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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (14797)	7/11/2002 1:05:27 PM
From: TimbaBear	Read Replies (1) of 78670

A quick look at MAXF Statement of Cash Flows indicates that a lot of the cash flow appears to be coming from insurance payments for 9/11 when they lost their offices in the Trade Center and also lost 61 people out of a staff of 300. The adjustments to income for 2001 include adding 15M for an increase in accounts payable. Additionally, the usual method of CFO-CAPEX shows me that they are spending less on CAPEX than they are depreciating as an average over the last three years. You are probably much better versed on MAXF, but for my quick looks, it doesn't look like an easy job to filter out the 9/11 effects to get a true picture of cash flow. Cash flow for 2000 and 1999 average about 50 cents/share after I adjust CAPEX to reflect average depreciation. Timba

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