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Friday, 20 June 2003
June 20, 2003 Forest Laboratories (FRX)
This market is both overbought and incredibly strong. Even after the big run-up we have in the Dow, the market has gone down only yesterday and is having a difficult time letting the Bears have their way today as the Bulls are struggling to push the market right back up.

O.k. so I am better at picking stocks than market commentary? Well there is no harm trying to expand on my observations is there?

Back to business. Forest Laboratories is having a great day. No this is not some kind of wood pulp business (lol), they are another drug firm. In fact per cnn.money, FRX "develops, manufactures and sells both branded and generic forms of ethical drug products which require a physicians prescription, as well as non-prescription pharmaceutical products sold over-the-counter."

FRX is trading at $54.99 up $1.70 or 3.19% on the day. The company trades at a trailing p/e of 33.13 and has a market cap of $20.0 Billion. Not exactly a microcap stock? They do not pay a dividend.

On April 22, 2003, per the NYTimes on the web, Forest reported their earnings for the fiscal fourth quarter ending March 31, 2003. Net sales increased 42% to $621,114,000 from $436,751,000 in the prior year. Net income increased 87% (!!) to $180,737,000 from $96,553,000 for the prior year. Diluted earnings per share equaled $.48 in the current quarter as compared to $.26 in last year's fourth quarter. These are GREAT numbers, especially for a company the size of FRX.

Morningstar.com shows an equally ATTRACTIVE picture for the past 5 years: revenue was $0.5 billion in 1998, $0.6 billion in 1999, $0.9 billion in 2000, $1.2 billion in 2001, $1.6 billion in 2002, and extrapolating from the latest quarter, we get $2.4 billion at least in 2003. Very nice!

The company is also generating an equally large pile of cash: free cash flow of $161 million in 2000, $149 million in 2001, $390 million in 2002 and $560 million for the trailing twelve months. Not too shabby huh?

On TOP of this, this BEAUTIFUL company has LOADS of cash. Get this: $1.32 BILLION in cash compared to $454.7 million in current liabilities and only $1.9 million in long term debt. In addition they have $693.9 million in OTHER current assets. Boy, they are LOADED. They ought to be paying a dividend any time soon!

I don't own a share of this stock. But if I can find the cash, would LOVE to own a bushel of shares of this one. Take a look at the graphs and numbers yourself and unless I am missing something....sure is pretty!

Drop me a line at bobsadviceforstocks@lycos.com and I will try to reply ASAP. Be sure to let me know if you have any questions, comments, or words of encouragement...and above all....come on back! and tell your friends!

Have a GREAT weekend everyone! Bob


Posted by bobsadviceforstocks at 2:06 PM CDT | Post Comment | Permalink
Updated: Friday, 20 June 2003 2:07 PM CDT

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