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In the report, Mr. Dhuri writes, "Bad Toys Holdings is undertaking a restructuring so that existing shareholders may realize the true value of the Company. Bad Toys Holdings will issue a stock dividend consisting of shares of Southland Health Services, Inc. to each of its shareholders. Southland Health Services, Inc. will become a separate publicly traded company. Management has decided to distribute 75% of Southland Health Services, Inc. shares to the existing Bad Toys Holdings, Inc. shareholders via a spin-off, and retain 25% in the existing shares of Southland Health Services, Inc. Management will issue 1.31 shares of Southland Health Services for every 1 share of common stock owned of Bad Toys Holdings, Inc. According to management, investors must own the shares as of the close of market on January 11, 2006 to be eligible for the dividend.
The only other known publicly-traded ambulance service provider is Rural/Metro Corporation , which is expected to earn $.43 per share in FY 2006, giving it a forward P/E of 20.9. Bad Toys Holdings is projected to earn $.23 in FY 2005 and $.40 in FY 2006, according to management. At a current share price of $2.25, this gives it a current P/E of 9.78, and a forward P/E of 5.63. "
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