From: kanth@andersen.uucp (Kanth Miriyala)
Subject: PRAGATI: September Issue
Organization: Andersen Consulting
Date: Mon, 14 Sep 1992 15:01:08 GMT


PRAGATI		- BY MIRIYALAS		SEPTEMBER 1992

CONTENTS
	- INTRODUCTION
	- UPDATES
	- RECOMMENDATIONS FOR THE MONTH
	- GENERAL INFORMATION 
	(This information is mainly meant for the 
	new reader. Regular readers of PRAGATI may 
	safely skip it.)
	- DISCLAIMER


INTRODUCTION
Welcome to the September issue of Pragati. In this issue
we have updates on T J Systems and Bloc Development. We also have a  
buy recommendation - Stifel Financial.

UPDATES

1) T J Systsems

T J Systems, (Symbol: TJSY, Exchange: NASDAQ, Phone: (516) 273-9130,
Address: 140, Adams Ave, Suite A-5, Hauppauge, NY 11788.)
was recommended in the June 1992 issue of Pragati at .88-.94 level  

The company leases new and used high performance computer equipment and 
peripherals. 

On August 19, 1992 the company announced its six month earnings for the
first half of the fiscal year. 
The earnings for 6 months ending June 30, 1992 are:
(M stands for Million and K stands for Thousands)

					1992           1991
	Revenues		        6.7 M	       4.1M
	Net Earnings			457K	       300K
	EPS				.07	       .08	
	Avg. Shares			6.9M           3.9m

For the three months ended June 30, 1992 the earnings are:

					1992		1991

	Revenues 			3.8M		2.4M
	Net Earnings 			256K		195K
	EPS				.04		.05
	Avg. Shares 			6.9M		4.3M

In the past six months, their total assets increased from $25.9M at December
31, 1991, to $26.8M at June 30, 1992.

In the past week  TJ Systems has been fluctuating between .63 and .88.  We
continue to believe that this is a good company and that  we will see the
market take the price of this stock up. Consider averaging down at the .63
level if you got in at a higher price. For others who like this company,
this is an excellent time to buy. 

Notice that the number of shares have gone up substantially
which explains the fall in the EPS. If TJSY continues this 
level of profits we expect to see its price jump from its 
current .63 level upto around $1.40 or $1.50. 
2) Bloc Development 

Bloc Development(Symbol:BDEV, Exchange: NASDAQ, Phone: (305) 567-9931,
Address: 800, Douglas Entracne, Coral Gables, Florida 33134),
was recommended in the July issue of Pragati at $2.50.  However, after our
recommendation, the price fell to $1.50 level. Since we continued to
believe that the company has strong earnings, we recommended averaging down
at $1.50 in our last issue. On friday, Sept 11, 1992, 
the stock last traded at $2.44. For those who
got in at $1.50 a potential profit of 62% is awaiting you!

This is a good example of how patience and persistence with 
a company we believe to be good pays off.
Consider a person who got in  at $2.50 level with 1000 shares.
He/She has invested $2500 in this company. If the person did average down
according to our suggestion by pumping in the same amount of money $2500,
he/she gets 666 shares more for the same value. Now, if he/she decides to sell
all the shares (2666) at $2.44, he/she makes a profit of $1500!!! (30% profit).



RECOMMENDATION FOR THE MONTH

We have a recommendation for the month of September: Stifel Financial

Name of the Company : Stifel Financial
Symbol: SF
Exchange: NYSE
can be followed in : WSJ, IBD, Barrons
Phone: (314) 342 2000
Address: 500 North Broadway, St Louis, MO 63102-2188
Recommended Price: 7.50
Recent Price: 7.63 - 7.75
52 wk Hi Lo : (5.25, 10.25)

Description of work:

Stifel Financial is a parent of Stifel, Nicolaus & Co., a brokerage firm
whose headquarters is in St. Louis, Mo. Stifel provides
brokerage, trading, investment advisory and related financial services
primarily to retail customers in the central US.

The company's investment banking activities include the underwriting of
both corporate and muncipal securities. It also participates as an
underwriter in the syndicates of issues managed by other firms. In
addition, corporate activities include mergers and acquisitions,
private placements, valuations and financial advisory work.

Reasons:

1) The company reported record earnings for the first half of fiscal 1992.
The earnings report indicate that they are indeed making good turn around
profits.  The company has reported improved operating results in all major
operations and continued improvement in productivity and cost control
programs. 

2)  The company has an excellent balance sheet with 10.8 M in
long term debt and 6 M in cash. 

The earnings for the quarter ending July 31, 1992 are:

	  3 mos 1992	3 mos1991      12 mos 1992      12 mos1991

Revenue      36M          19M            108M              77M
Income       1.9M         -3.16M         5.7M              -2,78M
EPS          .56          -.94           1.65              -.82 
Avg Shares   3.4M         3.35M          

3) The revenues and earnings are the highest the company ever 
had. If it continues its current trend, the price 
should move up by about 30% or so in the next few months. 

GENERAL INFORMATION

The abbreviations IBD and WSJ stand for The Investor's 
Business Daily and The Wall Street Journal.
We use ``K'' for thousands and ``M'' for millions. 

For each company that we recommend, we will give the
following information:

Name of the Company
Symbol
Exchange
Can be followed in
Phone
Address
Recommended Price
Recent Price
52 wk Hi Lo
Description of work
Reasons

We strongly urge a person interested in investing in a 
recommended stock to research the stock before investing in 
it. Also, it is extremely crucial to buy as close
to the recommendation price as possible. In the past
the stocks that we recommended (to ourselves) have 
gone up by 30% or more from the recommended price
in about 3 months or so. We hope (but cannot guarantee) 
that this will continue. 

If any of the stocks that you own effects or 
decides to effect a reverse split, SELL immediately. 
Reverse splits should be avoided like PLAGUE.

We only recommend low price stocks with great potential 
to move up. So these recommendations are mainly for the
small investor. Most of the stocks we recommend are below 
$3. 





DISCLAIMER: There is no guarantee that stocks recommended here
will do well. There is no guarantee that the information on 
which this article was based is correct. There is no 
guarantee that the information in this article is 
correct. Also, the companies where we work have nothing whatsoever to do 
with this newsletter.
The readers should not assume that recommendations 
in future will be as profitable as previous 
recommendations mentioned here. The security portfolio
of Miriyalas may include those mentioned in this issue
and may from time to time increase or decrease interest
in such positions.
Any opinions expressed here are statements of our judgment
as of the date of issue and are subject 
to change without notice.


SUBSCRIPTION INFORMATION: PRAGATI is issued on a monthly basis.
It usually comes out on a weekend. PRAGATI only gives BUY
recommendations, but none other (i.e., it does not give
sell or hold recommendations for example). 

If you want to receive PRAGATI every month by e-mail, 
please send your e-mail address to kanth@andersen.com
with simply the name PRAGATI in the header.
Newsgroups: misc.invest