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   Technology StocksAnalysis & Technology, Inc. (AATI)


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To: Steve Smith who wrote (5)7/20/1997 10:37:00 PM
From: Thomas J Engelsma
   of 27
 
Steve,

More good behind the scenes than just the book value.

- Dividend (annual)
- LOW price sales ratio -- (very low for software firms)
- Very little long term debt
- Large back log as most contracts are 5 year (400+ mill I believe)
- Management buyback of shares

-- negative is the illiquidity because of low float, large spreads
as with MFAC expect a series of splits to get the no. of shares
in the 8 mill range and fund interest.

Later, TOM

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To: Thomas J Engelsma who wrote (6)7/20/1997 11:57:00 PM
From: Steve Smith
   of 27
 
Tom,

Where did you get the information that AATI has a backlong for 400 million+ in contracts? Seems like a steal at this price.

thanks,

steve

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To: Steve Smith who wrote (7)7/21/1997 1:13:00 AM
From: Thomas J Engelsma
   of 27
 
Steve,

This is from the May 6th company press release (earnings)

"Analysis & Technology's contractual backlog at the end of fiscal 1997 was $481 million, an increase of 5% from backlog of $459 million at the close of fiscal 1996."

But don't take this as one year backlog, most contracts are of a
5 year nature. (so look at it as a firm 96 mill annual back log for
five years -- with an additional 50+mill sales.)

Later, TOM

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To: Steve Smith who wrote (7)7/24/1997 8:07:00 AM
From: Thomas J Engelsma
   of 27
 
Earnings out today:

For the Quarter Ended
June 30,
1997 1996
(unaudited) (unaudited)
Revenue $37,450 $32,488
Operating earnings 1,843 1,497
Earnings before income taxes 1,612 1,355
Net earnings $ 916 $ 793
Earnings per common and common
equivalent share $ 0.38 $ 0.33
Weighted average shares and
common equivalent shares
outstanding during the
period $ 2,370 $ 2,422

Backlog at 487million

PSR calcs have this one now valued at $63 per share (no growth)
EPS calcs have this one now valued at $27 per share (no growth)

Plan on some movement today or soon.
Heads Up.

Later, TOM

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To: Steve Smith who wrote (7)9/2/1997 1:45:00 PM
From: Thomas J Engelsma
   of 27
 
Movement is continuing. Still interested in this one?

have some research links up for them at
opertech.com
opertech.com

Later, TOM

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To: Thomas J Engelsma who wrote (10)9/4/1997 2:05:00 PM
From: Thomas J Engelsma
   of 27
 
Another release of 14mill more sales today.

Very interesting that this one is moving up slow enough
to not attract attention.
Is the management buy-back complete yet ?

Later, TOM

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To: Thomas J Engelsma who wrote (11)9/4/1997 4:58:00 PM
From: Thomas J Engelsma
   of 27
 
Found a 'look alike' for PSR comparisons, it's CMRO (Comarco)
They were/are a defense supplier that broadened their sales
going commercial with a software/service product. Thay are
commanding a 1.33 PSR with 80 mill sales. Meanwhile AATI
is holding the meager .34 PSR of a defense supplier with sales
of 142 mil -- So CMRO is overvalued (don't think so) or AATI is
undervalued (think so).

Just for fun let's hit a neutral ground of PSR= (1.33+.34)/2 = .83
So, .83 * 142 mil / 2.32 mil shares = 50.8 per share!!! thats low
neutral ground with no growth (AATI is growing sales about 16% )

Finding one this undervalued makes you look everywhere for
something that was missed , and that is usually LTdebt, in this
case it is minimal (.06 d/e ratio) Only thing I can find that has been
missed is coverage by instituions -- anotherwords, actually have
a chance to beat the funds.

Later, TOM
opertech.com

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To: Thomas J Engelsma who wrote (11)10/20/1997 12:59:00 AM
From: John Anderfuren
   of 27
 
Inside buying continues
92,100 shares adv $ 23.62 on 9/3 - 9/30 by S,S
Net & Spearfishing SI String Come on over for a visit

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To: Thomas J Engelsma who wrote ()12/18/1997 3:07:00 PM
From: Thomas J Engelsma
   of 27
 
Something interesting is happening here.
Re-crunch of the numbers shows a near term target of 32
or about a 30% gain short term.
Long term is still at the 62 area.

Later, TOM

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To: John Anderfuren who wrote (13)12/19/1997 8:30:00 AM
From: Thomas J Engelsma
   of 27
 
That was quick, announced a 3-2 split this morning.
Looking more like MFAC all the time.
This will make 3.57 mil shares.
One more split mid '98 and the funds are involved ??

Later, TOM
opertech.com

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