Peter HodsonFrontline Technologies IncFLC.VHOLDNov 20, 2006

There’s new management but have not turned the company around yet. It is a very contrarion plan. It does not do a lot of volume.

Historically has been long on promise and short on delivery. Ranks in the top 20% in his database model. Earnings are expected to go from a loss of $0.07 in '04 to a gain of $0.22, which would give you a 13 PE against some pretty brisk earnings growth which is an 82% lift for the following year at $0.40. Will wait to see what actually happens.

Ranks in the bottom 5% of their quant model.Wait for the results from the first quarter.

Volumes are growing. Looking for profit starting after September. Speculative.

Doesn't rank in their database. Cutting costs. Could take 1/2 quarters.