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Seagull2

05/16/13 6:05 PM

#122588 RE: Carboat #120364

Tangible Book Value is negative (by a wide margin) meaning that although they have decent revenues they have little cash and loads of debt. Of course if future revenue streams are increasing at a decent pace it could partially justify their elevated stock price. If the Company were to put themselves up for sale with a negative Tangible Book Value then these numbers would come into effect. CHTR has doubled in price in the last year. The PPS of CHTR shows that a company with little cash (like PPHM) can trade at a high price based on future revenue streams and expectations. I used the example of CHTR to basically show the board how much the PPS of PPHM can explode if just a few things out of many fall in place.

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GULL