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Gold/Mining/Energy : Canadian Small Cap Stocks

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To: Ally who wrote ()	8/3/1998 1:19:00 PM
From: Laurel Robinson	of 512

Arcis Corporation (RKS - TSE) On June 16th, Arcis released results for the Company's first full year of operations. According to research reports by Brawley Cathers and Acumen Capital Partners, Arcis' PE multiple of 4x is well below the industry standard of 9x. 1998 Year End (March 31,1998) financial results are as follows: $35 million in revenues, Net income of $1.2 million, Earnings per share of $0.08 on a fully diluted basis and basic earnings per share of $0.10, F1999 EPS projected at $0.10 up from $0.08 in F1998, F1999 Cash Flow Per Share projected at $0.24 up from $0.17 in F1998, Projections are based on a 20% downturn in oil and gas industry activity this year. While activity for seismic is seasonally quiet this time of year, Arcis has been relatively busy in Q1. Currently have two crews shooting seismic (one each in Alberta and Saskatchewan). Beginning a 83 square mile 3-D seismic shoot east of Red Deer in mid-June. Anticipated revenues from this shoot: $1.6 million. Two new buy recommendations are out with targets of $1.00 on the stock which is currently in the $0.38 - $0.40 range. They come from Toronto-based institutional brokerage firm Brawley Cathers and newsletter, Buy Low, Sell High. These cone on the heels of an earlier 'buy' from Peter Tertzakian. The stock is trading at a ridiculously low multiple which can only be attributed to weakness in the small cap market. The above information was copied from: Capital Ideas for Canadian Investments Opinions on this stock appreciated. Laurel

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