Dutton & Associates Announces Investment Opinion: Friedman's Buy Rating Maintained In Update Report By Dutton & Associates.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by Dutton & Associates EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. HILLS, Calif.--(BUSINESS WIRE)--Jan. 28, 2003 J.M. Dutton & Associates continues coverage of Friedman's (Nasdaq:FRDM FRDM Finite Range Droplet Model FRDM Fast Retrieval and Data Manipulator ) with its update report maintaining a Buy rating. The 4-page report by J.M. Dutton senior analyst Paul Resnik, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. , is available at www.jmdutton.com as well as from Bloomberg, Zacks, First Call, Multex, and other leading financial portals Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. . Friedman's is the third-largest retailer of fine jewelry in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , operating, as of December 6, 2002, 661 stores in 20 states in the Southeast and headquartered in Savannah, Georgia Savannah is a city located in (and the county seat of) Chatham County, Georgia (USA). The city's population was 128,500 in 2005, according to the most recent U.S. Census estimate. Savannah was the first colonial and state capital of Georgia. . On January 14, Friedman's reported Q1 net income of $21.3 million vs. $18.4 million a year earlier and our recently raised estimate of $21.7 million, and its net Q1 sales were $198.1 million vs. $181.4 million a year ago. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. were reported at $1.14 vs. our recently raised estimate of $1.13. Credit data trends remained favorable with year-over-year improvements in the allowance as a percent of receivables, the percent of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying less than 30 days past due, and the rate of delinquencies. We are maintaining our 9/03 FY EPS estimate at $1.50 and our Buy recommendation. Based on our preliminary EPS estimate for the 12-month period ending December 2003, our price target for the shares has been increased from $13.50 to $14.50. About Dutton & Associates Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 19 senior analysts, primarily CFAs, have expertise in many industries including healthcare, technology, finance, banking, mining, gaming, and energy. Dutton & Associates provides economically bias-free, continuing analyst coverage of enrolled companies, and its research, estimates, and recommendations are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton & Associates one-year continuing research program is presently US $25,000 prepaid before commencement of its research activities. Dutton & Associates received $25,000 from the Company for coverage for the year. Dutton & Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. Please review full disclosures, analyst background, and company rating history at www.jmdutton.com before investing. |
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