Philip K. Fricke
3 Fieldstone Court
Oakland, New Jersey 07436
201-290-0425
pkffinancial@gmail.com
39 YEARS EVALUATING CORPORATE MANAGEMENT AND FINANCIAL PERFORMANCE
Unique blend of experience as securities analyst, investment banker, consultant, and Board of
Directors member applied to solving problems related to maximizing stakeholder value.
I have assisted private and public companies in their efforts to: 1) define who they are within the
context of industry competitive dynamics; 2) establish long-term goals; 3) develop coherent
strategies to achieve objectives; 4) set up metrics by which to measure progress; and 5)
communicate effectively to the capital markets to minimize cost of capital.
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EXPERIENCE
SECURITIES ANALYST 1975-2001—LF Rothschild, Goldman Sachs, Prudential Securities,
CIBC World Markets, and Wachovia Securities
Following More Than 30 Large and Small, Domestic and International, Automotive And
Diversified Industrial Companies, I Performed the Following Functions:
Detailed Financial Statement Analysis—determined if the corporation’s financial performance
validated the corporation’s objectives, strategies, and Wall Street’s expectations. Absolute, longterm trend line, and performance relative to the peer group were components of this analysis.
Personal Onsite Meetings with CEO’s, CFO’s, Senior Operating Management and Plant
Operating Managers— learned about and assessed the corporation’s goals and strategies.
Understanding the company’s competitive position, proprietary resources, long-term objectives,
and strategy, as well as the key metrics employed to measure success, defined my mission.
Economic Analysis—produced original analysis of the US economy principally focused on
forecasting US automotive sales and production.
Financial Forecasts—developed detailed short- and long-term financial forecasts for all
companies under coverage, and analyzed reported results versus estimates.
Stock Recommendations and Valuation Analysis—assessed absolute and relative stock
valuation metrics and relative financial performance to render Buy-Sell-Hold recommendations.
Communications—wrote detailed economic and company reports that were distributed to
institutional clients in North America, Europe, and Asia, and presented personally to such clients.
Consultation and Advisory Functions—advised companies followed on Wall Street’s
perception of their performance and relative value, and frequently organized meetings between
the company’s executives and important institutional investors.
My efforts as an analyst were recognized in the following ways…
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Recognized as an “All-Star” analyst by Institutional Investor Magazine.
Sought-after guest speaker/industry expert: WSJ, Barron’s, FT of London, Forbes Magazine,
Bloomberg News, CNN, PBS, J.D. Powers, and Dept. of Commerce.
Appointed to Dept. of Commerce committee to assess and make recommendations having to
do with improving US-Japanese automotive parts trade.
INVESTMENT BANKING—Goldman Sachs, Prudential Securities, CIBC, Wachovia
I worked closely as a team member with senior investment bankers in the following ways:
Strategic advice—met with executives of private and public companies assessing and making
recommendations pursuant to: capital structure (debt vs. equity); financing (public vs. private
financing); long-term strategic planning (what resources are lacking and are gaps filled via
acquisition, internal development, or outsourcing?); setting long-term objectives.
Financings—participated in major corporate secondary equity and debt public offerings and
IPO’s, helping to create road show strategies, road show presentations, conducting road shows,
and coaching management on their communications to institutional investors.
Valuation analysis—Advised companies on the effectiveness of their capital market
communications efforts and how alternative strategies might impact valuation of their stocks.
CORPORATE CONSULTANT
Established PKF Financial Consultants, Inc. in March 2001. In this role I have:
Defined, critiqued, created communications programs—created a corporate identity theme
for a major international corporation listed on the NYSE; participated in the design and
development of Annual Reports to Shareholders; assisted in the writing of CEO letters to
shareholders; assisted in the preparation of conference call scripts; made recommendations as to
the content and style of press releases having to do with earnings and other material corporate
issues; created investor information books.
Advised on corporate strategic issues—analyzed alternative plans to consolidate private and
public companies in terms of both achieving long term goals and the impact on equity valuation.
BOARD OF DIRECTORS
Board of Directors of Local.com Corp. (LOCM, NASDAQ)—Since October 2003 served on
audit committee and governance and compensation committees of this internet company.
Board of Directors of MI Developments, Inc. (MIM, NYSE)—Since September 2004 served on
audit (Chairman), governance-compensation, and special committees of this real estate operating
company.
PERSONAL ITEMS
Education—BA Psychology 1968; MA Psychology 1974; MBA Corporate Finance & Economics
1975 all from Fairleigh Dickinson University, Teaneck, New Jersey.
Military Service—United States Army 1968-1972, Fort Benning Infantry OCS, exit rank Captain.
Other--Interests: road-biking, exercise, sports, creative and performing arts.
APPENDIX
ACCOMPLISHMENTS AND RECOGNITION DURING A 36 YEAR CAREER
1. Covered more than 30 auto and auto-related companies including large cap (GM, F, C) to
microcap companies--auto maker, tier-1 supplier, aftermarket, and diversified companies.
2. Before “guidance” days” met and interacted with CEO’s, CFO’s, and operating managers
visiting plants in North America, Europe, and Japan.
3. Presented investment themes to thousands of investment professionals worldwide.
4. Wrote thousands of company reports, updates, notes, commentaries that were
distributed worldwide.
5. Set up road shows and meetings between companies and institutional investors.
6. Voted to Institutional Investor All-Star Analyst list most of 1980’s and 1990’s.
7. Wall Street Journal number one automotive industry stock picker in 1994 and 1997.
8. Was one of the “go-to” analysts used by the media (WSJ, Barron’s, CNN, PBS, etc.) for
analysis and commentary pursuant to auto industry developments.
9. Was invited by the Dept. of Commerce to be a keynote speaker on the auto industry at
several economic symposiums sponsored in the 1980’s.
10. Appointed by the Dept. of Commerce in the 1980’s to its Fair Trade in Automotive Parts
Industry panel to assess auto parts trade between the US and Japan. Recommendations
made by the panel improved auto parts trade between the US and Japan.
11. Participated with investment banker associates in dozens of advisory assignments having
to do with M&A and capital raising issues.
12. Participated in IPO and secondary equity offerings totaling hundreds of millions of dollars.
I was the principal in creating the investment theme in all instances, developing road
show presentations and coaching management on content and style of presentations.
13. Experienced the economic and auto industry turmoil resulting from the 1979 oil crisis,
meeting personally with Lee Iacocca and other industry executives to assess strategy.
14. Maintained coverage of Magna in 1989-1990 when all other analysts suspended
coverage. Magna was nearly bankrupt, but owned proprietary property I believed vital to
customers. I recommended Buy in December 1990 at 2 1/8. The stock has traded in
excess of 100 since then and is today the number one supplier in the world.
15. Served on the Boards of MI Developments and Local.com as audit committee chairman,
member of corporate governance and compensation, and special committees. Hence,
gained experience on the other side of the coin, vis a vis the interests of investors and
analysts. The special committee at MID successfully defended the company against
serious litigation brought by an activist hedge fund.