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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: dmccoach who wrote (23073)6/1/1998 11:13:00 AM
From: Robert Floyd   of 95453
 
1. I believe the price has experienced a temporary downturn and expect that HMAR can weather this without creating a cash flow crunch.

2. Even if the rates HMAR can charge does experience a downturn, due to reduced exploration, I believe HMAR can remain profitable.

3. I believe interest rates are at bottom and will increase in the near and long term. HMAR has highly leveraged itself. I believe it did this at a good time when they were able to get favorable rates.

4. The price to potential earnings ratio is very attractive.

5. An added bonus is that it is trading close to book value...although there is a sizable fraction of non-tangible assets involved in coming up with this "book value."
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