FINANCIAL PERFORMANCE CORPORATION
Listed: NASDAQ SmallCap Market
Symbol: FPCX
Recent Price: 4 1/8
52 Week Range: 17-2
Shares Outstanding: 11.4 million
Estimated Float: 2.95 million
Everyone knows that the NASDAQ index has dropped more than 50% since March, so The
Contrarian is excited about buying opportunities. Because of this, we now present our first ever
NASDAQ listed stock, Financial Performance Corporation. FPCX has what we always look for:
strong management, a small float, and a depressed price.
The catalyst for our recommendation is the news released on January 16th that FPCX has acquired
Willey Brothers, Inc., a sophisticated financial services firm. Willey reported revenues of approximately
$45 million for the year 2000, with earnings of around $4.5 million, and a history of 17 straight years
of profitability. This is the type of acquisition that can be used as a “building block” for many more
buyouts in the near future.
What makes this significant is the background of the management team. CEO Jeffrey S. Silverman took
Amex listed PlyGem Industries from a market capitalization of $5 million to $500 million (!) when it then
merged with Nortek (NYSE-NTK-26 5/8) Inc. President Ron Nash was co-founder of Wall Street
trading powerhouse Nash-Weiss, which eventually became part of Quick & Reilly (and in turn Fleet Boston
Financial NYSE-FBF-41) in a deal worth over $100 million. In lieu of year 2000 salaries, both officers
agreed to work full-time for FPCX, and received stock options exercisable at $14.50/share. The Trump
family, known as smart investors, are among the inside holders as well. There has also been heavy insider
buying at prices as high as $10.40 this past year.
When FPCX first started trading, excitement about the management group ran the stock up to $17 back on
February 23rd. Now that we’ve had a well publicized crash on the NASDAQ, it’s bargain hunting time.
We are looking for an initial doubling to the $10 area, followed by higher prices as more acquisitions
roll in. Buy and hold FPCX, and you’ll be riding with winners.
The publisher of The Contrarian has received a fee of $15,000 from the subject company for the development
and circulation of this report. The publisher and/or its affiliates may buy or sell shares of FPCX at any time.
Detailed information about Financial Performance Corporation may be obtained on-line at various financial
web sites.
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