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Non-Tech : GRIN (Grand Toys International Inc)
GRIN 27.400.0%Dec 5 9:30 AM EST
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To: katmando who wrote (157)3/13/1999 3:21:00 PM
From: Frank McVerry  Read Replies (1) of 495
 
Thoughts on Q4 earnings and the future

The big surprise for me in the Q4 earnings
report was the 'item' for currency exchange losses
- to call these huge would be an understatement. This
was an 82c adjustment to the '98 earnings and about
55c worse than the figure given for '97. Management's
previous warnings on this do not seem to be reflected
fully in the Q1-Q3 results, where it was used as an
explanation for reduced gross profits.

Now may be a good time to ponder the answers to a
few questions such as:

* Do management appear to be committed to the success
of the company - will the company's success bring
them a suitable reward ? Are they making the kind of
changes that you think will lead to future success and
perhaps immunize themselves to some extent from the
vagaries of currency exchange ?

* How is the company doing this year so far and what
are the prospects for GRIN going forward ?

On the 'difficult trading conditions' for the company
which persisted throughout 1998,

* What were US/Canadian exchange rates doing through
'98 and how are they doing this year - this is clearly
a key issue.

* GRIN has blamed the problems of ToysRUs for much of
their own problems (the 11% reduction in sales from
'97 to '98) so how is TOY doing these days ?

Finally, my interpretation of any email or voicemail
questions that go unanswered by the company is to assume
negative answers to those questions.

FWIW

Frank
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