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05/11/05 9:18 PM

#11299 RE: MSGI #11298

MSGI, re VPHM

Don't forget to factor in interest expenses, which will probably be $10-$12M. Still left with a very good annual EPS number. But if you back out the monster Q1 performance, looks like the next 3 quarters could be losses....even without the $9-$10.5M in royalty payments to Eli Lilly.

Who knows how high Nasdaq traders will push it, but I wouldn't want to hold into the Q2 earnings report.