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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Mr. Pink who started this subject2/28/2003 10:36:21 AM
From: alan  Read Replies (5) of 18998
 
I have a new name for my friends here at the honorable Mr. Pink's thread - having brought you MINI, OATS and ALO - I know initiate sell recommendations on SHFL and SYY. The quick story here on SHFL is they have started stuffing the channel during Q4 and Q1 which was just announced. DSO has moved up from the 40 day level historically to 52 in Q4 then 59 in Q1 - up 50% year over year!!!! the 10K has the following quote in the Balance sheet section on receivables page 41: The note receivable of $1,737 relates to sales to a foreign distributor. The note is unsecured, bears interest at 3%, and is due in twelve equal monthly installments through December 2003. Interesting - for the first time they give their foreign distributor terms one year terms!! This added 5 cents to the forth quarter which was 20% on earnings! They reported a few pennies better for the first quarter as well - with the DSO exploding higher - I look forward to the 10Q to see who got terms this time around. The bottom line here is that the business can't grow at rates management has promised (25% top line) and the are beyond the point of no return here - when the fes up it will be a disaster because they already have pulled ahead a great deal of this years revenue.

SYY is a simple story - see Ahold.
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