experienced technicians for their Houston, Charlotte, & Kansas City service laboratories. Gross profit on part of the business runs about 80%. They also opened a new branch in Denver.

I like this situation because it has several of the key elements of a turnaround from adversity. The market problems have largely abated, the Y2K drain is about over, & I believe the manufacturing, petrochemical, & project markets are returning to a more normal phase. That plus the move to a higher margin emphasis should result in Inotek's return to profitability in 2000. At the present price, this stock is certainly undervalued. Call chairman Neal Young @ 972-243-7000, fax 972-243-2924, or write 11212 Indian Trail, Dallas, TX 75229. www.inotek.com [R-7; M-7; L-8]

ITLA Capital Corp. (NASDAQ/ITLA) is a commercial real estate lender. It is the holding company for Imperial Thrift & Loan Association. ITLA is the largest financial institution headquartered in San Diego County. Current management came aboard in 1992 & turned the struggling thrift around during the 1992 to 1996 period.

I interviewed CFO & managing director Michael A. Sicuro, who refers to the ITLA operation as a "lean, mean fighting machine." Looking at the company's financial history since 1995 when it went public, I agree. As of 6/30/99, it had 15 consecutive quarters of profitability. Net income for the year ended 12/31/96 was $10,024,000. For 1997, it was $12,477,000. For 1998, it was $14,823,000. For the six months ended 6/30/99, it was $7,935,000. When it went public, assets were about $530,000,000. As of 6/30/99, they had increased to $1,069,325,000.

ITLA is in the enviable position of being able to raise enormous amounts of cash, due to its demonstrated ability to put it to work profitably, & the ties its chairman George W. Haligowski has in the far east -- he was raised biculturally in the U.S. & Japan. He says "Much of my career has been spent working between the Tokyo capital markets & the American markets importing capital from Japan into the United States." ITLA has an asset generating machine. Management's challenge is putting the cash to work.

As I write this (morning, 10/18/99), the shares are trading at 14-3/8, with a 52-week low of 11-7/8 & a high of 20. The net income per diluted share for the six months ended 6/30/99 was $1.08. Annualized, that's $2.16. With its steady earnings growth, I'd apply a P/E of at least 12, for a price of at least 25. My conclusion -- the stock is undervalued. Call CFO Sicuro @ 619-551-0511 x248, fax 619-551-1212, or write 888 Prospect St., Suite 110, La Jolla, CA 92037. [R-8; M-7; L-8]

IVC Industries, Inc. (NASDAQ/IVCOD) manufactures, packages, & distributes vitamins & nutritional supplements through drug stores, supermarkets, health food stores,

mass merchandising chains, company-owned retail stores, & mail order. Its products are distributed under "Fields of Nature," "Liquafil," "Pine Bros.," "Nature's Wonder," "Synergy Plus," & "Vitamin Specialties" brands, as well as the private brands of its retail chain-store customers. It offers a full line of USP-standard nutritional supplements, herbals, & OTC products for retailer labels.

Its customers include CVS, Pathmark, Costco, Eckerd, Fred Meyer, Shop Rite, Meijer, Ames, Fedco, Weis, Drug Fair, Kerr Drug, Kinney Drug, Kmart, Nash Finch, & others. It makes almost all of its 600 products in its two plants (250,000 square feet) in NJ. It makes its own soft gel encapsulation products -- it is one of the few industry players with a proprietary soft gel manufacturing facility (it produces over 2 billion capsules/year).

IVCOD signed an agreement with PlanetRx.com, the leading Internet healthcare destination for commerce, content & community. PlanetRx.com will offer IVCOD's Fields of Nature brand vitamins online.

The company has been under new management since 12/98. It is restructuring & concentrating on higher-margin products. In 7/99, it had an eight-for-one reverse split, & sold its Vitamin Specialties unit consisting of 16 retail health food stores & mail order operation, part of the ongoing strategy of consolidating operations & concentrating funds & efforts on its core business.

The market for vitamins & supplements is about $8 billion, reflecting a compounded growth of 14% from $4.4 billion in 1993. It is expected to continue to expand, partially because the 50 & over age group is the fastest growing segment of the U.S. population. Whereas nationally advertised brands focus on the consumer, IVCOD's effort focuses on building relationships with large chains. Its marketing costs are therefore less, permitting lower prices that permit the chains to promote IVCOD's & private label products with money-saving coupons, etc. & still realize higher profit margins. This situation is operating profitably.

Call CFO Domenic N. Golato at 732-308-3000, fax 732-308-3398, e-mail: dgolato@ivcinc.com, or write 500 Halls Mill Rd., Freehold, NJ 07728. Or call Robert J. Giordano at IVCOD's IR firm, KCSA Worldwide at 212-896-1289, fax 212-697-0910, e-mail: rgiordano@kcsa.com www.kcsa.com www.ivcinc.com [R-6; M-7; L-8]

Mercury Scheduling Systems, Inc. (OTC Bulletin Board/MYSYF, VSE/MRY, Berlin/MEU) has created powerful airline scheduling software. It recently signed a substantial contract with Federal Express, won a large contract with British Airways, & partnered with IBM's Transportation Global Industries Group. "The company has turned the corner from R&D into real operations," says Michael Forster, Mercury chairman. "All last year we saw quarter after quarter of revenue growth that will continue in this fiscal year." Forster was chief of operations at American Eagle (a feeder of American Airlines).

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