Wednesday, November 01, 2006 12:50:46 PM
Obviously today was disappointing. Good earnings growth and margins in BINGO, but hospitality remains a drag, as do costs associated with legacy issues. Unfortuneately, no expansion growth activity completed. (Yes, I know a proposed hall was discussed, but so were amusement arcades last quarter. Pie on the plate, not pie in the sky, please.)
2006 EPS now looks like .11 to .13. Without completed expansion growth activity, PE will flounder at 5-7, so my price range for the next six months is .55 to .91.
I think it will take a quarter or two of start ups or acquisitions to create belief in the growth story here, so I won't make projections regarding that scenario until 2-3 back to back quarters of deals are reported.
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