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February 1, 2005 Stock Pick: Zhone Technologies, Inc. (ZHNE)

Stock Price: $2.08

Zhone Technologies, Inc. designs and manufactures network equipment for network operators worldwide. Zhone's products allow network operators to deliver a rich array of voice, data, video, and entertainment services over their existing networks while simultaneously retooling for converged packet based voice (VoIP) and video (IPTV) over copper or fiber access lines.

The company recently reported fourth quarter revenues of $28.1 million up from $23.3 million over the same period last year. Losses were cut from $6.4 million to $3.8 million. Total stockholders equity increased to $229,784,000.

ZHNE has a current book value of $2.39. There are 96 million shares outstanding yet because of insider ownership only 56 million shares are in the float.

ZHNE has started to bottom at the $2.00 level where we believe it will finally start trending higher for the long term. ZHNE was at this level in 2003 before it ran to over $7.00 in seven months.

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