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Technology Stocks : Elamex(ELAMF)
ELAMF 2.150-15.7%Mar 7 3:00 PM EST
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To: kolo55 who wrote (4)7/27/1997 2:08:00 AM
From: Ron Bower   of 276
 
Paul,

I didn't mean that they would go up, but I make the presumption that the last 3 Qs of this year 'should' return to the levels of the pre-Minimum Wage of the first two Qs in '96 that indicate pretax earnings of 10.33 & 10.5%. (This might also put them into a higher tax level. I don't know how Mexico taxes businesses, but they were in 35%) The 12-30-96 & 3-30-97 had reduced margins primarily due to having ongoing contracts impacted by the Minimum Wage law without Peso devaluation as you stated. New contracts would be based on the higher wage rates. If they return to former levels, it wold wash out near 10% by end of '97.

I seems to me that they have lower margins because they are more labor intensive than most companies in the sector.

Whatever, we should have something to look at Monday.

Thanks,
Ron
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