Robert McWhirterACD Systems InternationalASA.TOPAST TOP PICKApr 03, 2003

Ranks fairly well in his database model. In March/06 earnings are expected to go from $0.01 to $0.07. Against a stock price of approximately $1.19 that gives a 17 X PE and a .6 PE to growth. Part of the challenge is their ROE is about 5% which is not great. Year over year sales is up about 15%. A lot of competition in a nasty market.

Recent earnings were better than expected, but estimates have dropped recently. Have cash of about $.70 per share. Competition is offering a similar product for free.

Didn't like management guidance. Expect they will lose money.

Ranks in the bottom 10% of their database. Had a 20% cut in earnings estimates over the last 90 days. Year-over-year earnings are up 20%. Stock is cheap.

New version of their software is coming out. Ranks in the bottom third of their database. Good growth.

Digital photograhy is becoming cheaper and is starting to take off. Has some competition.

Increasing earnings. Reasonable price.