BPRX As per Raymond James.. Thanks to a post on the yahoo board.
Bradley Pharmaceuticals, Inc.
(BPRX:NASDAQ) Strong Buy 1
Bradley: 4th-Qtr Earnings Suggest Upside to 2003 Estimate
Bradley Pharmaceuticals on Feb. 26 said fourth quarter earnings
surged 55% to $0.18 per share, matching our target and beating the top end of its guidance by 2 cents.
Including a gain from the sale of investments, earnings were $0.19 per share.
Results bolster confidence that our 2003 earnings estimate of $0.82 per share will prove low.
Bradley plans to provide earnings guidance at the Raymond James
Institutional Investors Conference next week. The company is
scheduled to present at 10:35 a.m. March 4.
Our confidence stems from the fact that fourth-quarter revenue, up 42% to $11.1 million, exceeded our estimate by $700,000.
Earnings matched our target even though Bradley spent money to
hire sales people, a move likely to boost 2003 sales.
Sales of Bradley's Carmol line of damaged skin treatments grew
89% to $7.4 million and are on track to exceed our 2003 estimate of $28 million.
Our 2003 estimate of $0.82 per share and our 2004 estimate of
$0.96 are unchanged.
We reiterate our Strong Buy rating and our price target of $20.50,based on Bradley's 2003 earnings growth rate of 25% times its estimated 2003 earnings per share of $0.82.
AI
