Company Name

Stock Symbol

Stock Price

# of shares

Total Cost*

 Option Symbol

 Feb

 Option Price

Income from sale*

Strike Price

Projected return if Called after one month*

Actual 

$ 

return*

Actual 

% 

Return*

Rambus, Inc.

RMBS

$17.85

500

$8,945

BNQBD

$1.00

$490

20

17%

Comments:

Called in February at $20.00.

EZCorp, Inc.

EZPW

$13.56

700

$9,512

ULPBC

$0.60

$410

15

15%

Comments:

Called in February at $15.00.

Imergent, Inc.

IIG

$23.45

400

$9,400

IIGBE

$1.80

$710

25

14%

Comments:

Exercised get-out price at $19.93 (-15%) on January 25 after buying back calls at $0.20.

Netflix, Inc.

NFLX

$22.56

400

$9,044

QNQBE

$0.75

$290

25

14%

Comments:

Not called in February. Price at $22.87 on 2/17/2007. Sold Mar25 at $0.25. Did not reach get-out price during volatility period. Not called in March. Price at $21.02. Will now sell Apr22.5 at $0.35. Note that we have lowered the strike price since it is very close to the purchase price. Not called in April. Price at $22.10 on 4/21/2007. Will now sell May22.5 at $0.60. Not called in May. Price at $21.94 on 5/19/2007. Will now sell Jun22.5 at $0.60. Stock price hit the get-out price, $19.18 (-15%) on June 13.Rather than buy back the calls and sell the stock with only two days to expiration, we held the stock to expiration. Not called in June. Price at $19.71 on 6/16/2007. Sold all shares at $19.71 to close out position.

BEBE Stores, Inc.

BEBE

$17.95

500

$8,995

KUOBD

$0.30

$140

20

13%

Comments:

Not called in February. Price at $19.00 on 2/17/2007. Sold Mar20 at $0.35. Did not reach get-out price during volatility period. Not called in March. Price at $17.05 on 3/17/2007. Will now sell Apr17.5 at $0.55. Note that we have lowered the strike price since is is very close to the purchase price. Called in April at $17.50.

Atheros Communications

ATHR

$22.75

400

$9,120

QRABE

$0.65

$250

25

12%

Comments:

Called in February at $25.00.

Sonic Solutions

SNIC

$18.01

500

$9,025

QNIBD

$0.30

$140

20

12%

Comments:

Stock price dropped below the get-out price of $15.31 (-15%) on February 16, the last day before expiration. We did not sell and the stock was not called in February. Price at $14.70 on 2/17/2007. Holding since the news and trend during the day was up slightly. Waited one week for bounce and sold all shared at $15.27 on February 23 to close out position.

Petmed Express, Inc.

PETS

$13.81

700

$9,687

TRQBC

$0.50

$340

15

12%

Comments:

Stock price open much lower than the Friday close of $13.81on Monday morning. We purchased the stock anyway at $12.14 on Monday morning and sold the Feb12.5 at $0.20. Called in February at $12.50. 

Olympic Steel, Inc.

ZEUS

$22.72

400

$9,108

SBQBE

$0.35

$130

25

11%

Comments:

Called in February at $25.00.

Tom Online, Inc.

TOMO

$13.77

700

$9,659

QWXBC

$0.35

$235

15

11%

Comments:

Not called in February. Price at $12.79 on 2/17/2007. Will now sell Mar15 at $0.20. The price went below our get-out price ($11.70), dipped to $11.40, and then was halted. It rebounded nicely after the halt. Not called in March. Price at $14.44 on 3/16/2007.  Will now sell Apr15 at $0.15. Not called in April. Price at $14.28 on 4/21/2007. Holding in April. Price at $14.94 on 5/19/2007. Will now sell Jun15 at $0.15. Not called in June. Price at $14.07 on 6/16/2007. Sold all shares at $14.07 to close out position.

Income from sale of calls is +$4,130.

All Positions closed out in June, 2007.

Cost of these ten (10) stocks is $92,540. Return from premiums and appreciation is $4,260. Real return is +4.6% ($4,260/$92,540)