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[MikeDDKing]

Researcher, Wade re SWTX

They mentioned in the call that there were many special charges in 2004. If these charges were not there I think they said that they would have made 15 to 16 cents in 2004. I don't remember the exact number. So, earnings will not necessarily drop.

In the call they stated that income should be 9 or 10 percent to 13 percent of revenue. If we assume the 10 percent revenue increase guidance that they gave, use the 10% to 13% range, and assume that the diluted share count is the same, the income rage is in the 19 to 25 cent range.

I haven't had a chance to go back and look at the possibility of further increases in the diluted share count. They did say in the call that they don't have a need to do more equity funding.

I get the feeling that management is conservative in their estimates so I wouldn't be surprised to see them exceed their guidance.

One other nice thing in the press release is the significant balance sheet improvement. They went from a negative book value to $0.48/share.

Mike