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Guided profit forecast for the Dec. 31, 2004 year.

1. Last year's data.

Profit was $10.96 mill; weighted shares used in calculation of E/S: 65.1 mill (See Annual Report). E/S: 16.8 and based on the current price of $2.09, the retrospective P/E was: 12.4.

2. Last year, the number of shares were increased and are now 82.1 mill., say 82.5 for the current year's calculation. Current price: $2.09.

I consider that any profit increase will be from 4 sources:
1. Current resources.

2. Expansion. On 31 Dec., AVV had $27.3 mill cash and that would have increased since. They are not new to suitable takeovers.

3. Reorganisation and Relocation resulting in savings: this is to continue arising from the SC acquisition.

4. Tax losses.

Assuming that we have a reasonable economy, we may expect a 45% rise in earnings to $15.89 mill or E/S= 19.26 cents with a P/E of 10.85, say 11.

As to dividends, last year's dividend was 6.5 cents; possibly 8.5 cents this year?

Gerry
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