Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Mr Logic who wrote (3133)	2/18/1998 7:51:00 AM
From: Joe Stocks	of 18691

FWIW, WDRY on Motley Fool....... >>>>>>Coinmach Laundry Corp. (Nasdaq: WDRY) rebounded $1 5/16 to $22 5/16 today after being wrung for a $2 1/4 loss on Friday. The stock had tumbled after a press release from investment advisor Asensio & Co. alleged that the provider of washers and dryers to multi-family properties had overstated free cash flow in its fiscal third quarter financial report. Coinmach responded with a press release of its own late Friday that reaffirmed "without qualification" the accuracy of its figures and suggested that Asensio was dissing the company in order to reap a quick profit from shorting the stock. Jefferies & Co. and Wheat First Union both helped the stock by reiterating their "buy" ratings. In theory, free cash flow is the total cash available to shareholders and creditors after all relevant growth projects have been funded. However, there are many ways to calculate free cash flow. Here's one way, along with a chart showing how the results stack up with those of Coinmach and Asensio: Earnings before interest and taxes * (1-tax rate) + depreciation (and other significant non-cash charges) - capital expenditures + or - changes in net working capital. Coinmach $12.1 million or $1.14 per share Asensio (neg.) $21.6 million or ($1.70) per share Fool (neg.) $19.6 million or ($1.48) per share <<<<<<<<<< Interesting! Joe

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