On January 29th Compucom Systems, Inc. , a provider of information technology outsourcing and systems integration services, reported 4th quarter 2002 net earnings of 10 cents per share, up from 3 cents a year earlier.  Revenues were $404 million up 9.8% over the 2001 4th quarter.  For 2002 revenues were $1.57 billion with net earnings of 35 cents.  CMPC has $128 million in cash or $2.46 per share.  Tangible book value is approximately $2.60 per share and Compucom carries no debt.  The earnings expectation for 2003 is 38 cents per share and for 2004 it is 50 cents per share.  At the current price CMPC has a forward PE well under 10. The current market cap is approximately one tenth of sales.  The price to sales ratio is about as low as you will find. Compucom is profitable and trades near cash and book value.

1/14/04 - SOLD AT $6.26 FOR A GAIN OF 75%.