whyme2005: HSR

Nice call on HSR, which is now near the top of the AMEX percentage gainers list. That may attract more attention, though it's backed off from its earlier high of 5.65. Your call is especially noteworthy, because it's two in a row after your excellent recommendation of SIMC in the 3's just a week ago.

Marvelmeister: PKZ

I think the article is fairly accurate with regard to PetroKazakhstan's reserves being about 7+ years, however they are increasing their reserves steadily, with a 180% replacement of production for 2004. In other words they went from 6+ years of reserves to 7+ over the last year, even after production. Most of the majors are struggling with declines in their reserves, and the giant Royal Dutch Shell has several times substantially reduced their reserve estimates. Furthermore, PKZ has excellent prospects for further exploration.

However the YTD stock performance had badly lagged the sector, up only about 1% versus roughly 20%+ for most of the majors. I think the stock should rally nicely ahead of their Q1 earnings report due out in early May. I hold both shares and call options on PKZ and think the stock is undervalued with a trailing PE of about 6.

SVLF getting some volume today

A few sizable blocks have traded and there's a 50k share bid at 1.46. EPS of $0.11 for Q4 and $0.35 for the year for a trailing PE of 4. Silverleaf Resorts owns and operates 13 timeshare resorts. TBV is over $2.50 per share, but beware of the large amount of debt and leverage in the balance sheet, though common in this type of business …

PNRG reported strong Q4 results

PrimeEnergy is another interesting o&g microcap. EPS of .74 in Q4, fully taxed and diluted, versus a stock price around 23. Large and growing reserves in the Gulf of Mexico and surrounding States. PR mentions a potential writeoff in 2005, depending on further evaluation of a drilling prospect. Remarkable thinly traded for a NasdaqSC stock, but that could change ...

STAMFORD, Conn.--(BUSINESS WIRE)--April 6, 2005--PrimeEnergy Corporation announced today the following audited results for the years ended December 31, 2004 and 2003:
2004 2003
----------- -----------
Revenues $62,428,000 $46,719,000
Net Income $ 7,275,000 $ 5,702,000
Basic Earnings per Common Share $ 2.04 $ 1.56
Diluted Earnings per Common Share $ 1.70 $ 1.31
Shares Used In Calculation Of:
Basic EPS 3,569,751 3,664,627
Diluted EPS 4,292,034 4,348,036

Total assets at December 31, 2004 were $69,926,000 compared to $58,255,000 at December 31, 2003.

Oil and gas sales were $43,967,000 in 2004 as compared to $29,885,000 in 2003. The average prices received in 2004 were $5.64 per Mcf of gas and $40.45 per barrel of oil, as compared to $4.80 per Mcf of gas and $28.90 per barrel of oil in 2003. In 2004, the Company produced 5,138,000 Mcf of gas and 371,000 barrels of oil, as compared to 3,991,000 Mcf of gas and 370,000 barrels of oil in 2003.

Results for the quarters (unaudited) ended December 31, 2004 and 2003 were as follows:

2004 2003
----------- -----------
Revenues $18,530,000 $12,741,000
Net Income $ 3,133,000 $ 1,045,000
Basic Earnings per Common Share $ .89 $ .29
Diluted Earnings per Common Share $ .74 $ .24
Shares Used In Calculation Of:
Basic EPS 3,523,447 3,646,314
Diluted EPS 4,249,605 4,344,460

As of December 31, 2004, the Company had net capitalized costs related to oil and gas properties of $48 million, including $13 million related to unproved properties currently under evaluation. This includes $7.5 million invested in one offshore well completed and tested during the third quarter of 2004, however, early production tests have been inconclusive as to the commercial viability of this prospect. Additional expenditures during 2005 will be required to determine whether production rates and ultimate recoverable reserves are sufficient to warrant the costs of setting a platform and installing production facilities. If this well is determined to be noncommercial, the write off of this investment in 2005 will have a significant negative impact on the Company's earnings.

As of December 31, 2004, our offshore properties had net proved reserves of 10.2 BCFE and net capitalized costs of $18.7 million. Approximately 70% of these reserves are undeveloped and will require substantial capital expenditures during 2005. As of March 2005 the Company has spent approximately $7.8 million drilling four successful wells in the Gulf of Mexico as part of our program to develop these properties. Our offshore drilling budget for 2005 is $10 million and an additional $16 million has been committed to pipeline and facility construction and installation. Production from these wells, depending on flow rates and the timing of the completion of the pipelines and facilities, may add significant gas volumes to the Company sales during the fourth quarter of 2005.

PrimeEnergy is an independent oil and gas company actively engaged in acquiring, developing and producing oil and gas, and providing oilfield services, primarily in Texas, Oklahoma, the Gulf of Mexico, West Virginia, New Mexico, Colorado and Louisiana.

The Company's common stock is traded on the Nasdaq Stock Market under the symbol PNRG.

lentinman: CXTI

I agree, it definitely appears that support at .90 could come under significant pressure. The stock is repeatedly being sold on any good news. Nonetheless, I added a few shares today at .96 ... I have only a very small position, now at an average price of around 1.10. I've been in a few China stocks and they've all been losers for me so far. The good thing is that I'm putting less and less money into each new China stock that tempts me. If I keeping striking out on these, then eventually I'll just invest 'abstractly' to see how that works out. Of course, if for some reason the China stocks come back into fashion, as they were a year ago, then a lot of these stocks could really zoom ! But with my luck, I'll probably have only abstract holdings by the time that happens.

larrybaz: MPAD

I don't think the MPAD is overpriced with a trailing PE of under 14, which is less than that of the S&P 500. Last year they grew EPS 161% to .55 from .21 in 2003. That was on more modest revenue growth of 23%, which is still outstanding by the standards of most companies. The huge y/y increase in backlog suggests a further large increase in EPS is likely this year. If MPAD were trading on the Nasdaq, it would likely trade at a much higher PE multiple.

The only thing I don't like is management's policy of only one press release per year to announce the dividend. Hopefully that too will change eventually. I'm looking forward to the Q1 earnings report due out by 4/15. It should be impressive, imho.

IMPL should benefit from strong Florida home construction

HOV yesterday reported record orders for March. The Southeast region was especially strong for this homebuilder - Florida new construction is very robust - bodes well for IMPL Q1 results, due out in about 5 weeks.

RED BANK, N.J., April 5 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (NYSE: HOV - News), a leading national homebuilder, announced today preliminary net contracts for the month of March 2005. Including unconsolidated joint ventures, the dollar value of net contracts for March 2005 increased 22.4% over the same period in the previous year. Hovnanian expects community count growth and stronger increases in year-over-year consolidated net contract comparisons in the second half of fiscal 2005. Including 20 communities from the Company's Orlando acquisition, the number of consolidated active selling communities at the end of March 2005 increased to 310 communities from 287 communities at the end of March 2004.

niles_crane: AHOM

The reduction in reimbursements was expected, though it may be larger than investors anticipated. The $6.2M is small relative to revenues, but it also falls directly through to the bottom line, hence would have reduced net income and EPS by roughly 50% for 2004. Unfortunately margins are pretty tight. So EPS would have been $0.39 instead of $0.78 had the new reimbursement schedule been in effect last year. Of course they are continuing to cut expenses, so hopefully they'll be able to match the revenue decline in 2005 with a similar reduction in expenses. The excellent Q4 results were achieved through expense reductions.

patentlawmeister: ZEUS

ZEUS really did earn $60M last year and the 10K shows that retained earnings, a component of shareholders equity, increased by that amount. But your observation of the inventory valuation is significant because the recent slow but steady fall in steel prices means that sales of that inventory will likely be at decreasing prices and that will negatively affect profit margins. The 10K shows inventory levels of about $186M as of 12/31/04, roughly double the prior year figure. Approximately 76% was unprocessed.

That's a lot of inventory and represents about 3 months of sales. It seems to be perhaps 20% higher than historic patterns, though I only did a quick check of past levels relative to sales. Revenues also nearly doubled from 2003 to 2004. During Q4, steel prices in North America fell about 10% according to the CRUSPI index, while they fell only about 5% in Q1 of 2005. In Q4 they still managed to earn $1.17 per share and analysts are estimating $0.90 for Q1 ... I'm hoping they can beat that number, but the high levels of inventory suggest some of it is a few months old and was purchased at higher prices. Nonetheless, it's only a short term effect ... the decline in steel prices has slowed, at least for now ... but quicker inventory turnover would be beneficial in a falling price environment.

hweb: TNSB

I agree that this Company could still do well on the pinks, if it comes to that ... hard to guess the probability, but even if they do decide to delist it would at least add nicely to the bottom line and EPS, perhaps enough to offset the typical price decline that occurs with a delisting.

lentinman: Kazakhstan

I personally feel the risks of doing business in the former Soviet Republic of Kazakhstan are significantly exagerated. Those fears create what in my opinion amounts to excellent buying opportunities in oil companies that trade at very deep discounts to the sector. Certainly there should be a discount, but should a Company trade at perhaps a 70% discount to what it would trade if it were elsewhere ? I don't think so. Kazakhstan is seeking to join the WTO (World Trade Organization) next year, and does not want to hurt their chances of being accepted by violating long standing agreements with international companies.

CHAR has great growth prospects, huge reserves, and a super low PE given their earnings potential. They've been in Kazakhstan for over 10 years, and have thus far not encountered any serious problems with the government. Certainly there have been tax related squables as reported in the following 10K excerpt, but basically the Government honors the 25 year agreements with the Company that date back to 1995 ....

ITEM 3. LEGAL PROCEEDINGS

In December 2002, KKM received a claim from the Ministry of State Revenues of the Republic of Kazakhstan for $9.1 million (the "Tax Claim") relating to taxes and penalties covering the three years from 1999 to 2001. KKM appealed the claim through the courts in Kazakhstan, which eventually ruled in favor of KKM with the exception of $255,000 which was upheld. As a result, during 2003 KKM reversed $899,000 for income taxes accrued during 2002 for the Tax Claim net of the $255,000 which was settled in January 2004.

The Ministry of State Revenues of the Republic of Kazakhstan had been considering penalties with respect to the Tax Claim in the amount of $970,000. In March 2004 a court hearing was conducted which resulted in a reduction of these penalties to $53,000. This amount was paid in full during 2004.

hweb: TNSB

One concern about TNSB is the possibility that they might go private. It's a risk with any small microcap, but TNSB specifically mentions it in their 10Q, which suggests it's a higher probability than for most others .... of course, increased profitability and a rising stock price could easily shift their thinking ....

The Company will, from time to time, reexamine the possibility or feasibility of going private to reduce its operating expenses. The Company's current expenses relating to being publicly held are approximately $250,000 annually, which is a significant expense compared to the Company's net income.

hweb: CAMT

I agree with your assesment. I like the upbeat comments about Q2 and the 2nd half ... picked up some more shares at 3.10 and will be accumulating on weakness.

CAMT warns on Q1

Rebound expected in Q2 ...

MIGDAL HA'EMEK, Israel, April 5 /PRNewswire-FirstCall/ -- Camtek Ltd. (Nasdaq: CAMT - News) reported today that it expects to report revenues of between $8.5 and $9 million for the first quarter of 2005. The Company anticipates a stronger performance during the rest of the year; the second quarter is already expected to show a recovery with revenues between $16 and $18 million.
Camtek will report its financial results for the first quarter during the third week of May 2005.

Rafi Amit, Camtek's CEO, commented: "Our first quarter decline in sales was due to a flattening in the demand for production capacity. After a year of exceptional growth in capacity, our customers delayed their purchasing decisions until the very end of the quarter. In fact, we received many of the orders in the first quarter during March, after the Chinese New Year and the major trade show in Shanghai, where our newest models have raised significant interest."

Rafi Amit continued, "We believe that the flattening in capacity build-up was short-term, and in the second quarter, we have already seen strong indications that our customers are again accelerating their purchase decisions and the demand for production capacity is strengthening. Over the past few weeks, we have seen a significant increase in orders. Therefore, we expect to recognize second quarter revenues of between $16 and $18 million, with revenues growing over the rest of the year."

stock_peeker: ZEUS

ZEUS and MUSA both look oversold and due for a rally. ZEUS found strong support around 17 in October and November before a rally over 30 in December. Steel prices remain firm, so I expect a decent earnings report. Tangible book value for ZEUS is 17.58, and it's now trading below book ! The increased guidance today from Reliance Steel is encouraging.

ETEC showing some strength

Looks very oversold to me and due for a rally. Hit a low of 1.29 a few days ago. Now at 1.47 and it looks like 1.29 may have been the bottom. EPS of .21 through 9mos of their March fiscal year, and that's fully taxed and diluted, excluding a charge of .04 in Q3. Decent balance sheet with book value of around .60 .... positive announcements make a solid Q4 seem likely.

ZEUS looks oversold

Now trading at 17.50, down from a high of over 30. Competitor Reliance Steel, RS, just increased guidance for Q1 and trades at a big premium to ZEUS. RS is in the low 40's with EPS of $5.19 in the last year, while ZEUS earned $5.87 per share for a trailing PE of 3 ! Could get a nice bounce when Q1 earnings get released in a few weeks.

re: Shorting

I’ve never had more than 5% of my portfolio on the short side, but it can be rewarding, especially in a down market. Furthermore, I’d much rather short individual stocks than a market index, simply because I find it much easier to predict which stocks are due for a correction, rather than trying to time the entire market. For example, back in December, it was easy to see that CALM was overvalued at 14, with egg prices in the dumps and big losses looming, but tough to predict the short term market direction. But when going short, any individual issue is generally under 1% of my portfolio, and that allows me the leverage to short more if the stock continues to rise excessively. In the final analysis it’s not a single short position that measures your success, but rather that of your entire short portfolio. Of course, when a stock does not trade options, one has to beware the possibility of shares not being available for shorting if it goes higher.

However, in general, I would say that it’s much more rewarding being long than short, because one isn’t fighting the long term market trend, and because overvaluation is less of an indicator of future stock direction than undervaluation. There will always be those stocks that ‘fly high’ and don’t come back down to earth in spite of poor underlying fundamentals. But in my experience most of the flyers do eventually feel the pull of gravity, though it may take patience.

hweb: SIMC

I was able to short a few shares this morning at 7.34 ... I don't think it will stay at these levels for long. Q4 was the 2nd consecutive quarter of sequentially lower EPS. The stock is now trading at a big premium to sector peers, and the momentum crowd will probably soon move on to other 'hot' stocks.

Top 10 Holdings

PKZ 14% (long term holding, a double so far)

The next 9 are roughly 3% each -

TCHC
ZEUS
STV
CPE
THK
CHAR
GMAI
IMPL
TGB

I own a total of about 80 stocks, though many positions are under 1% ... a few other notable holdings are -

MUSA
NICK
ERS
FCFC
ETEC
DGIX
CGNW
TMFZ
ASPN
MPAD
HBP
EGY
BSIC
ABG
ALDA

Currently I'm about 5% on margin, which is low for me by long term historic standards.

I also have about a total 4% short position divided among a few issues, most notably

CALM
TASR
MSO
ANTP
NFLX
TZOO
JLN
KKD
ELN

About a 30% concentration in o&g as the present time ... I'm bullish on the price of oil remaining high and believe current stock valuations in the sector are too low ...

I'm participating in the large cap oil sector with a mini-portfolio of LEAPS, most 'near the money' expiring 01/07, including Exxon, Apache, Chesapeake, Unocal and Occidental. I think it's a good way to get leverage on the big names ...

Bobwins: TMFZ

It was an outstanding year of growth for TMFZ with revenues up 92% and EPS up 270% ... their geographic expansion and specialization in less interest rate sensitive ALT-A mortgages should shelter them from rising rates. Management plans to apply for an AMEX or NasdaqSC listing this year. Stock looks like a bargain at $3 with EPS of .56 in 2005, fully taxed and diluted, for a trailing PE of just over 5 ...

Fiscal year 2004 total loan income reaches $52 million vs. $27 million in fiscal 2003
Fiscal year 2004 net income totals $8.6 million vs. $2.2 million in fiscal 2003; Conference call scheduled for 10:00 a.m. PDT, Monday, April 4


LOS ANGELES--(BUSINESS WIRE)--April 1, 2005-- TMSF Holdings, Inc. (OTCBB:TMFZ - News) parent of The Mortgage Store Financial, Inc., a nationwide mortgage banker today announced results of operations for the three months and fiscal year ended December 31, 2004.
For the quarter ended December 31, 2004, total loan income more than doubled to $17.3 million as compared to $8.5 million for the quarter ended December 31, 2003.

Gross profit for the 2004 fourth quarter totaled $9.5 million, 79% higher than $5.3 million reported for the prior-year quarter.

Net income for the 2004 fourth quarter was $2.4 million, or $0.16 per basic and fully diluted share, a 47% increase over net income for the 2003 fourth quarter, which was $1.6 million, or $0.11 per share.

For the fiscal year ended December 31, 2004, total loan income was $52.0 million, a 92.3% improvement over $27.0 million recorded for fiscal 2003. Geographic expansion of the Company's operations contributed to revenue growth. In fiscal year 2004, nearly 29% of loan originations were from outside the Company's home state of California, versus 8.6% in 2003.

Fiscal year 2004 gross profit was $29.3 million, 129% higher than $12.8 million in 2003.

Fiscal year 2004 net income of $8.6 million, or $0.58 per share, $0.56 fully diluted, represented a 297.4% increase over fiscal 2003 net income of $2.2 million, or $0.15 per basic and fully diluted share.

Mr. Raymond Eshagian CEO of TMSF Holdings, Inc. and President of The Mortgage Store Financial, Inc., commented, "We are pleased with our results, which in this competitive environment for mortgage loans, we believe reflect well on our quality and service. The results also reflect the success of our enhanced geographic reach and more aggressive marketing and we expect the benefits of these efforts to serve us well in the future."

Management of TMSF Holdings will hold a conference call to discuss fourth-quarter and fiscal year results on Monday, April 4, at 10:00 a.m. PDT (1:00 p.m. EDT). To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-586-7724. There is no pass code required for this call.

echos: jobless claims were released at 8:30am this morning. That's a weekly number. The more important report will be released tomorrow at 8:30am .... that's the non-farm payrolls, a monthly report. The expectation is for an increase of 225k for March.

hweb: LMIA

Thanks again for LMIA back in January. I picked up a lot of shares in the mid 4's and sold in the mid to high 5's not long after. But it looks like it's gotten closer to fair value at these levels. Company guidance is strong, but their gross margin range still leaves a fair amount of uncertainty in the forecast.

LMIA results for Q4 were down sequentially from Q3. EPS of .08 versus .14 due partly to charges and taxes. Company has exhausted all NOL carry-forwards and will be in a 37% tax bracket for 2005. Backlog continues to grow, with a huge y/y increase from $54M to 94M. Forward guidance remains the same from what they provided at the end of Q3. Results are improving dramatically versus losses a few quarters ago, but the stock is already reflecting the improved results, having risen from a 52wk low of 1.02 last summer to 6.25 currently.

Knowledge: CHAR

Q4 results were solid but a bit short of my expectations. Evidently transportation costs were up significantly and production volumes lagged their targets. However Q1 should be much better sequentially, given the higher price of oil, and hopefully a nice boost in production levels.

I was impressed by a 60% increased in Proved Reserves over last year. They're finding a lot of new reserves in that oil rich region. Looks cheap at 2.25, given EPS of .17 in the 2nd half of 2004, a huge y/y increase in reserves, significantly higher production targets for 2005, coupled with much higher oil prices. I look forward to their Q1 report in about 6 weeks.

OT: MSGI: ANTP and TZOO

I think ANTP will take a hit when it reports some weak results, probably due out next week. But it's become a 'cult' stock so 'ya never know what will happen. But they like to run it up and down, so I shorted a few more shares this morning at around 31.

As for TZOO, I shorted a few shares of that this morning as well, but shares are tough to come by. Yesterday's runnup was due to a brokerage house upgrade from sell to neutral. I think it's still a 'sell' at around $50 and wish they traded options on it. CEO dumped $35 Million worth of stock earlier this month in the 40's and 50's. Trailing PE is 150. Stock is already down over 50% from its high, but I think it has further to fall. Also has a 'cult' following, but these are often fads .... growth is slowing for TZOO, and that PE is huge ! Reality beckons.

PS I always like to visit the ZOO, but afterwards I invariably decide to go short.

re TGB: Copper at new record highs this morning

TGB should report a strong Q1 in about 6 weeks, yet the stock is still lanquishing around 1.20, way down from its 52wk high of 1.90. I may pick up a few more shares at this level. A rally into earnings seems likely.

hweb: IMPL

In Q3 IMPL reported significant negative impact on earnings and revenues due to the hurricanes ... that may have continued to a lesser degree in Q4 ... another company in the sector, Huttig Building Products, HBP, reported that they were negatively impacted by the hurricanes, even though they do business in 47 states .... so I assume that Imperial Industries, being primarily in Florida, may also have been negatively impacted, albeit their roofing supplies business would have been an offsetting factor. Evidently high priced wood inventory was also a negative in Q4. Here's the excerpt from HBP's 4th quarter earnings PR ....

Huttig's 2004 growth occurred despite the second half impact on revenue and gross profit of four major hurricanes, which slowed construction in the Southeast and Mid-Atlantic regions, and the fourth quarter impact on gross profit of lower wood prices. By the end of 2004, sales had begun rebounding in the affected regions and the Company had sold off its higher cost wood inventory.

I thought IMPL finished the year nicely and the CEO made some very positive forward looking comments about improved efficiencies and expanded capacity for 2005 ....

"The Company is nearing completion of a major capital improvement project to expand and enhance the production capabilities of its Winter Springs (greater Orlando area), Florida manufacturing facility. We anticipate this facility will be fully operational with its upgrades in the second quarter of 2005 and will create improved operating efficiencies and increase capacity for future profitable growth."

IMPL EPS of $1.02 for 2004

Encouraging words about a likely NasdaqSC listing upgrade early in Q2 ... trailing PE is now 7, a deep discount to peers in the sector. I think the stock will move nicely higher on the Nasdaq.

hweb: ETEC is definitely a mystery. I'm still accumulating shares, but never expected to see it this low. I think it will rebound sharply after fiscal Q4 earnings are announced in June, unless the selling is a harbinger of bad news. But I rather think it's just downward momentum and a misinterpretation of Q3 results .... now down 54% YTD.

Oil sector is really getting whacked

Especially some of the microcaps are being hit hard, even as oil remains well over $50 a barrel. It can only be a great buying opportunity, with the price of oil up sharply ytd, but some of the microcaps down or flat over the same period ... I picked up some BSIC after its sharp correction and am watching a few others ... but the cheaper the better, so I don't mind if they go still lower ....

GFCI's website has turned into a comedy act, yet the stock is holding over .30 .... I suppose everyone knew it was a total scam anyway, and it's just a trading vehicle for many. But if the con-artists behind the scam keep dumping unauthorized shares on the market, it may yet go under a penny .... perhaps sooner than many think. I'm still holding my damn shares, but fortunately I can use the tax loss writeoff .... other pinks have done better for me, but this one is more sobering.

otcbargains: ATVE

I picked up some shares today at .15 and .165 ... now down 50% from its level of just a few weeks ago, it looks like an excellent speculation. They'll probably be late in reporting their Q4 results, as usual, but if they manage to repeat or approach the EPS of .013 in Q3, then the stock should rally strongly, imho.

hweb: great call on ANTP yesterday. I was still short 100 shares from January at 32, never having covered when it hit the 15's a few weeks ago. I'm surprised to see it rebound this much ahead of what will likely be another disappointing quarter. I couldn't get any shares to short yesterday, but got a few 100 this morning at 29, the high of the day ! It closed at 23.94, down almost 20% on the day, and I think it has further to fall. Congratulations on your second trip down with this one .... the traders are really playing with this stock. Back in September it often had days with zero volume, but now over 1 million shares is routine !

valuemind: DGIX

Good catch on those accrued bonuses. DGIX was once on the Nasdaq till they failed to meet listing requirements ... hopefully they'll eventually return there. Stock is doing nicely today, +.19 to 1.35, in an otherwise weak market. And that's without a press release. Management told me they'd issue a 4th quarter PR, and they have a lot to be positive about ... stock should get a further boost in the next few days when they issue the PR, imho.

Knowlege: DGIX

I've seen the Taglich report ... I think their forecast is too conservative for 2005. If revenue grows another 14% this year, EPS will grow by a much larger percentage as they improve economies of scale and leverage fixed costs. Management told me there would be a PR, so hopefully we'll get a positive press release within the next few days ...

Knowledge: DGIX had a nice Q4 capping an excellent year. EPS of .06 for Q4 and .14 for the year, fully taxed and diluted. Revenue up 14% for the year, and EPS up 75%. In 2002 they had full year EPS of .02, then in 2003 .08 and in 2004 it's up to .14 ... that's a nice progression. 2nd half is seasonally strong, typically with 60% of revenues. Hopefully the growth trend continues this year with EPS near .20 ... for a forward PE of just over 6. Not many domestic stocks with fully taxed and diluted earnings are that cheap !

hweb: FCSC results bode well for TMFZ. TMFZ is also in the mortgage business, but is much cheaper on a PE basis, and also does most of its business in the ALT-A sector which is much less interest rate sensitive. TMFZ Q4 results are due out later this week. Stock is now around 3. They earned .41 through 9 months and .19 in Q3, fully taxed and diluted, versus .03 and (.03) in the prior year periods. Management is looking to move to the NasdaqSC or Amex this year. Of course if long term rates rise too much, they'll lose business, but mortgage rate are expected to remain under 6.5% through the year .... still low by historic standards.

hweb, I agree FPPC is getting rather pricey. CHAR is very cheap by comparison. Trades at a 35% discount to FPPC and reported 200% greater EPS in Q3. CHAR will be reporting what should be stellar Q4 results later this week. After EPS of .09 in Q3, they could earn .12 in Q4 versus a stock price of 2.10. Large and growing reserves are a further bonus.

EZEN breakout +.17 to 2.04

Earned .13 excluding a tax benefit in 2004 and guided for .23 in 2005. Renewed microsoft license and reported record orders for the beginning of 2005. This rapidly growing Israeli software company could gain more attention with the likes of ELTK, also based in Israel, soaring on huge volume.