NEW YORK, Oct. 13, 2004 (PRIMEZONE) -- (Investrend Research Syndicate) Fundamental Research Corp. has revised its fair value and financial forecast on Dragon-Tex (Group) Ltd. (TSX Venture Exchange:DTX). The following is a summary of the full report. The full 8-page report is now available for a limited time at www.fundamentalresearchcorp.com.
"Based on the information we have available, particularly the October 1, 2004 announcement that the company has entered into a definitive agreement to purchase River Ritchie, we are revising our 2005 and 2006 revenue estimates to $25.5 million (from $19 million) and $33.5 million (from $20 million) respectively. EPS estimates are being raised for 2005 and 2006 to $0.05 (from $0.04) and $0.08 ($0.07 on an FD basis (from $0.05))," said the report.
"Based on a review of the company including the performance of River going forward, we are maintaining our "Buy" rating and raising our fair value estimate to $1.20 (from $1). The risk rating remains at 3 (Average Risk)."
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The full 8-page update is available at: http://www.fundamentalresearchcorp.com/PDF/dtxrevising.pdf and www.investrendresearch.com. Investors are advised to read disclosures and disclaimers carefully before trading in the equities of any company under coverage.
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