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Transaction Details

Company: Gtech Holdings
Ticker:gtk
Yahoo Beta:-0.24
Industry:Computer Services

Company Description:  Gtech provides point of sale terminals for selling lottery tickets and provides the equipment and services to link vendor sales of lottery tickets to lottery authorities.

Purchase Date:08 Dec 2004 Sale Date:30 Sep 2006
Purchase Price:$25.71 Sale Price:$35.00
  --Split Adjusted:$25.71  --Split Adjusted:$35.00
Shares Purchased:400 Shares Sold:400
  --Split Adjusted:400  --Split Adjusted:400
Transaction Fee:$224.94 Transaction Fee:$0.00
Price Range (6 Months Prior):    Price Range (6 Months After):    
High$28.37 High$0.00
Date11 Mar 2004 Date01 Feb 1996
Low$19.79 Low$0.00
Date06 Aug 2004 Date01 Feb 1996
S&P (Purchase Date):$1,182.81 S&P (Sale Date):$1,304.27

Purchase
Timing:  We bought near the middle of the six month trading range.
Reason:  The company provides diversification into the technology sector. The company has long term contracts with 27 of 41 on-line lotteries in the US and with 57 of 113 international lotteries. Thus, with respect to current contracts, the company has relatively secure cash flows. In addition, the company provides us with some international exposure.

Sale
Timing:  G-Tech was aquired and ceased trading.
Reason:  We received $35 in cash per share, and avoided transaction costs.

S&P Gain: 10.27 % Annualized Gain: 5.55%
Stock Gain: 36.13 % Annualized Gain: 18.57%

Dividends:$238.00
Net Holding Return ($): $3,729.06
Net Holding Return (%): 35.48 %