Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	8/30/2001 9:56:39 AM
From: Frank Pembleton	of 36161

National Golf Properties "Our courses are also experiencing some softness in corporate events and membership sales due primarily to general economic conditions. The development of new golf courses in particular markets has also had an impact on rounds in those markets," continued Stanich. biz.yahoo.com RESEARCH ALERT-Merrill downgrades National Golf NEW YORK, Aug 15 (Reuters) - Merrill Lynch lowered its investment rating on golf course owner National Golf Properties Inc. (NYSE:TEE - news) on Wednesday to ``neutral'' from ``buy.'' Despite National Golf reporting stronger-than-expected second-quarter earnings, Merrill said in a research note that ''near-term fundamentals continue to slide, and the prospects for a recovery do not seem evident until (the first half of 2002) at the earliest.'' It also noted that same-course revenues fell 4.9 percent in the second quarter and 5.1 percent in the first half of 2001, which resulted in a 51 percent decline in deferred percentage rents this year to date. biz.yahoo.com

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