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COPYRIGHT 2003 Adams Business Media
CFC International (CFCI-OTC-$4.50) Strategic Repositioning Efforts Should Benefit Company on Economic Recovery.
Rating: Buy Sector: Specialty Chemicals Target Price: $7.00-$8.00 Sector Recommendation: N/A
Basis of Target: Approximately 15x 2004 EPS or 7x EBITDA.
2002 Ends on A Positive Note. After a disappointing last few years, CFC reported fourth quarter and year-end results in-line with expectations. CFC reported fourth quarter earnings of $0.24 versus $0.13 per share in the corresponding period in 2001. We would note that roughly $0.05 per share of this gain was attributed to a $218,000 R&D tax credit. For the year, earnings increased to $0.51 versus a $0.02 per share loss in 2001, as sales remained flat at $61.9 million.
Improvement in Segments. Despite a modest decline in fourth quarter sales, CFC continues to deliver improved operating results due to better margins, shifts in...
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