2 stroke- light weight | ?s : Patents ? yes .
 have some good ones . Briggs&Stratton infringment .
 Battery powerd prods w increase .3 in next 5 yrs .
 Marketing : Distributor / Dealers going into TruValues . Havent pusht
 overseas because .05 labor cost in prod , no cheap 2strokes overseas , busy
 supplying here . doubly as small area lawn mower . 15" swath .
 Gross Margin : .3 , qick change .4 , blades & lines .5
  price 200 - 300 $  | quick change head 30$
 New Mngt & Mkting team last 2 yrs . | pink sheet | 6 M $ shares . 2-300k
 traded @ 2-3 $ |
 Subsidiary - Electronic training materials to schools . own .8 |
 Manufacture in Utica . Tacomsa engines . Econ develop zone .6 off . cheap Sq
 Footage . Threaten to move to NC .
 Projections : in info | no 2strokes pass 2002 CA stds .
 Why buy their stock ? In good industry . | Black&Decker ? weak battery
 machines . Lines should last 4-5 uses | project 11k trimmers in yr .
 20k heads .  can do 100k trimmers before need more space .
 Funds from NYcerta for battery machines . 2 battery & charger family of
 products - costs in tooling & mkting |15:47|