Value Stock Screen: Potential Activist Targets, July 25, 2009

Activist Targets: Potential Sales, Liquidations or Recaps Companies that may unlock value through a corporate event ▼ Move To Price

52-Week

Price to

Net Net

Next

MV

EV

Tangible

Net Cash

ST Assets

EV/

FY

Company / Ticker

($)

Low

High

($mn)

($mn)

Book

(% of MV)

(% of MV)

Sales

P/E

1 Silicon Graphics / SGI

4.72

-28%

177%

141

(33)

.7x

123%

142%

n/m

n/m

2 Trident Microsystems / TRID

1.99

-39%

115%

125

(77)

.6x

162%

129%

n/m

n/m

3 Facet Biotech / FACT

8.28

-29%

504%

203

(115)

.5x

156%

126%

n/m

n/m

4 QLT / QLTI

3.01

-53%

36%

164

34

.6x

79%

125%

.3x

-

5 Opnext / OPXT

1.93

-33%

240%

171

55

.6x

68%

122%

.2x

n/m

6 Adaptec / ADPT

2.57

-14%

65%

310

(66)

.8x

121%

119%

n/m

-

7 TomoTherapy / TOMO

2.75

-34%

262%

143

(15)

.7x

110%

118%

n/m

n/m

8 Imation / IMN

8.67

-20%

194%

328

239

.6x

27%

112%

.1x

26x

9 SMART Modular / SMOD

2.85

-73%

43%

176

118

.8x

33%

99%

.2x

17x n/m

10 Silicon Image / SIMG

2.40

-15%

211%

179

16

.9x

91%

96%

.1x

11 Ascent Media / ASCMA

28.05

-39%

21%

395

58

.6x

85%

94%

.1x

-

12 Syneron Medical / ELOS

7.78

-42%

122%

214

29

.9x

86%

89%

.3x

n/m

13 Tech Data / TECD

35.44

-60%

3%

1,780

1,524

1.0x

14%

88%

.1x

14x

14 Microtune / TUNE

2.16

-39%

78%

113

23

1.1x

80%

87%

.3x

n/m

15 Insmed / INSM

1.07

-70%

140%

134

8

1.1x

94%

85%

.7x

-

16 Nabi Biopharma / NABI

2.57

-16%

140%

132

24

1.2x

82%

85%

n/m

n/m

17 White Electronic / WEDC

4.46

-33%

18%

102

45

1.0x

56%

83%

.8x

15x

18 Cutera / CUTR

8.56

-36%

46%

114

20

1.0x

83%

82%

.3x

>99x

19 * Hurco Companies / HURC

19.01

-56%

101%

122

94

1.1x

23%

77%

.6x

28x

20 Lattice Semi / LSCC

2.12

-51%

29%

244

140

1.0x

43%

77%

.7x

n/m

21 Exar / EXAR

7.20

-32%

24%

313

72

1.1x

77%

77%

.6x

51x

22 Benchmark Electron. / BHE

15.68

-45%

19%

1,024

629

1.0x

39%

76%

.3x

18x

23 CDI / CDI

12.51

-48%

128%

237

172

1.0x

27%

76%

.2x

54x

24 Ingram Micro / IM

18.36

-53%

9%

2,972

2,293

1.1x

23%

75%

.1x

13x

25 PCTEL / PCTI

6.00

-42%

96%

113

45

1.0x

60%

74%

.7x

35x

26 Bel Fuse / BELFB

17.96

-51%

75%

207

101

1.0x

51%

74%

.4x

24x

27 Heckmann / HEK

3.70

-11%

190%

363

132

1.0x

64%

73%

7.2x

-

28 * Miller Industries / MLR

9.40

-55%

3%

109

90

.9x

18%

72%

.3x

27x

29 Xyratex / XRTX

6.44

-76%

139%

190

163

1.0x

14%

71%

.2x

12x

30 InfoSpace / INSP

7.60

-33%

57%

266

70

1.2x

74%

70%

.5x

40x

31 Oclaro / OCLR

0.64

-67%

227%

118

80

1.0x

32%

69%

.4x

-

32 Electro Scientific / ESIO

12.75

-63%

28%

348

192

1.0x

45%

67%

1.7x

n/m

33 ModusLink Global / MLNK

6.97

-77%

82%

318

150

1.1x

53%

67%

.1x

-

34 Oplink Comms / OPLK

12.73

-60%

13%

261

113

1.2x

56%

66%

.8x

28x n/m

35 * Integr. Electrical / IESC

9.26

-57%

141%

135

113

1.0x

17%

66%

.1x

36 Aceto / ACET

6.99

-30%

67%

173

133

1.3x

23%

66%

.4x

12x

37 DivX / DIVX

5.44

-29%

70%

176

57

1.2x

68%

65%

.6x

26x

38 * Progenics Pharma / PGNX

5.13

-12%

240%

159

41

1.3x

75%

65%

.5x

n/m

39 RTI Int'l Metals / RTI

16.39

-52%

115%

379

357

.7x

6%

63%

.6x

21x

40 Vital Images / VTAL

13.10

-35%

29%

188

56

1.2x

71%

63%

.8x

n/m

41 * Haynes International / HAYN

24.77

-56%

152%

298

269

.9x

10%

62%

.5x

13x

42 * Coherent / COHR

19.51

-27%

97%

476

269

1.0x

43%

62%

.5x

26x 16x

43 Universal Stainless / USAP

18.19

-56%

113%

123

111

.9x

10%

61%

.5x

44 OraSure Technologies / OSUR

2.92

-26%

114%

134

64

1.3x

52%

61%

.9x

-

45 SonoSite / SONO

20.96

-27%

85%

363

199

1.5x

45%

61%

.8x

23x

Criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period. * New additions are highlighted. © 10x45 Bargain Hunter ™

July 25, 2009

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Page 8 of 11

10x45 Bargain Hunter

Brought To You By

10 Essential Stock Screens for Value Investors x 45 Stocks per Screen = up to 450 Investment Candidates

Dear Fellow ll Idea d Seekers, k We are pleased to bring you this week's 10x45 Bargain Hunter , based on stock prices as of July 24, 2009. –Your Manual of Ideas Team

On the Hunt for Value? Get the 10x45 Bargain Hunter now FREE with your subscription to Downside Protection Report

This Week's Top p Bargain Hunter Screen Results

Price

Market Value

Contrarian: Shunned by the market, but not by insiders 1 Unico American / UNAM $7.86 $44mn

Enterprise p Value

n/m

Insider Buys $15mn

2 GHL Acquisition / GHQ

$9.75

$473mn

n/m

$3mn

3 Ideation Acquisition / IDI

$7.78

$97mn

n/m

$2mn

Contrarian: Biggest Losers (deleveraged & profitable) 1 Cardionet / BEAT $6.14 $146mn

 Price YTD $96mn

-75%

2 ViroPharma / VPHM

$6.86

$531mn

$420mn

-47%

3 Celera / CRA

$5.98

$489mn

$1,755mn

-46%  Shares Q-Q

Value with Catalyst: Cheap Repurchasers of Stock 1 Societe Generale / SCGLY

$12.67

$35,311mn

n/m

-22%

2 QLT / QLTI

$3.01

$164mn

$34mn

-18%

3 * Silicon Sili Motion M ti Tech T h / SIMO

$3.86 $3 86

$107mn $107

$45mn $45

-16% 16%

Profitable Dividend Payors with Decent Balance Sheets 1 Anworth Mortgage / ANH $7.30 $742mn

$767mn

Div. Yield 18%

www.manualofideas.com

2 TICC Capital / TICC

$4.50

$120mn

n/m

13%

3 Pioneer Southwest / PSE

$19.31

$580mn

$503mn

10%

$906mn

EV/Revenue .06x

Deep Value: Lots of Revenue, Low Enterprise Value 1 World Fuel Services / INT $41.41 $1,220mn

Standalone price of 10x45 Bargain Hunter: $99/year

* New addition to top 45 screen results. 10x45 BARGAIN HUNTER is published weekly by BeyondProxy LLC, P.O. Box 1375, New York, NY 10150. Website: www.manualofideas.com. Email: [email protected]. Please email or call if you have any subscription questions. Managing Editor: John Mihaljevic. Subscription $99 per year. © Copyright 2008 by BeyondProxy LLC. All rights reserved. Photocopying, reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources believed to be reliable in the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as investment recommendations. BeyondProxy’s officers, directors, employees and/or principals (collectively “Related Persons”) may have positions in and may, from time to time, make purchases or sales of the securities or other investments listed or discussed in this newsletter. newsletter John Mihaljevic, Mihaljevic Chairman of BeyondProxy, is also a principal of Mihaljevic Capital Management LLC (“MCM”), which serves as the general partner of a private investment partnership. MCM may purchase or sell securities and financial instruments discussed in this newsletter on behalf of the investment partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html. Pictured in the top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.

2 Tech Data / TECD

$35.44

$1,780mn

$1,524mn

.07x

3 Ingram Micro / IM

$18.36

$2,972mn

$2,293mn

.07x

$547mn

$614mn

EV/GP .16x

Deep Value: Neglected Gross Profiteers 1 Kindred Healthcare / KND $14.03 2 * RealNetworks / RNWK

$3.22

$433mn

$68mn

.19x

3 Humana / HUM

$31.53

$5,348mn

$1,191mn

.22x

-$33mn

NCAV / MV 142%

Activist Targets: Potential Sales, Liquidations or Recaps 1 Silicon Graphics / SGI $4.72 $141mn 2 Trident Microsystems / TRID

$1.99

$125mn

-$77mn

129%

3 Facet Biotech / FACT

$8.28

$203mn

-$115mn

126%

"Magic Formula," Formula " based on Trailing Financials 1 KHD Humboldt Wedag / KHD $9.29 $284mn

-$75mn

LTM EBIT / EV infinite

2 i2 Technologies / ITWO

$13.34

$293mn

$242mn

46%

3 ePlus / PLUS

$15.12

$124mn

$101mn

28%

"Magic Formula," based on This Year's EPS Estimates 1 EarthLink / ELNK $7.96 $844mn

$555mn

EPS Yield FY0 12%

2 Endo Pharma / ENDP

$19.81 $

$2,321mn $ ,

$2,361mn $ ,

13%

3 Pre-Paid Legal / PPD

$51.62

$567mn

$577mn

13%

"Magic Formula," based on Next Year's EPS Estimates 1 GigaMedia / GIGM $4.98 $272mn

$189mn

EPS Yield FY1 13%

2 Endo Pharma / ENDP

$19.81

$2,321mn

$2,361mn

14%

3 China-Biotics / CHBT

$9.77

$167mn

$115mn

14%