Schneider Securities, Inc. Submits the Following Changes


              And or Reiterations of Selected Existing Research 
      DENVER, June 26 /PRNewswire/ -- 
      Headwaters, Inc. (Nasdaq: HDWR) 


We are maintaining our Strong Buy rating of HDWR.  Recognizing that the 
stock has eclipsed our previous target of $3.00 initiated in January 2001, we 
are establishing a new 12 to 18 month price target of $20.00 per share.  In 
addition, we are raising our earnings estimates for the current fiscal year 
(fiscal 2001; ending Sept. 30, 2001) from $0.77 to $0.81.  We are also raising 
our estimates for fiscal years 2002 through 2004 based on what we believe is 
significant acceleration in the ramp up of licensee projects beyond our 
original projections.  We are maintaining our Strong Buy rating because we 
believe the prospects for continued accelerated expansion of licensee 
facilities remains high.  We also believe the prospects for binder sales to 
non-licensees appear to be improving, which represents an additional revenue 
line item that we have not fully modeled.  
  Frontier Airlines (Nasdaq: FRNT)  
We are maintaining our Buy rating of FRNT.  FRNT's number have clearly 
been compromised by the economic environment, however, the Airbus transition 
has also created some extraordinary costs that we do not believe are 
indicative of the company's future cost structure.  We expect the transition 
to create measurable efficiencies beyond completion.  In light of the 
difficult operating environment, we are lowering our EPS estimates for the 
current fiscal year (fiscal 2002; ending March 31, 2002) to $1.77, including 
$0.26 for the current quarter ending June 30, 2001.  We are also establishing 
a new 12 to 18 month price target of $27.00 per share, which is a 10% discount 
to the previous target.  We believe the recent sell off in the stock 
represents a significant buying opportunity for investors capable of seeing 
beyond the current economic slowdown.  
  Impco Technologies, Inc. (Nasdaq: IMCO)  
We are reiterating our Strong Buy rating on IMCO shares, as well as our 
12 to 18 month price target of $80.00 per share.  We believe the spin off of 
the company's Quantum fuel cell division will allow the markets to better 
evaluate the company's core business and fuel offerings separately.  We 
believe this will lead to valuations more commensurate with our target.  We 
continue to expect the core business to operate substantially profitably going 
forward, and a better growth rates than we have seen in the past. 
Additionally, we believe that Quantum along with its new partner General 
Motors (NYSE: GM) will achieve a significantly higher market capitalization 
than is currently reflected in the bundled companies.  We also believe that 
the recently announced secondary offering lead by Raymond James will address 
the company's fuel cell research and development capital needs over the 
intermediate term.  
  Pentastar Communications Inc. (Nasdaq: PNTA)  
While the company's March 2001 quarter reflected lower revenue and EPS 
numbers than we had estimated, this shortfall was generally related to a lack 
of acquisition activity which we had modeled but did not materialize.  The 
acquisition pace has clearly been slowed by the precarious nature of the 
equity markets leading to apprehension amongst potential sellers in terms of 
taking equity as part of the buyout.  We have argued that one of the great 
things about PNTA is their guarded acquisition approach, which we don't expect 
them to change simply in order to hit quarterly street estimates.  We now 
believe the old model is probably 3 or 6 months behind in terms of our 
acquisition assumptions.  On the other hand, the company has shown markedly 
better numbers in terms of operating expenses.  Consequently, we are 
reiterating our Buy rating of PNTA shares, as well as our 12 to 18 month price 
target of $45.00 per share.  
  Drugmax.com  (Nasdaq: DMAX)  
DMAX's fiscal 2001 year-end results were in line with our estimates.  The 
exception was the write down of assets, which we indicated might take place. 
These write downs will create a better EPS picture going forward as non-cash 
charges will now be levied off of a smaller asset base.  Going forward, we 
expect DMAX's efforts to increase its distribution of generic drugs, both in 
the aggregate and as a percentage of overall sales to result in accelerated 
margins and earnings, as well as increased revenue growth.  While we expect 
the impact of these approaches to become most visible in the second half of 
calendar 2001 and beyond, we also believe the current June quarter has the 
potential to show some inklings of these strategies.  In addition, given the 
recent positive results reported by other wholesale pharmaceutical 
distributors, we believe the prospects for the current June quarter to outrun 
our revenue estimates are improving.  We are reiterating our Buy rating of 
Drugmax.com shares, as well as our 12-month price target of $12.00 per share.  
  Information and statements contained herein, other than historical 
information, should be considered forward looking, which involve risk and 
uncertainties.  Schneider Securities Inc., its officers, directors and 
affiliates may maintain positions in the securities referenced, which may 
change at any time without notice.  Schneider Securities, Inc. is a Market 
Maker in these securities.  The securities referenced are speculative in 
nature and may not be suitable for your investment objective.  Additional 
information is available upon request.  
  Schneider Securities, Inc., is a member of the National Association of 
Securities Dealers, CRD number 16434.  
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SOURCE  Schneider Securities, Inc.  
-0-                             06/26/2001  
/CONTACT:  David Lavigne, Director of Equity Research of Schneider 
Securities, Inc., 888-957-8890/  
/Web site:  http://www.schneidersecurities.com/  
(HDWR FRNT IMCO GM PNTA DMAX)  
CO:  Schneider Securities, Inc.; Headwaters, Inc.; Frontier Airlines; Impco  
 Technologies, Inc.; Pentastar Communications Inc.; Drugmax.com 
ST:  Colorado 
IN:  FIN 
SU:  RTG  
-0- Jun/26/2001 16:36 GMT
 
 
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